Investors Buy Apple Inc. (AAPL) on Weakness on Insider Selling
Investors bought shares of Apple Inc. (NASDAQ:AAPL) on weakness during trading hours on Monday after an insider sold shares in the company. $1,022.06 million flowed into the stock on the tick-up and $820.67 million flowed out of the stock on the tick-down, for a money net flow of $201.39 million into the stock. Of all stocks tracked, Apple had the highest net in-flow for the day. Apple traded down ($0.29) for the day and closed at $157.21Specifically, insider Luca Maestri sold 4,757 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $154.70, for a total transaction of $735,907.90. Following the transaction, the insider now owns 3,414 shares in the company, valued at $528,145.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Johny Srouji sold 10,469 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $162.20, for a total transaction of $1,698,071.80. Following the transaction, the senior vice president now owns 76,250 shares in the company, valued at approximately $12,367,750. The disclosure for this sale can be found here. Insiders have sold a total of 249,640 shares of company stock worth $38,953,894 in the last quarter. 0.08% of the stock is owned by corporate insiders.
Several research analysts have weighed in on the stock. Barclays PLC restated a “hold” rating and set a $146.00 price objective on shares of Apple in a report on Tuesday, August 15th. BidaskClub upgraded shares of Apple from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Drexel Hamilton restated a “buy” rating and set a $208.00 price objective on shares of Apple in a report on Wednesday, August 9th. Oppenheimer Holdings, Inc. restated a “” rating on shares of Apple in a report on Thursday, August 10th. Finally, UBS AG restated a “buy” rating on shares of Apple in a report on Tuesday, August 8th. Eleven equities research analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Apple presently has a consensus rating of “Buy” and a consensus price target of $167.73.
The company has a market cap of $812.03 billion, a P/E ratio of 17.85 and a beta of 1.31. The firm’s 50 day moving average is $152.37 and its 200-day moving average is $146.13.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The company had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. Equities research analysts forecast that Apple Inc. will post $9.02 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 14th were given a $0.63 dividend. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a yield of 1.60%. Apple’s dividend payout ratio is currently 28.64%.
Apple announced that its board has approved a share buyback plan on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Large investors have recently bought and sold shares of the stock. Odey Holdings AG increased its stake in Apple by 27.3% in the fourth quarter. Odey Holdings AG now owns 1,273 shares of the iPhone maker’s stock worth $147,000 after buying an additional 273 shares in the last quarter. Glassman Wealth Services increased its stake in Apple by 5.1% in the fourth quarter. Glassman Wealth Services now owns 28,094 shares of the iPhone maker’s stock worth $3,254,000 after buying an additional 1,353 shares in the last quarter. Moloney Securities Asset Management LLC acquired a new stake in Apple during the fourth quarter worth approximately $3,826,000. Intellectus Partners LLC acquired a new stake in Apple during the fourth quarter worth approximately $7,336,000. Finally, First Republic Investment Management Inc. increased its stake in Apple by 0.7% in the fourth quarter. First Republic Investment Management Inc. now owns 2,466,249 shares of the iPhone maker’s stock worth $285,640,000 after buying an additional 17,620 shares in the last quarter. Institutional investors own 61.50% of the company’s stock.
Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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