Apple (NASDAQ:AAPL) PT Raised to $255.00 at Citigroup

Apple (NASDAQ:AAPL) had its price target upped by Citigroup from $210.00 to $255.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the iPhone maker’s stock.

Several other brokerages have also recently issued reports on AAPL. Tigress Financial increased their price objective on Apple from $240.00 to $245.00 and gave the company a strong-buy rating in a research note on Thursday, May 30th. Maxim Group increased their price objective on Apple from $195.00 to $203.00 and gave the company a hold rating in a research note on Friday. Canaccord Genuity Group increased their price objective on Apple from $200.00 to $215.00 and gave the company a buy rating in a research note on Saturday, May 4th. Sanford C. Bernstein increased their price objective on Apple from $195.00 to $240.00 and gave the company an outperform rating in a research note on Friday, June 21st. Finally, Monness Crespi & Hardt increased their price objective on Apple from $205.00 to $245.00 and gave the company a buy rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Apple currently has a consensus rating of Moderate Buy and an average target price of $234.29.

Apple Stock Down 4.8 %

NASDAQ:AAPL opened at $209.27 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. The stock’s fifty day moving average is $213.76 and its two-hundred day moving average is $191.35. Apple has a 52 week low of $164.07 and a 52 week high of $237.23. The stock has a market capitalization of $3.21 trillion, a price-to-earnings ratio of 32.55, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. Apple had a return on equity of 145.35% and a net margin of 26.44%. The company had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. During the same period in the prior year, the firm earned $1.26 earnings per share. The firm’s revenue was up 4.9% compared to the same quarter last year. Research analysts anticipate that Apple will post 6.61 EPS for the current year.

Apple declared that its board has initiated a share buyback program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 12th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Monday, August 12th. Apple’s dividend payout ratio is currently 15.55%.

Insider Buying and Selling

In related news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the sale, the insider now owns 29,278 shares in the company, valued at $5,574,531.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the sale, the director now owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Christopher J. Hasenberg Inc acquired a new position in shares of Apple during the 1st quarter worth approximately $35,000. Fidelis Capital Partners LLC raised its position in shares of Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares during the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new position in shares of Apple during the 4th quarter worth approximately $39,000. Gilfoyle & Co LLC raised its position in shares of Apple by 118.0% during the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the last quarter. Finally, University of Texas Texas AM Investment Managment Co. raised its position in shares of Apple by 657.1% during the 4th quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after purchasing an additional 368 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors and hedge funds.

About Apple

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.