DA Davidson Weighs in on Apple Inc.’s FY2021 Earnings (AAPL)

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Apple Inc. (NASDAQ:AAPL) – Equities researchers at DA Davidson boosted their FY2021 earnings estimates for shares of Apple in a research report issued on Wednesday, September 5th. DA Davidson analyst T. Forte now expects that the iPhone maker will earn $14.26 per share for the year, up from their prior estimate of $13.91. DA Davidson has a “Buy” rating and a $265.00 price target on the stock. DA Davidson also issued estimates for Apple’s FY2022 earnings at $15.36 EPS.

A number of other research firms have also recently issued reports on AAPL. Tigress Financial restated a “buy” rating on shares of Apple in a report on Thursday, August 30th. UBS Group set a $210.00 price objective on Apple and gave the company a “buy” rating in a report on Wednesday, June 13th. Robert W. Baird set a $230.00 price objective on Apple and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada restated a “buy” rating and set a $210.00 price objective on shares of Apple in a report on Monday, July 9th. Finally, Sanford C. Bernstein restated a “neutral” rating and set a $190.00 price objective on shares of Apple in a report on Monday, June 25th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $225.02.

AAPL opened at $221.30 on Friday. Apple has a 52-week low of $149.16 and a 52-week high of $229.67. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.31 and a quick ratio of 1.24. The firm has a market cap of $1,115.10 billion, a P/E ratio of 24.23, a price-to-earnings-growth ratio of 1.76 and a beta of 1.33.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 31st. The iPhone maker reported $2.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.18 by $0.16. Apple had a return on equity of 43.50% and a net margin of 21.98%. The company had revenue of $53.27 billion during the quarter, compared to analysts’ expectations of $52.43 billion. During the same quarter in the previous year, the business earned $1.67 EPS. Apple’s revenue was up 17.3% compared to the same quarter last year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 16th. Stockholders of record on Monday, August 13th were given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend was Friday, August 10th. Apple’s payout ratio is 31.70%.

In other news, insider Angela J. Ahrendts sold 6,568 shares of the business’s stock in a transaction on Friday, June 15th. The stock was sold at an average price of $188.81, for a total value of $1,240,104.08. Following the completion of the transaction, the insider now directly owns 79,476 shares of the company’s stock, valued at approximately $15,005,863.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Timothy D. Cook sold 265,160 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Over the last three months, insiders sold 384,968 shares of company stock valued at $82,292,858. Corporate insiders own 0.08% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fort L.P. acquired a new position in Apple during the 2nd quarter valued at about $119,000. Delphi Private Advisors LLC acquired a new position in Apple during the 2nd quarter valued at about $120,000. Cranbrook Wealth Management LLC increased its position in Apple by 76.1% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 699 shares of the iPhone maker’s stock valued at $129,000 after buying an additional 302 shares in the last quarter. Quattro Financial Advisors LLC acquired a new position in Apple during the 1st quarter valued at about $133,000. Finally, Smart Portfolios LLC acquired a new position in Apple during the 1st quarter valued at about $134,000. 58.61% of the stock is owned by hedge funds and other institutional investors.

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.

Read More: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

Earnings History and Estimates for Apple (NASDAQ:AAPL)

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