Timothy D. Cook Sells 268,623 Shares of Apple Inc. (AAPL) Stock
Apple Inc. (NASDAQ:AAPL) CEO Timothy D. Cook sold 268,623 shares of the business’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $160.63, for a total transaction of $43,148,912.49. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of Apple Inc. (NASDAQ AAPL) traded up 1.01% on Monday, reaching $161.47. The company’s stock had a trading volume of 25,965,972 shares. Apple Inc. has a 52-week low of $102.53 and a 52-week high of $162.51. The company has a market cap of $834.03 billion, a price-to-earnings ratio of 18.33 and a beta of 1.31. The stock has a 50-day moving average of $153.93 and a 200 day moving average of $146.76.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same period last year, the firm earned $1.42 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Apple Inc. will post $9.02 earnings per share for the current year.
Apple announced that its board has approved a share buyback plan on Tuesday, May 2nd that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 14th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Thursday, August 10th. Apple’s dividend payout ratio (DPR) is presently 28.64%.
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Large investors have recently bought and sold shares of the stock. Blue Sky Asset Management LLC acquired a new stake in Apple during the second quarter worth approximately $108,000. Hefty Wealth Partners boosted its stake in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares during the last quarter. FNY Managed Accounts LLC boosted its stake in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 716 shares during the last quarter. American Beacon Advisors Inc. purchased a new stake in Apple during the first quarter valued at about $117,000. Finally, Private Vista LLC purchased a new stake in Apple during the second quarter valued at about $122,000. Hedge funds and other institutional investors own 60.43% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada boosted their price target on shares of Apple from $157.00 to $168.00 and gave the company an “outperform” rating in a research report on Monday, May 22nd. Morgan Stanley boosted their price target on shares of Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a research report on Monday, July 17th. Needham & Company LLC reissued a “buy” rating and issued a $175.00 price target (up from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. They noted that the move was a valuation call. Rosenblatt Securities set a $120.00 price target on shares of Apple and gave the company a “hold” rating in a research report on Wednesday, May 3rd. Finally, Bank of America Corporation reissued a “buy” rating and issued a $180.00 price target (up from $175.00) on shares of Apple in a research report on Wednesday, August 2nd. Eleven investment analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the company. Apple currently has a consensus rating of “Buy” and an average price target of $167.73.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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