Apple (NASDAQ:AAPL) Stock Price Expected to Rise, Monness Crespi & Hardt Analyst Says

Apple (NASDAQ:AAPL - Free Report) had its target price raised by Monness Crespi & Hardt to $245.00 in a report released on Tuesday morning,Stock Target Advisor reports. Monness Crespi & Hardt currently has a buy rating on the iPhone maker's stock.

AAPL has been the subject of a number of other reports. Evercore ISI increased their price target on Apple to $250.00 and gave the company a "buy" rating in a research report on Friday. Tigress Financial increased their target price on shares of Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a report on Thursday, April 3rd. Morgan Stanley reissued an "overweight" rating and set a $235.00 price target on shares of Apple in a research report on Thursday, June 5th. Bank of America reaffirmed a "buy" rating and issued a $235.00 price objective on shares of Apple in a research report on Tuesday. Finally, Raymond James decreased their price objective on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Apple currently has an average rating of "Moderate Buy" and an average target price of $234.86.

Apple Stock Up 0.6%

Shares of AAPL traded up $1.22 on Tuesday, reaching $202.67. The company's stock had a trading volume of 54,532,748 shares, compared to its average volume of 56,214,911. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. Apple has a twelve month low of $169.21 and a twelve month high of $260.10. The stock has a market capitalization of $3.03 trillion, a PE ratio of 32.17, a PEG ratio of 2.44 and a beta of 1.22. The firm has a fifty day moving average of $200.72 and a 200-day moving average of $223.92.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. The company's revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.53 EPS. Equities analysts predict that Apple will post 7.28 EPS for the current year.

Apple declared that its board has authorized a share buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is currently 16.20%.

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider now owns 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer now directly owns 4,569 shares in the company, valued at $941,214. This trade represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,507 shares of company stock worth $42,694,080 over the last ninety days. Company insiders own 0.06% of the company's stock.

Hedge Funds Weigh In On Apple

A number of hedge funds and other institutional investors have recently bought and sold shares of AAPL. eCIO Inc. purchased a new stake in Apple during the first quarter valued at about $120,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Apple by 4.2% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 17,759 shares of the iPhone maker's stock worth $3,945,000 after purchasing an additional 716 shares in the last quarter. Modern Wealth Management LLC increased its position in shares of Apple by 11.8% during the 1st quarter. Modern Wealth Management LLC now owns 349,317 shares of the iPhone maker's stock valued at $77,594,000 after purchasing an additional 36,974 shares during the last quarter. Nova Wealth Management Inc. increased its position in shares of Apple by 2.5% during the 1st quarter. Nova Wealth Management Inc. now owns 5,678 shares of the iPhone maker's stock valued at $1,261,000 after purchasing an additional 140 shares during the last quarter. Finally, Plum Street Advisors LLC boosted its stake in Apple by 4.0% in the first quarter. Plum Street Advisors LLC now owns 7,889 shares of the iPhone maker's stock worth $1,752,000 after buying an additional 301 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.