Apple (NASDAQ:AAPL) SVP Sells 1,439 Shares of Stock

Key Points

• Apple SVP Jennifer Newstead sold 1,439 shares for approximately $456,177 at an average price of $317.01, reducing her ownership by 3.87% to 35,790 shares. The sale was disclosed in an SEC filing and follows similar weekly sales in August.
• Apple shares traded at $328.21, near the upper end of their 12-month range, while the company reported quarterly revenue growth of 16.4% and earnings that exceeded analyst expectations.
• Wall Street maintains a generally positive view, with Apple carrying a “Moderate Buy” consensus rating and an average price target of $330.61; institutional investors own 67.73% of the stock.

Apple Inc. (NASDAQ:AAPL - Get Free Report) SVP Jennifer Newstead sold 1,439 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $317.01, for a total value of $456,177.39. Following the transaction, the senior vice president owned 35,790 shares of the company's stock, valued at approximately $11,345,787.90. The trade was a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Jennifer Newstead also recently made the following trade(s):

• On Tuesday, August 25th, Jennifer Newstead sold 1,439 shares of Apple stock. The stock was sold at an average price of $310.95, for a total value of $447,457.05.
• On Tuesday, August 18th, Jennifer Newstead sold 1,439 shares of Apple stock. The shares were sold at an average price of $307.49, for a total value of $442,478.11.
• On Tuesday, August 11th, Jennifer Newstead sold 1,439 shares of Apple stock. The shares were sold at an average price of $307.75, for a total value of $442,852.25.

Apple Price Performance

Shares of NASDAQ AAPL traded up $3.25 during midday trading on Thursday, hitting $328.21. 37,196,449 shares of the company's stock were exchanged, compared to its average volume of 49,968,535. Apple Inc. has a 12-month low of $225.95 and a 12-month high of $344.57. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66. The company has a market cap of $4.79 trillion, a price-to-earnings ratio of 37.64, a PEG ratio of 2.81 and a beta of 1.09. The business's fifty day moving average price is $313.87 and its two-hundred day moving average price is $289.62.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The business had revenue of $109.42 billion for the quarter, compared to the consensus estimate of $109.04 billion. During the same period last year, the firm posted $1.57 earnings per share. Apple's quarterly revenue was up 16.4% on a year-over-year basis. As a group, research analysts forecast that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 10th were given a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. Apple's dividend payout ratio (DPR) is presently 12.39%.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of research reports. Citigroup reiterated a "buy" rating and issued a $365.00 price objective (up from $315.00) on shares of Apple in a report on Monday, July 13th. Evercore restated an "outperform" rating on shares of Apple in a research report on Tuesday, August 25th. Tigress Financial reaffirmed a "strong-buy" rating and issued a $375.00 target price (up from $305.00) on shares of Apple in a research note on Thursday, May 14th. TD Cowen lifted their price target on shares of Apple from $350.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Oppenheimer restated a "market perform" rating on shares of Apple in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and a consensus price target of $330.61.

Institutional Trading of Apple

Several hedge funds and other institutional investors have recently bought and sold shares of AAPL. Avenir Tech Ltd bought a new stake in shares of Apple in the 2nd quarter worth approximately $29,000. Longfellow Investment Management Co. LLC purchased a new stake in Apple in the second quarter worth $30,000. Lifetime Wealth Management P.C. purchased a new stake in Apple in the fourth quarter worth $41,000. ROSS JOHNSON & Associates LLC boosted its holdings in Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after acquiring an additional 180 shares in the last quarter. Finally, Timmons Wealth Management LLC bought a new stake in Apple in the fourth quarter valued at $69,000. Institutional investors own 67.73% of the company's stock.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Investors initially welcomed hardware chief John Ternus taking over as CEO from Tim Cook, viewing the transition as orderly while Cook remains executive chairman. Ternus has called next week’s iPhone event “phenomenal,” raising expectations for the company’s first major product launch under his leadership. Apple shares rise as John Ternus takes over as CEO
• Positive Sentiment: Wall Street is looking to the September 9 iPhone event for a catalyst. Morgan Stanley maintained an Overweight rating and a $360 price target, while analysts believe a premium foldable iPhone could contribute about $14 billion to the December quarter and potentially create a significant new product category. Morgan Stanley on Apple’s foldable iPhone
• Positive Sentiment: Services momentum, recurring subscription revenue and Apple’s history of earnings beats remain part of the bullish case. Recent price increases for Apple TV and Apple One could support Services revenue, although investors will watch for any effect on customer retention. Apple raises Apple TV and Apple One prices

About Apple

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

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