Apple Inc. (NASDAQ:AAPL – Get Rating) – Research analysts at KeyCorp raised their Q3 2023 earnings per share estimates for Apple in a research report issued on Monday, August 1st. KeyCorp analyst B. Nispel now anticipates that the iPhone maker will post earnings of $1.45 per share for the quarter, up from their previous estimate of $1.26. KeyCorp currently has a “Overweight” rating and a $177.00 target price on the stock. The consensus estimate for Apple’s current full-year earnings is $6.10 per share.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.06. The company had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.30 earnings per share.
Apple Stock Performance
NASDAQ:AAPL opened at $165.35 on Thursday. The stock has a market cap of $2.66 trillion, a P/E ratio of 27.29, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. The stock’s 50-day moving average is $146.34 and its 200-day moving average is $157.12. Apple has a 1-year low of $129.04 and a 1-year high of $182.94.
Apple Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Friday, August 5th. Apple’s payout ratio is currently 15.18%.
Apple declared that its Board of Directors has initiated a share repurchase plan on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Apple
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Regentatlantic Capital LLC grew its stake in Apple by 1.3% in the 4th quarter. Regentatlantic Capital LLC now owns 917,766 shares of the iPhone maker’s stock valued at $162,968,000 after purchasing an additional 11,718 shares during the period. Uncommon Cents Investing LLC grew its stake in Apple by 0.6% in the 4th quarter. Uncommon Cents Investing LLC now owns 13,460 shares of the iPhone maker’s stock valued at $2,390,000 after purchasing an additional 86 shares during the period. Brown Financial Advisory bought a new position in Apple in the 4th quarter valued at $273,000. Vishria Bird Financial Group LLC grew its stake in Apple by 1.5% in the 4th quarter. Vishria Bird Financial Group LLC now owns 105,838 shares of the iPhone maker’s stock valued at $18,794,000 after purchasing an additional 1,558 shares during the period. Finally, Seascape Capital Management grew its stake in Apple by 1.1% in the 4th quarter. Seascape Capital Management now owns 37,052 shares of the iPhone maker’s stock valued at $6,579,000 after purchasing an additional 411 shares during the period. 57.98% of the stock is owned by hedge funds and other institutional investors.
Apple Company Profile
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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