Apple’s (AAPL) “Overweight” Rating Reaffirmed at Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Apple (NASDAQ:AAPL) in a research note issued to investors on Tuesday, Benzinga reports. Morgan Stanley currently has a $273.00 price objective on the iPhone maker’s stock.

Several other equities analysts have also issued reports on the company. Raymond James upped their price target on Apple from $200.00 to $250.00 and gave the company an outperform rating in a research note on Friday, July 26th. Barclays reduced their target price on shares of Apple from $187.00 to $186.00 and set an underweight rating on the stock in a research note on Friday, August 2nd. Erste Group Bank upgraded shares of Apple from a hold rating to a buy rating in a report on Friday, June 14th. Canaccord Genuity Group lifted their target price on shares of Apple from $200.00 to $215.00 and gave the stock a buy rating in a report on Friday, May 3rd. Finally, DA Davidson raised Apple from a neutral rating to a buy rating and increased their price target for the company from $200.00 to $230.00 in a research note on Tuesday, June 11th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $234.29.

Apple Price Performance

Apple stock traded up $2.93 during trading hours on Tuesday, hitting $216.24. 42,201,646 shares of the stock were exchanged, compared to its average volume of 63,734,754. The business’s 50-day moving average is $215.80 and its two-hundred day moving average is $192.04. Apple has a 12 month low of $164.07 and a 12 month high of $237.23. The stock has a market capitalization of $3.32 trillion, a P/E ratio of 33.63, a P/E/G ratio of 2.60 and a beta of 1.24. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04.

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

Apple announced that its board has authorized a stock repurchase program on Thursday, May 2nd that allows the company to buyback $110.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 12th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.46%. Apple’s dividend payout ratio is 15.55%.

Insider Activity

In related news, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was 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 approximately $835,207,570.08. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Chris Kondo sold 4,999 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now owns 29,278 shares in the company, valued at $5,574,531.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 179,999 shares of company stock worth $35,964,310. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

Institutional investors have recently added to or reduced their stakes in the business. Christopher J. Hasenberg Inc acquired a new stake in Apple during the 1st quarter worth about $35,000. Gilfoyle & Co LLC boosted its holdings 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 buying an additional 118 shares in the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new stake in shares of Apple during the 4th quarter worth approximately $39,000. University of Texas Texas AM Investment Managment Co. increased its stake in shares of Apple by 657.1% in the 4th quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after acquiring an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. acquired a new position in shares of Apple during the 4th quarter valued at $85,000. 60.41% of the stock is owned by institutional investors.

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.