Apple has approved a share buyback program

Apple has approved a share buyback program

Tech Highlights:

  • A number of research firms recently issued reports on AAPL. Canaccord Genuity Group lifted their target price on Apple from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, January 28th. Credit Suisse Group set a $169.00 target price on Apple in a report on Friday. Cowen lifted their target price on Apple from $180.00 to $200.00 in a report on Friday, January 28th. JPMorgan Chase & Co. lowered their target price on Apple from $205.00 to $200.00 in a report on Friday. Finally, Morgan Stanley lowered their target price on Apple from $210.00 to $195.00 and set an “overweight” rating on the stock in a report on Friday. Eight analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $189.10.

  • RTT News reported that on Thursday, April 28th, the company’s board of directors announced the start of a share repurchase programme. The business intends to repurchase $90.00 billion worth of outstanding stock. This buyback authorization allows the iPhone maker to buy back up to 3.5 percent of its stock on the open market. Buyback plans typically indicate that the company’s leadership believes its stock is undervalued.

Shares of Apple stock opened at $157.65 on Friday. The stock has a 50-day simple moving average of $165.70 and a 200-day simple moving average of $164.93. Apple has a 52-week low of $122.25 and a 52-week high of $182.94. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.04 and a quick ratio of 1.00. The firm has a market cap of $2.57 trillion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 2.16 and a beta of 1.19.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 12th. Investors of record on Monday, May 9th will be issued a $0.23 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 0.58%. Apple’s payout ratio is 14.57%.

Apple (NASDAQ:AAPL – Get Rating) last posted its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.09. Apple had a return on equity of 149.81% and a net margin of 26.58%. The firm had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. During the same period in the previous year, the company earned $1.40 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities research analysts predict that Apple will post 6.16 earnings per share for the current year.

In other news, Director Arthur D. Levinson sold 1,986 shares of the company’s stock in a transaction that occurred on Tuesday, February 1st. The stock was sold at an average price of $173.29, for a total transaction of $344,153.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $164.91, for a total value of $1,319,280.00. Following the transaction, the senior vice president now owns 136,290 shares of the company’s stock, valued at $22,475,583.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 170,085 shares of company stock valued at $30,047,365. Corporate insiders own 0.06% of the company’s stock.

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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