Apple will repurchase $ 90.00 billion of outstanding shares (NASDAQ: AAPL)

Apple will repurchase $ 90.00 billion of outstanding shares (NASDAQ: AAPL)

Canaccord Genuity Group upped their target price on shares of Apple from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, January 28th. Morgan Stanley decreased their target price on shares of Apple from $210.00 to $195.00 and set an “overweight” rating on the stock in a research report on Friday. Wells Fargo & Company upped their target price on shares of Apple from $165.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, January 21st. Finally, Monness Crespi & Hardt boosted their price target on shares of Apple from $184.00 to $199.00 and gave the stock a “buy” rating in a research note on Friday, January 28th. Eight analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company’s stock.

On Thursday, April 28th, RTT News reported that the company’s board of directors approved a share repurchase plan. The corporation intends to buy back $90.00 billion worth of outstanding stock. The iPhone maker can repurchase up to 3.5 percent of its stock through open market transactions under this repurchase authorization. Share repurchase programmes are usually an indication that the board of directors believes the company’s stock is undervalued. AAPL stock has been discussed by a number of research analysts. In a research report given on Wednesday, January 19th, Citigroup reiterated a “buy” rating and set a $200.00 target price on Apple stock.

Highlights

  • Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. The firm had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a net margin of 26.58% and a return on equity of 149.81%. Apple’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.40 earnings per share. As a group, analysts expect that Apple will post 6.16 earnings per share for the current fiscal year.

  • According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $189.10. AAPL traded down $5.99 on Friday, reaching $157.65. The company had a trading volume of 131,145,395 shares, compared to its average volume of 92,768,992. Apple has a 1 year low of $122.25 and a 1 year high of $182.94. The stock has a market capitalization of $2.57 trillion, a PE ratio of 26.10, a P/E/G ratio of 2.16 and a beta of 1.19. The company has a quick ratio of 1.00, a current ratio of 1.04 and a debt-to-equity ratio of 1.48. The stock has a 50-day moving average price of $165.70 and a 200-day moving average price of $164.93.

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.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 12th. Shareholders of record on Monday, May 9th will be paid a $0.23 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 0.58%. Apple’s payout ratio is currently 14.57%. In other Apple news, SVP Deirdre O’brien sold 29,198 shares of Apple stock in a transaction on Monday, April 4th. The shares were sold at an average price of $177.77, for a total value of $5,190,528.46. Following the transaction, the senior vice president now directly owns 136,290 shares in the company, valued at $24,228,273.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 3rd. The stock was sold at an average price of $174.78, for a total transaction of $4,369,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 170,085 shares of company stock worth $30,047,365. 0.06% of the stock is currently owned by company insiders.