Apple (AAPL) Announces Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Apple (NASDAQ:AAPL) announced its quarterly earnings results on Thursday. The iPhone maker reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.78 by $0.13, RTT News reports. The company had revenue of $62.90 billion during the quarter, compared to analysts’ expectations of $61.55 billion. Apple had a return on equity of 43.50% and a net margin of 21.98%. Apple’s quarterly revenue was up 19.6% on a year-over-year basis. During the same period last year, the business earned $2.07 earnings per share. Apple updated its Q1 2019 guidance to EPS.

Shares of NASDAQ:AAPL opened at $222.22 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.24 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $1,048.40 billion, a PE ratio of 24.13, a PEG ratio of 1.51 and a beta of 1.36. Apple has a 1 year low of $150.24 and a 1 year high of $233.47.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, November 12th will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.31%. Apple’s dividend payout ratio is presently 31.70%.

In other news, CEO Timothy D. Cook sold 265,160 shares of Apple stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $217.79, for a total value of $57,749,196.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $232.66, for a total value of $5,816,500.00. Following the completion of the sale, the senior vice president now directly owns 105,538 shares in the company, valued at $24,554,471.08. The disclosure for this sale can be found here. Insiders sold 544,185 shares of company stock worth $120,312,613 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Large investors have recently modified their holdings of the company. Summit Trail Advisors LLC boosted its stake in Apple by 17,669.4% during the first quarter. Summit Trail Advisors LLC now owns 20,180,694 shares of the iPhone maker’s stock worth $20,181,000 after buying an additional 20,067,124 shares during the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of Apple by 18,553.3% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 16,758,709 shares of the iPhone maker’s stock valued at $89,526,000 after buying an additional 16,668,866 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Apple in the 1st quarter valued at $830,026,000. Private Advisor Group LLC raised its holdings in shares of Apple by 1,185.5% in the 2nd quarter. Private Advisor Group LLC now owns 4,320,770 shares of the iPhone maker’s stock valued at $800,386,000 after buying an additional 3,984,643 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Apple in the 2nd quarter valued at $706,904,000. 58.43% of the stock is currently owned by hedge funds and other institutional investors.

Several research analysts recently weighed in on the company. BTIG Research upgraded Apple to a “buy” rating and lifted their price target for the company from $207.00 to $235.00 in a research report on Wednesday, August 1st. Macquarie set a $214.00 price target on Apple and gave the company a “buy” rating in a research report on Wednesday, August 15th. Morgan Stanley reiterated a “buy” rating and set a $232.00 price target on shares of Apple in a research report on Wednesday, August 22nd. S&P Equity Research lifted their price target on Apple to $250.00 and gave the company an “in-line” rating in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Finally, UBS Group began coverage on Apple in a research report on Wednesday, September 12th. Three analysts have rated the stock with a sell rating, eighteen have given a hold rating and thirty have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $225.87.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.

Further Reading: Institutional Investors

Earnings History for Apple (NASDAQ:AAPL)

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