Apple (NASDAQ:AAPL) Shares Down 1% – Here’s Why

Apple Inc. (NASDAQ:AAPL)’s share price traded down 1% on Tuesday . The stock traded as low as $232.60 and last traded at $234.07. 11,649,080 shares were traded during trading, a decline of 81% from the average session volume of 59,780,301 shares. The stock had previously closed at $236.48.

Wall Street Analyst Weigh In

AAPL has been the subject of several recent analyst reports. Robert W. Baird raised their target price on shares of Apple from $200.00 to $240.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Morgan Stanley reaffirmed an “overweight” rating and issued a $273.00 price objective on shares of Apple in a research report on Tuesday, September 10th. Piper Sandler reissued a “neutral” rating and set a $225.00 target price on shares of Apple in a report on Wednesday, October 9th. Cfra increased their price target on Apple from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, KeyCorp reaffirmed a “hold” rating and set a $247.61 price objective on shares of Apple in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $237.27.

Apple Stock Down 2.2 %

The firm has a 50 day simple moving average of $226.64 and a two-hundred day simple moving average of $209.48. The stock has a market capitalization of $3.54 trillion, a P/E ratio of 35.89, a PEG ratio of 2.40 and a beta of 1.24. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.06. The business had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. Apple’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.26 EPS. On average, equities research analysts expect that Apple Inc. will post 6.65 earnings per share for the current year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.43%. Apple’s payout ratio is currently 15.55%.

Insider Activity at Apple

In related news, insider Chris Kondo sold 5,178 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $216.50, for a total value of $1,121,037.00. Following the completion of the transaction, the insider now owns 24,125 shares of the company’s stock, valued at $5,223,062.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Apple news, insider Chris Kondo sold 5,178 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $216.50, for a total value of $1,121,037.00. Following the completion of the transaction, the insider now directly owns 24,125 shares in the company, valued at approximately $5,223,062.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jeffrey E. Williams sold 59,730 shares of Apple stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total value of $13,550,347.80. Following the sale, the chief operating officer now directly owns 489,944 shares in the company, valued at $111,148,695.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 517,924 shares of company stock valued at $114,786,399. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Apple

Large investors have recently modified their holdings of the business. International Assets Investment Management LLC raised its position in Apple by 20,372.7% during the 3rd quarter. International Assets Investment Management LLC now owns 94,347,510 shares of the iPhone maker’s stock worth $219,829,700,000 after purchasing an additional 93,886,664 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Apple by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 52,981,808 shares of the iPhone maker’s stock worth $11,160,183,000 after acquiring an additional 2,785,807 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Apple by 6.7% in the second quarter. Ameriprise Financial Inc. now owns 51,765,589 shares of the iPhone maker’s stock worth $10,909,457,000 after acquiring an additional 3,245,281 shares during the period. Capital International Investors lifted its stake in shares of Apple by 7.1% in the first quarter. Capital International Investors now owns 37,146,325 shares of the iPhone maker’s stock worth $6,369,852,000 after acquiring an additional 2,474,887 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Apple by 3.2% in the second quarter. American Century Companies Inc. now owns 34,619,614 shares of the iPhone maker’s stock valued at $7,291,583,000 after acquiring an additional 1,065,759 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

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.