Apple (NASDAQ:AAPL) Upgraded at China Renaissance

China Renaissance upgraded shares of Apple (NASDAQ:AAPL) from a hold rating to a buy rating in a research note published on Wednesday, Marketbeat reports. China Renaissance currently has $425.00 price target on the iPhone maker’s stock.

AAPL has been the subject of several other research reports. Weiss Ratings raised Apple from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Moffett Nathanson set a $283.00 target price on shares of Apple and gave the company a “neutral” rating in a research note on Tuesday, October 20th. Oppenheimer reaffirmed a “market perform” rating on shares of Apple in a research note on Thursday, September 10th. Deutsche Bank cut shares of Apple from a “buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $350.00 price target (up from $310.00) on shares of Apple in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, twelve have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $347.11.

Apple Price Performance

NASDAQ:AAPL opened at $356.27 on Wednesday. Apple has a 52-week low of $243.42 and a 52-week high of $360.83. The stock has a fifty day moving average of $339.04 and a 200 day moving average of $301.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.94 and a current ratio of 1.02. The firm has a market capitalization of $5.18 trillion, a price-to-earnings ratio of 40.28, a P/E/G ratio of 3.41 and a beta of 1.07.

Apple (NASDAQ:AAPL) last announced its earnings results on Monday, November 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.99 by $0.11. Apple had a return on equity of 125.35% and a net margin of 27.60%. The business had revenue of $114.48 billion for the quarter, compared to analyst estimates of $113.40 billion. During the same period in the prior year, the company earned $1.85 EPS. The company’s quarterly revenue was up 11.7% compared to the same quarter last year. On average, research analysts expect that Apple will post 9.45 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, November 12th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Thursday, November 12th. Apple’s dividend payout ratio (DPR) is currently 12.04%.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O’brien sold 46,389 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $333.42, for a total transaction of $15,467,020.38. Following the transaction, the senior vice president directly owned 136,810 shares in the company, valued at $45,615,190.20. This trade represents a 25.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jennifer Newstead sold 2,399 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $332.01, for a total transaction of $796,491.99. Following the transaction, the senior vice president owned 39,593 shares in the company, valued at $13,145,271.93. The trade was a 5.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 292,611 shares of company stock valued at $97,482,597. 0.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Apple

Institutional investors have recently made changes to their positions in the business. State Street Corp increased its stake in Apple by 4.7% in the 2nd quarter. State Street Corp now owns 630,662,494 shares of the iPhone maker’s stock worth $182,897,769,000 after purchasing an additional 28,321,085 shares during the period. Berkshire Hathaway Inc bought a new stake in Apple in the second quarter valued at approximately $65,950,297,000. Bank of America Corp DE purchased a new stake in shares of Apple during the second quarter valued at approximately $36,986,090,000. Legal & General Group Plc purchased a new stake in shares of Apple during the second quarter valued at approximately $30,443,242,000. Finally, Amundi boosted its stake in shares of Apple by 23.2% during the first quarter. Amundi now owns 73,082,616 shares of the iPhone maker’s stock valued at $18,547,637,000 after purchasing an additional 13,780,080 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Key Headlines Impacting Apple

Investors following AAPL have been watching these headlines:

• Positive Sentiment: Apple’s new $299 HomeView and Apple TV devices, featuring Siri AI, began reaching customers Friday, offering a potential new product and ecosystem catalyst ahead of the holiday season. Apple devices hit shelves
• Positive Sentiment: China Renaissance upgraded Apple to Buy and set a $425 price target, pointing to potential from a future foldable iPhone and interest in the company’s product lineup. Recent quarterly results also beat earnings and revenue estimates, with revenue up year over year. China Renaissance’s view on Apple
• Neutral Sentiment: HomeView is not launching in the EU because Siri AI is unavailable there, and early coverage has questioned Siri’s readiness. This could constrain the device’s initial reach and reception. HomeView launch coverage

About Apple

Apple Inc. designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS. The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple’s devices and are sold to consumers, businesses and institutions around the world. Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.