Canaccord Genuity Group Boosts Apple (NASDAQ:AAPL) Price Target to $215.00

Apple (NASDAQ:AAPL) had its price objective increased by Canaccord Genuity Group from $200.00 to $215.00 in a research report sent to investors on Saturday morning, Stock Target Advisor reports. Canaccord Genuity Group currently has a buy rating on the iPhone maker’s stock.

Other analysts have also recently issued reports about the stock. Redburn Partners cut shares of Apple to a neutral rating and set a $200.00 price target for the company. in a report on Wednesday, January 10th. Morgan Stanley upped their price target on shares of Apple from $210.00 to $216.00 and gave the stock an overweight rating in a research note on Friday. Monness Crespi & Hardt boosted their target price on Apple from $200.00 to $205.00 and gave the company a buy rating in a research note on Friday. Citigroup reduced their price target on Apple from $220.00 to $210.00 and set a buy rating for the company in a report on Monday, April 29th. Finally, JPMorgan Chase & Co. increased their price objective on Apple from $210.00 to $225.00 and gave the stock an overweight rating in a report on Friday. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $204.11.

Apple Stock Performance

Shares of AAPL opened at $181.71 on Friday. The stock has a market capitalization of $2.81 trillion, a PE ratio of 28.26, a price-to-earnings-growth ratio of 2.21 and a beta of 1.26. Apple has a 12-month low of $164.07 and a 12-month high of $199.62. The business’s fifty day moving average price is $172.18 and its 200 day moving average price is $181.72. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The company had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. Apple’s revenue was down 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.52 EPS. Equities research analysts forecast that Apple will post 6.54 EPS for the current year.

Apple declared that its Board of Directors has initiated a share buyback plan on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 13th will be given a dividend of $0.25 per share. This is a boost from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Friday, May 10th. Apple’s dividend payout ratio (DPR) is 14.93%.

Insider Transactions at Apple

In related news, CFO Luca Maestri sold 53,194 shares of the company’s stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $174.12, for a total value of $9,262,139.28. Following the transaction, the chief financial officer now directly owns 107,788 shares of the company’s stock, valued at approximately $18,768,046.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, CFO Luca Maestri sold 53,194 shares of the firm’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the sale, the chief financial officer now directly owns 107,788 shares of the company’s stock, valued at $18,768,046.56. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jeffrey E. Williams sold 59,162 shares of the company’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $172.22, for a total value of $10,188,879.64. Following the completion of the transaction, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at approximately $84,378,155.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 366,271 shares of company stock valued at $63,653,887. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

Institutional investors have recently modified their holdings of the stock. Wyrmwood Management LLC raised its stake in shares of Apple by 69.0% during the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after buying an additional 69 shares during the last quarter. Christopher J. Hasenberg Inc acquired a new stake in Apple in the 1st quarter valued at about $35,000. Gilfoyle & Co LLC lifted its stake in Apple by 118.0% in 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 in 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. Finally, University of Texas Texas AM Investment Managment Co. raised its holdings 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 acquiring an additional 368 shares during the period. 60.41% 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. 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.