Apple (NASDAQ:AAPL) Trading Down 1.7% – Here’s What Happened

Apple Inc. (NASDAQ:AAPL)’s stock price dropped 1.7% during mid-day trading on Monday . The stock traded as low as $222.77 and last traded at $223.14. Approximately 11,769,973 shares were traded during trading, a decline of 80% from the average daily volume of 58,776,707 shares. The stock had previously closed at $226.96.

Wall Street Analyst Weigh In

A number of analysts have recently commented on AAPL shares. TD Cowen lifted their price target on Apple from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Oppenheimer restated a “buy” rating and set a $250.00 target price on shares of Apple in a research report on Tuesday, October 1st. Jefferies Financial Group downgraded Apple from a “buy” rating to a “hold” rating and lifted their target price for the stock from $205.00 to $212.92 in a report on Monday, October 7th. Maxim Group increased their price target on Apple from $203.00 to $215.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Finally, Evercore ISI restated a “buy” rating and issued a $250.00 target price on shares of Apple in a research note on Thursday, September 26th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $235.51.

Apple Stock Up 0.4 %

The stock’s 50 day moving average is $226.75 and its 200 day moving average is $215.45. The company has a market capitalization of $3.40 trillion, a PE ratio of 37.15, a PEG ratio of 2.20 and a beta of 1.24. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The firm had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 earnings per share. On average, sell-side analysts anticipate that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 11th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. Apple’s dividend payout ratio is currently 16.45%.

Insider Buying and Selling at Apple

In related news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total value of $50,275,897.56. Following the sale, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Chris Kondo sold 8,706 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the transaction, the insider now directly owns 15,419 shares in the company, valued at approximately $3,469,275. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 412,746 shares of company stock valued at $93,021,362 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

Several institutional investors and hedge funds have recently made changes to their positions in AAPL. Fidelis Capital Partners LLC boosted its holdings in Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after acquiring an additional 31,278 shares during the period. Bull Oak Capital LLC grew its holdings in shares of Apple by 252.3% in the third quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after purchasing an additional 111 shares during the last quarter. Hershey Financial Advisers LLC purchased a new position in shares of Apple in the second quarter worth $42,000. Christopher J. Hasenberg Inc raised its holdings in Apple by 88.9% during the 3rd quarter. Christopher J. Hasenberg Inc now owns 306 shares of the iPhone maker’s stock valued at $69,000 after buying an additional 144 shares during the last quarter. Finally, ARK Investment Management LLC purchased a new stake in Apple during the 3rd quarter valued at $110,000. 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.