Short Interest in Apple Inc. (NASDAQ:AAPL) Rises By 14.3%

Apple Inc. (NASDAQ:AAPLGet Free Report) was the target of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 113,520,000 shares, a growth of 14.3% from the May 15th total of 99,290,000 shares. Based on an average daily volume of 61,060,000 shares, the short-interest ratio is currently 1.9 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AAPL shares. Sanford C. Bernstein upgraded shares of Apple from a “market perform” rating to an “outperform” rating and set a $195.00 target price on the stock in a research note on Monday, April 29th. DA Davidson upgraded shares of Apple from a “neutral” rating to a “buy” rating and increased their price objective for the company from $200.00 to $230.00 in a research report on Tuesday, June 11th. DZ Bank restated a “hold” rating and set a $180.00 price objective on shares of Apple in a research report on Thursday, March 28th. Needham & Company LLC restated a “buy” rating and set a $220.00 price objective on shares of Apple in a research report on Tuesday, June 11th. Finally, Monness Crespi & Hardt restated a “buy” rating and set a $205.00 price objective on shares of Apple in a research report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $207.47.

Check Out Our Latest Analysis on AAPL

Insiders Place Their Bets

In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the completion of the sale, the chief executive officer now directly owns 3,377,407 shares of the company’s stock, valued at $574,260,512.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at $574,260,512.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Luca Maestri sold 53,194 shares of the business’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the completion of the transaction, the chief financial officer now owns 107,788 shares in the company, valued at approximately $18,768,046.56. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock valued at $60,880,196 over the last three months. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

Large investors have recently added to or reduced their stakes in the stock. Curtis Advisory Group LLC lifted its position in shares of Apple by 12.5% in the 3rd quarter. Curtis Advisory Group LLC now owns 46,342 shares of the iPhone maker’s stock worth $7,934,000 after purchasing an additional 5,135 shares during the period. Trust Co of Kansas lifted its position in shares of Apple by 0.9% in the 3rd quarter. Trust Co of Kansas now owns 20,186 shares of the iPhone maker’s stock worth $3,456,000 after purchasing an additional 178 shares during the period. Orion Portfolio Solutions LLC lifted its position in shares of Apple by 52.5% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 799,459 shares of the iPhone maker’s stock worth $136,875,000 after purchasing an additional 275,156 shares during the period. New Mexico Educational Retirement Board lifted its position in shares of Apple by 6.5% in the 3rd quarter. New Mexico Educational Retirement Board now owns 765,664 shares of the iPhone maker’s stock worth $131,089,000 after purchasing an additional 46,400 shares during the period. Finally, Kinsale Capital Group Inc. lifted its position in shares of Apple by 41.1% in the 3rd quarter. Kinsale Capital Group Inc. now owns 16,912 shares of the iPhone maker’s stock worth $2,896,000 after purchasing an additional 4,930 shares during the period. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Price Performance

AAPL stock opened at $216.67 on Tuesday. Apple has a 12 month low of $164.07 and a 12 month high of $220.20. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The company has a 50-day moving average price of $184.73 and a 200 day moving average price of $184.19. The stock has a market cap of $3.32 trillion, a PE ratio of 33.70, a P/E/G ratio of 2.59 and a beta of 1.25.

Apple (NASDAQ:AAPLGet Free Report) last released its quarterly 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 net margin of 26.31% and a return on equity of 148.33%. The firm had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. During the same period in the previous year, the company earned $1.52 EPS. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that Apple will post 6.58 earnings per share for the current year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.46%. This is a boost from Apple’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is 15.55%.

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

About Apple

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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.

Further Reading

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