KeyCorp Boosts Apple (NASDAQ:AAPL) Price Target to $177.00

Apple (NASDAQ:AAPLGet Rating) had its target price lifted by KeyCorp from $173.00 to $177.00 in a research report sent to investors on Tuesday morning, Marketbeat reports. KeyCorp currently has an overweight rating on the iPhone maker’s stock. KeyCorp also issued estimates for Apple’s Q4 2022 earnings at $1.25 EPS, Q1 2023 earnings at $2.03 EPS, Q2 2023 earnings at $1.48 EPS, Q3 2023 earnings at $1.45 EPS, Q4 2023 earnings at $1.33 EPS, FY2023 earnings at $6.30 EPS and FY2024 earnings at $6.63 EPS.

AAPL has been the subject of several other reports. Ita├║ Unibanco initiated coverage on Apple in a research note on Tuesday, July 26th. They issued an underperform rating and a $136.00 price objective for the company. Bank of America cut their target price on Apple from $200.00 to $185.00 in a research note on Tuesday, July 26th. Morgan Stanley cut their target price on Apple from $185.00 to $180.00 and set an overweight rating for the company in a research note on Wednesday, July 20th. Citigroup raised their price objective on Apple from $175.00 to $185.00 and gave the stock a buy rating in a research report on Friday, July 29th. Finally, JPMorgan Chase & Co. set a $200.00 price objective on Apple in a research report on Monday, July 25th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $179.27.

Apple Trading Down 0.1 %

Shares of NASDAQ:AAPL opened at $165.35 on Tuesday. Apple has a 1 year low of $129.04 and a 1 year high of $182.94. The firm has a market capitalization of $2.66 trillion, a price-to-earnings ratio of 27.29, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The business’s 50 day moving average price is $146.34 and its 200-day moving average price is $157.12.

Apple (NASDAQ:AAPLGet Rating) last announced its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The firm had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same quarter last year, the firm posted $1.30 EPS. The business’s revenue was up 1.9% on a year-over-year basis. On average, equities research analysts forecast that Apple will post 6.1 earnings per share for the current fiscal year.

Apple announced that its board has initiated a share repurchase plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.56%. Apple’s dividend payout ratio (DPR) is currently 15.18%.

Insider Activity

In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Apple by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock worth $221,753,959,000 after buying an additional 8,734,393 shares during the last quarter. State Street Corp raised its position in shares of Apple by 1.8% during the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares during the period. Geode Capital Management LLC raised its position in shares of Apple by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after purchasing an additional 4,456,954 shares during the period. Norges Bank acquired a new stake in shares of Apple during the 4th quarter worth approximately $25,228,507,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Apple by 1.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 80,739,774 shares of the iPhone maker’s stock worth $14,097,970,000 after purchasing an additional 1,155,915 shares during the period. Institutional investors own 57.98% of the company’s stock.

Apple Company Profile

(Get Rating)

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.

Further Reading

Analyst Recommendations for Apple (NASDAQ:AAPL)

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