Apple (NASDAQ:AAPL) Price Target Raised to $216.00

Apple (NASDAQ:AAPL) had its price target boosted by Morgan Stanley from $210.00 to $216.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an overweight rating on the iPhone maker’s stock.

Other analysts also recently issued research reports about the company. The Goldman Sachs Group upped their target price on Apple from $223.00 to $232.00 and gave the stock a buy rating in a research note on Friday, February 2nd. Maxim Group initiated coverage on shares of Apple in a research note on Wednesday, April 17th. They issued a hold rating and a $178.00 price target on the stock. Monness Crespi & Hardt raised their price target on shares of Apple from $200.00 to $205.00 and gave the company a buy rating in a research note on Friday. UBS Group reissued a hold rating and set a $190.00 target price on shares of Apple in a report on Monday, March 25th. Finally, DZ Bank reaffirmed a hold rating and issued a $180.00 price target on shares of Apple in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $204.11.

Apple Stock Performance

Shares of AAPL opened at $183.38 on Friday. The stock has a 50-day moving average of $172.17 and a two-hundred day moving average of $181.67. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market cap of $2.83 trillion, a P/E ratio of 28.52, a P/E/G ratio of 2.22 and a beta of 1.26. Apple has a one year low of $164.07 and a one year high of $199.62.

Apple (NASDAQ:AAPL) last released its 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. Apple had a return on equity of 153.25% and a net margin of 26.31%. The firm had revenue of $90.75 billion during the quarter, compared to the consensus estimate of $90.37 billion. During the same quarter in the previous year, the company posted $1.52 earnings per share. The company’s revenue was down 4.3% compared to the same quarter last year. As a group, research analysts predict that Apple will post 6.54 EPS for the current year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be issued a $0.25 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Friday, May 10th. Apple’s dividend payout ratio is currently 14.93%.

Apple announced that its board has authorized a stock buyback plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Apple

In related news, Director Arthur D. Levinson sold 100,000 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the transaction, the director now owns 4,434,576 shares of the company’s stock, valued at approximately $802,392,181.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Arthur D. Levinson sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the sale, the director now directly owns 4,434,576 shares of the company’s stock, valued at approximately $802,392,181.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jeffrey E. Williams sold 59,162 shares of the stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the sale, the chief operating officer now owns 489,944 shares in the company, valued at $84,378,155.68. The disclosure for this sale can be found here. Insiders have sold a total of 366,271 shares of company stock valued at $63,653,887 over the last quarter. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Arcus Capital Partners LLC increased its holdings in Apple by 0.8% in the third quarter. Arcus Capital Partners LLC now owns 15,181 shares of the iPhone maker’s stock valued at $2,599,000 after buying an additional 127 shares during the last quarter. Buttonwood Financial Advisors Inc. increased its holdings in shares of Apple by 5.6% in the 3rd quarter. Buttonwood Financial Advisors Inc. now owns 15,990 shares of the iPhone maker’s stock valued at $2,738,000 after acquiring an additional 843 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC raised its position in shares of Apple by 900.1% during the 3rd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 295,556 shares of the iPhone maker’s stock worth $50,602,000 after acquiring an additional 266,003 shares in the last quarter. PPS&V Asset Management Consultants Inc. lifted its stake in Apple by 10.9% during the third quarter. PPS&V Asset Management Consultants Inc. now owns 36,478 shares of the iPhone maker’s stock worth $6,245,000 after purchasing an additional 3,571 shares during the last quarter. Finally, MinichMacGregor Wealth Management LLC boosted its holdings in Apple by 2.5% in the third quarter. MinichMacGregor Wealth Management LLC now owns 15,486 shares of the iPhone maker’s stock valued at $2,651,000 after purchasing an additional 383 shares in the last quarter. 60.41% of the stock is owned by institutional investors and hedge funds.

About Apple

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.