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Apple Inc.'s (NASDAQ: AAPL $181.61) stock price is up 0.6% after an upgrade in the past week. It was upgraded by the analyst at Wells Fargo & Company.
Compared with the NASDAQ-100 Index which rose 43.8 points (0.3%) in the day, the relative price increase was 0.2%.
There were 34,730,000 shares worth $6.3 billion traded today. The volume was 0.5 times the average daily trading volume of 73.5 million shares.
APPLE (AAPL) Stock Dashboard [traded in US Dollars, USD] End-of-Day
| Exchange | NASDAQ [BATS, Nasdaq, NYSE ARCA, NSX] | Sector | Technology |
| Jun 09, 2023 | $181.61 | Independent Ratings | Ranked 3 in Fortune 500; Ranked 7 in Just Capital; Ranked 7 in Forbes 2000 |
| EPS (FY2022) | $6.15 | Market Cap | $2,873 billion |
| AAPL P/E | Stock 29.5; Sector 32 | Shares Outstanding | 15,821,946,000 |
| AAPL Dividend Yield % (TTM) | Stock 0.5; Sector 0.4 | Institutional Ownership | 9,633,147,842 |
| DPS (past 12 months) | 90c | % of shares outstanding | 60.9% |
| EPS Growth (Q2 2023 vs Q1 2022) | -19.0% | AAPL in Indices | NASDAQ-100 [of 100 stocks] |
| Ave Daily Volume | 73,525,326 shares | PV$1000 (1 yr) | $1,288* |
| 52-Week Price Range | 124.40 - 184.95 |
*If You Invested $1,000 in Apple a year ago, This is How Much You Would Have Today: $1,288. USD1000 would have bought 7.1 shares (@the then price of 141.79) worth $1,281 @181.61 today. Dividends reinvested are worth $8.
INDEX
SECTION 1 RECENT NEWS AND RESEARCH
SECTION 2 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2023 REPORTED ON MAY 18
SECTION 3 TODAY'S BULLISH SIGNALS
SECTION 4 ONGOING BULLISH PARAMETERS
SECTION 5 TODAY'S BEARISH SIGNALS
SECTION 6 ONGOING BEARISH PARAMETERS
SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS
GLOSSARY
SECTION 1 RECENT NEWS AND RESEARCH
Financial News
Quarterly Report (Q2/2023):
Release Date: May 05, 2023
Quarterly Report Analysis Q2 2023: Apple reports 19% sequential fall in Quarterly Net Profit
Apple (NASDAQ:AAPL), announced net profit of $24.2b for the quarter-ended 01 April 2023 [Q2/2023], down 19% from the previous quarter [Q1/2022] and down 3.4% from the year-earlier period [Q2/2022].
Sequential comparison and comparison with previous corresponding quarter:
| Quarterly | Apr 01, 2023 | Dec 31, 2022 | Mar 26, 2022 | Change % | Change % |
| Description | $ m | $ m | $ m | Q-on-Q [sequential comparison] | Y-on-Y [Quarter vs previous corresponding quarter] |
| Total Revenue | 94,836 | 117,154 | 97,278 | Down 19.1 | Down 2.5 |
| EBIT | 28,382 | 35,623 | 30,139 | Down 20.3 | Down 5.8 |
| Pre Tax Profit/(Loss) | 28,382 | 35,623 | 30,139 | Down 20.3 | Down 5.8 |
| Profit/(Loss) after Tax | 24,160 | 29,998 | 25,010 | Down 19.5 | Down 3.4 |
| Net Assets | 62,158 | 56,727 | 67,399 | Up 9.6 | Down 7.8 |
Tweets Posted By Timothy D. Cook, CEO of Apple
(@tim_cook) Followers 13M
- Tue Jun 06, 2023
The new MacBook Air is the world's best - and thinnest - 15-inch laptop. It's in a class all its own!
- Mon Jun 05, 2023
WWDC is always one of my favorite moments of the year - and this one is going to be our best ever! Tune in for our special event at 10 a.m. PT
- Wed May 31, 2023
Congratulations to this year's WWDC Swift Student Challenge winners! I am so impressed with the way you've blended creativity and coding skills to develop innovative apps that are uniquely yours.
- Thu May 25, 2023
Throughout her extraordinary life, Tina Turner broke barriers, redefined music, and inspired the world to dance. She was an icon, a transcendent talent, and she will be missed.
- Sun May 21, 2023
We created Apple TV+ to tell stories that make a difference, and "Killers of the Flower Moon" does just that. Thank you to the Osage Nation, Martin Scorsese and all involved in telling this important story. And thank you to the Cannes Film Festival for an unforgettable night!
Please view more stories in DATA DOWNLOAD CENTER
Stock Buzz
Other Publishers Buzz in the past week
| Jun | Headline | Publisher |
| Fri 09 | Apple Inc. [AAPL] Principal Accounting Officer makes an insider purchase of 4,092 shares worth 0.71 million. | knoxdaily |
| Fri 09 | Apple, Epic Games ask U.S. appeals court to reconsider its antitrust ruling | The Globe and Mail |
| Fri 09 | Apple unveils mixed reality headset, Apple Vision Pro, at WWDC 2023 | Yahoo News Australia |
| Fri 09 | Apple (AAPL) Outpaces Stock Market Gains: What You Should Know | YAHOO!Finance |
| Fri 09 | Unlocking Growth Opportunity In Apple Inc. (NASDAQ: AAPL) | stocksregister |
Analyst Recommendations: Past Five weeks
| 2023 | Brokerage | Past Rating | Current Rating | Prev Target | Price Target |
| Jun 05 | Evercore ISI | - | Outperform | 190 | 210 |
| May 22 | Loop Capital | Buy | Hold | - | 180 |
| May 17 | Fundamental Research | - | Buy | - | 183.86 |
| May 05 | KeyCorp | - | Overweight | 177 | 180 |
| May 05 | Atlantic Securities | - | Overweight | 180 | 200 |
Press Releases and Corporate Wire
May 09: Apple quarterly dividends up 4.3% sequentially from previous quarter
Apple today announced a quarterly dividend of 24.0c per share for Q2/2023; up 4.3% sequentially from the previous quarter (Q1/2023) dividend of 23.0c. The ex-dividend date is Friday, May 12, 2023 and the record date is Monday, May 15, 2023 and it is payable on Thursday, May 18. Total dividends per share paid in the 12 months ended May 09 were 69.0c.
April 01: Apple: File SEC Form 10-Q - Management's Discussion and Analysis 10-Q
Management's Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report on Form 10-Q ("Form 10-Q") contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions on the Company's business and results of operations are forward-looking statements. Forward-looking statements can also be identified by words such as "future," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "will," "would," "could," "can," "may," and similar terms. Forward-looking statements are not guarantees of future performance and the Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended September 24, 2022 (the "2022 Form 10-K") under the heading "Risk Factors." The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company's fiscal calendar, and references to particular years, quarters, months or periods refer to the Company's fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Each of the terms the "Company" and "Apple" as used herein refers collectively to Apple Inc.
Ranking
Tue Apr 18, 2023
Timothy D. Cook, Apple CEO, ranked top 20% in NASDAQ CEO Scorecard
Timothy D. Cook's performance as Chief Executive Officer of Apple is ranked in the top 20% by Net Profit growth of NASDAQ listed companies for FY2022. Compared with FY2021, Net profit growth for Apple in FY2022 was 5%. Among 1981 NASDAQ listed companies that have released FY2022 Annual Reports so far, Apple was ranked 409 by growth in net profit.
Apple issued 1432 new patents in the past quarter
Apple (AAPL) has been issued 1432 new patents by the USPTO & EPO.
This corresponds to an average of 477 patents a month, up 60.1% from an average of 298 patents per month in 2022.
To view details, click on link shown in the DATA & ARCHIVE DOWNLOAD CENTER.
SECTION 2 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2023 REPORTED ON MAY 18
Institutional Ownership as at Mar 31, 2023
2.1 Top 5 Institutional Ownership of Apple as at March 31, 2023
As at March 31, 2023, 3633 Institutions (Funds) held investments in shares of Apple. Institutions increased their holdings to 60.9% of issued capital, up from 58.9% as at Dec 31. The largest shareholder was Vanguard Group Inc. with 8% of Apple. The second largest shareholder was State Street Corporation with 7%.
*Note: Minimum Core Shareholding is computed on the basis of SEC filings over the last 12 quarters (3 years). A higher % of shareholding above the minimum core holding may be indicative of a potential positioning by an active institution to overweight.
Apple Top 3 Index Funds (in desc order of Shares) hold 20.6% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 6696 Funds]. Please download the spreadsheet to view full list of 2096 Index Funds holding 32.8% of Apple as at March 31, 2023.
| Fund | Shares | % of Total | Value $ | % above Core* | Percentile rank |
| Vanguard Group Inc. (0000102909) | 1,309,785,362 | 8 | 215.7 B | 6 | 100 |
| Blackrock Inc. (0001364742) | 1,035,008,939 | 7 | 170.4 B | 1 | 100 |
| Berkshire Hathaway Inc. (0001067983) | 915,560,382 | 6 | 150.8 B | 3 | 100 |
| % Held by Top 3 Institutional shareholders | 3,260,354,683 | 20.6 | 536.9 B | - | - |
Apple Top 2 Active Funds (in desc order of Shares) hold 9.2% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 6696 Funds]. Please download the spreadsheet to view full list of 1538 Active Funds holding 21.2% of Apple as at March 31, 2023.
| Fund | Shares | % of Total | Value $ | % above Core* | Percentile rank |
| State Street Corporation (0000093751) | 1,163,139,179 | 7 | 191.5 B | 98 | 100 |
| Geode Capital Management, LLC (0001214717) | 285,171,112 | 2 | 47 B | 15 | 100 |
| % Held by Top 2 Institutional shareholders | 1,448,310,291 | 9.2 | 238.5 B | - | - |
2.2 Institutional ownership of AAPL at Mar 31: TFO-TDC top increase of 86,750%
As at March 31, 2023, 1042 institutions or 28.2% of AAPL's institutional shareholders had increased their holding of shares in Apple from December 31. The top increase was by TFO-TDC which increased its holding by 5,205 shares, or 86,750.0% to 5,211 shares.
Top 5 Increases [March 31, 2023 vs December 31, 2022]
Value is shown in the table below at March 31 AAPL share price of $164.67.
| Institution (CIK) | Shares | Value, $ | % increase |
| TFO-TDC, LLC (0001698750) | 5,205 | 769,155 | 86,750.0 |
| Providence Capital Advisors, LLC (0001730814) | 15,595,378 | 2.3 B | 16,740.1 |
| Summit Wealth Group, LLC (0001802865) | 6,949,659 | 1 B | 16,252.3 |
| Harbor Capital Advisors, Inc. (0001039128) | 74,682 | 11 M | 13,804.4 |
| Simplex Trading, LLC (0001488542) | 277,137 | 41 M | 1,539.7 |
| Total | 22,902,061 | 3.4 billion | - |
2.3 Institutional ownership of AAPL at March 31, 2023: Vanguard Group Inc. top increase by worth
Top 5 Increases by worth [March 31, 2023 vs December 31, 2022]
Value is shown in the table below at March 31 AAPL share price of $164.67.
| Institution (CIK) | Shares | Worth Change, $ |
| Vanguard Group Inc. (0000102909) | 31,534,824 | 4.7 B |
| Providence Capital Advisors, LLC (0001730814) | 15,595,378 | 2.3 B |
| Bank of America Corp, DE (0000070858) | 15,426,122 | 2.3 B |
| Summit Wealth Group, LLC (0001802865) | 6,949,659 | 1 B |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt (0001694217) | 5,291,150 | 781.9 M |
| Total | 74,797,133 | 11.1 billion |
2.4 Institutional ownership of AAPL at Mar 31: Okabena Investment Services top decrease of 100%
1488 Institutional shareholders decreased their holdings in Q1/2023. The top decrease was Okabena Investment Services who reduced their shareholding in Apple by 17,456 shares (99.9%) from 17,466 as at December 31 to 10 as at March 31.
Top 5 Decreases [March 31, 2023 vs December 31, 2022]
Value is shown in the table below at March 31 AAPL share price of $164.67.
| Institution (CIK) | Shares | Value, $ | % Decreases |
| Okabena Investment Services INC (0001157519) | 17,456 | (2.6 M) | -99.9 |
| Washington Trust (0001079736) | 659,901 | (97.5 M) | -99.9 |
| Sheets Smith Wealth Management (0001157436) | 80,788 | (11.9 M) | -99.8 |
| Cottage Street Advisors LLC (0001665302) | 4,964,253 | (733.6 M) | -98.9 |
| MILLER WEALTH ADVISORS, LLC (0001908158) | 230,401 | (34 M) | -97.4 |
| Total | 5,952,799 | (879.7 million) | - |
2.5 Institutional ownership of AAPL at Mar 31: Tiger Global Management top new shareholder
An analysis conducted after the mid - quarter deadline of May 14 for Q1 SEC filings by 6646 institutions shows that there were 5 new institutional shareholders. Tiger Global Management (1167483) was the largest new shareholder with 851,000 shares valued at $140.1 million as at March 31.
Top 5 New shareholders as at March 31, 2023
Value is shown at price of March 31, 2023 (in desc order of Shares)
Value is shown in the table below at March 31 AAPL share price of $164.67.
| Institution (CIK) | Shares | Value, $ |
| Tiger Global Management LLC (0001167483) | 851,000 | 140.1 M |
| Greenwood Capital Associates LLC (0001161822) | 155,387 | 25.6 M |
| Canandaigua National Bank & Trust Co (0001074266) | 149,207 | 24.6 M |
| Perpetual Ltd (0001647273) | 82,523 | 13.6 M |
| Center Lake Capital Management, LLC (0001771673) | 75,000 | 12.4 M |
| Total | 1,313,117 | 216.2 million |
2.6 Institutional ownership of AAPL at Mar 31: Norges Bank top exit
An analysis conducted after the mid - quarter deadline of May 14 for 20231 SEC filings by 6646 institutions shows that there were 5 exits. Norges Bank was the largest exit with 167,374,278 shares valued at 21.7 B as at March 31.
| Institution (CIK) | Shares | Value, $ |
| Norges Bank (0001374170) | 167,374,278 | 21.7 B |
| Bank of Montreal, CAN (0000927971) | 22,739,235 | 2.9 B |
| Putnam Investments LLC (0001421578) | 16,972,720 | 2.2 B |
| STRS Ohio (0000820478) | 7,107,688 | 920.8 M |
| Claraphi Advisory Network, LLC (0001724134) | 6,755,482 | 875.2 M |
| Total | 220,949,403 | 28.6 billion |
Please view detailed Institutional Shareholders - Categorised and Complete List in DATA & ARCHIVE DOWNLOAD CENTER
SECTION 3 TODAY'S BULLISH SIGNALS
3.1 Relative Value Indicators: Undervaluation compared with sector averages
Price/Earnings of 29.5 < Technology sector (of 151 stocks) avg of 32.0:
- The price-to-earnings ratio of 29.5 indicates undervaluation compared with sector average of 32.0 and market average of 35.4.
3.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield
- Earnings yield of 3.4% is more attractive compared with the NASDAQ average earning yield of 2.8%.
- The earnings yield of 3.4% is below the 10-year bond yield of 3.8%.
(All figures in %)
| Earnings Yield | 3.4 |
| NASDAQ avg | 2.8 |
| Dividend Yield | 0.5 |
| Bond Yield | 3.8 |
| Sector | Dividend Yield % | |
| Top 50 BCG | Stock: 0.5; Sector: 0.4 | undervalued |
3.3 Rank in the top 9% by Relative Valuation in the NASDAQ market
| Description | Value | Rank |
| EV/EBITDA | 24.2 | In Top 9% |
3.4 Rank in the top 25% by Price Performance in the NASDAQ market
| Description | Value | Rank |
| Rel Strength 6 mo | 80 | In Top 21% |
| PV1000 [1 yr] $ | 1,288 | In Top 23% |
| Price/MAP50 | 1.07 | In Top 25% |
3.5 Uptrend
Price/Moving Average Price of 1.19 and positive MACD:
- The Price/MAP 200 for Apple is 1.19. Being higher than 1 is a bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of $170.17 is higher than the 200-day MAP of $152.30, a second bullish indicator. The 200-day MAP has increased to $152.30, a third bullish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 178.23 minus the 26-day EMA of 175.08 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.
- The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, six times suggesting further upside. The 50-day EMAP has increased to $170.26. An increase is another bullish indicator.
Past Quarter:
- In the last three months the stock has hit a new 52-week high six times, pointing to an uptrend.
- The shares had their best quarter in seven quarters since the quarter ended September 09, 2021.
The Best 3 weeks in the past quarter
In the past quarter the week beginning Monday March 13 saw the highest weekly rise of 4.4% for a relative price increase of -1.4%.
| Mon-Fri | Change % | NASDAQ-100 Index Change % | Vol Ind [1 is avg] |
| Mar 13-17 | 4.4 | 5.8 | 1 |
| Mar 20-24 | 3.4 | 2 | 0.9 |
| May 29-Jun 02 | 3.1 | 1.7 | 1 |
Relative Strength (6 months) 80 percentile:
- The stock has a 6-month relative strength of 80 in the NASDAQ market of 3,088 stocks, 4 units and 2 preference stocks indicating it has outperformed 80% of the market.
SECTION 4 ONGOING BULLISH PARAMETERS
4.1 Past four-years
- Apple rose for a fourth consecutive year. In the past four years it has risen $135.49 (293.8%).
4.2 Rank in the top 1% by Size in the NASDAQ market
| Description | Value | Rank |
| Ave daily Turnover | $6.3 billion | In Top 1% |
| Annual Revenue | $394.3 billion | In Top 1% |
| MCap | $2,873 billion | In Top 1% |
4.3 Rank in the top 19% by Performance in the NASDAQ market
| Description | Value | Rank |
| Net Profit Margin % | 25.3 | In Top 19% |
| EBITDA Margin % | 30.2 | In Top 19% |
4.4 Rank in the top 3% by Productivity in the NASDAQ market
| Description | Value | Rank |
| Return on Assets [ROA] % | 28.3 | In Top 3% |
4.5 Present Value of $1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,208
| PV$1,000 | 3 mo ago | 1 yr ago | 3 yrs ago |
| AAPL.NASDAQ | $1,209 | $1,288 | $2,260 |
| Technology sector | $1,205 | $1,179 | $1,573 |
| NASDAQ-100 Index | $1,223 | $1,184 | $1,458 |
4.6 The Best Periods [1 Yr, 3 Yrs] with Price Change % > 28
3-Year price change of 121.9% for Apple outperformed the change of 46.7% in the NASDAQ-100 Index for a relative price change of 75.2%.
| Price Change % | Year | 3 Years |
| Apple | 28.1 | 121.9 |
| Technology sector | 13.8 | 56.7 |
| NASDAQ-100 Index | 15.2 | 46.7 |
4.7 Stock vs Index (Annual Percentage Change)
| December 31 | Last price in USD | Annual Return | Return of S&P 500 Index |
| 2022 | 129.7 | -26.4 | -19.4 |
| 2021 | 176.3 | 34.6 | 26.9 |
| 2020 | 130.9 | 82.3 | 16.3 |
| 2019 | 71.8 | 89.0 | 28.9 |
| 2018 | 38.0 | - | -6.2 |
Over 5 years Apple is up a total 241.4% at an annualized rate of 35.9% compared to the Index being up 72.8% at an annualized rate of 14.7%.
Apple has outperformed the S&P 500 Index in 3 of the past 5
years: 2021, 2020, 2019.
4.8 Buybacks and 3-Years Decrease of 12.2% in Total Shares on Issue
In the past 3 years total shares on issue have decreased by 2.3 billion (12.2%) from 18.5 billion to 16.2 billion. Buybacks have averaged 563.8 million shares [3.1%] per financial year. Based on a dynamic start date of 3 years ago, there has been no rise in issued capital over the last 3 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.
| Period Ending | Total Shares on Issue | FY | Buybacks | Buyback % |
| Sep 24, 2022 | 16,215,963,000 | 2022 | 485,309,000 | 2.9% |
| Sep 25, 2021 | 16,701,272,000 | 2021 | 650,847,000 | 3.8% |
| Sep 26, 2020 | 17,352,119,000 | 2020 | 1,119,217,000 | 6.1% |
| Sep 28, 2019 | 18,471,336,000 | 2019 | - | - |
| Total | 2,255,373,000 | |||
| Average per FY | 563,843,250 |
4.9 Growth in annual dividends per share and earnings per share
- Apple sees dividend rise for a tenth consecutive year
Apple reported dividends per share of 93.0c in the past year, up 4.5% from the previous year. This is the tenth consecutive dividend increase. In the past 10 years average annual compound growth rate of dividends was 9.0%.
- EPS growth [FY2022 vs FY2021] of 8.5%:
| FY | EPS ($) | Growth % |
| 2022 | 6.15 | 8.5 |
| 2021 | 5.67 | 71.3 |
4.10 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 22.7%
| TSR % | 1 yr | 3 yrs | 5 yrs | 10 yrs | 20 yrs | 30 yrs |
| AAPL.NASDAQ | 28.9 | 30.9 | 33 | 30.1 | 39.1 | 22.8 |
4.11 Low Debt to Equity (%)
The debt to equity ratio of 19.7% is under a safe benchmark figure of 50%. However, it has deteriorated in the past three years.
| Years | Debt to Equity (%) |
| Sep 2022 | 19.7 |
| Sep 2021 | 9.51 |
| Sep 2020 | 7.65 |
| Sep 2019 | 6.61 |
| Sep 2018 | 11.17 |
4.12 A 61.3% Decrease in Insider Selling
In the past 5 years a total of 6,524,085 Apple shares worth $1.2 billion were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 1,304,817 shares per year. In the past year, insiders sold 1,195,479 shares, a decrease of 61.3% from the previous year.
| Year | No. of Shares | Value, $ |
| Jun 09, 2023 | 1,195,479 | 187,008,585 |
| 1 Yr ago | 3,086,749 | 461,133,251 |
| 2 Yrs ago | 867,606 | 202,042,772 |
| 3 Yrs ago | 584,715 | 130,430,190 |
| 4 Yrs ago | 789,536 | 170,726,217 |
| Total | 6,524,085 | 1,151,341,015 |
4.13 Increased Volume, up 127% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has increased 127.3% to 73.5 million shares.
Avg. Daily Volume Traded 12 months ended Jun 09, million shares
| Year | ADVT |
| 2023 | 73.5 |
| 2022 | 88.4 |
| 2021 | 99.2 |
| 2020 | 33.3 |
| 2019 | 32.4 |
4.14 Increased VWAP, up 230% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 229.6% to $150.74.
Past five years, 12 months ended Jun 09 (USD)
| Year | High Price | VWAP | Low Price |
| 2023 | 184.95 | 150.74 | 124.4 |
| 2022 | 181.36 | 155.26 | 124.48 |
| 2021 | 142.95 | 115.2 | 81.63 |
| 2020 | 84.83 | 63.94 | 46.16 |
| 2019 | 55.98 | 45.74 | 34.16 |
4.15 Increased share turnover, up 87% in 5 years
In the past five years, average daily share turnover has increased 87.3% to $11.1 billion. This suggests increased liquidity.
Past five years, 12 months ended Jun 09 (USD billion)
| Year | Average Daily Turnover |
| 2023 | 11.1 |
| 2022 | 13.9 |
| 2021 | 14.7 |
| 2020 | 8.6 |
| 2019 | 5.9 |
4.16 Satisfies one criterion of Benjamin Graham
-"Total debt less than tangible book value"; total debt of USD10 billion is less than tangible book value of USD50.7 billion.-"Total debt equal or less than twice the net quick liquidation value"; total debt of USD10 billion is 0.1 times the net liquidation value of USD125.42 billion.-"Earnings growth over the most recent ten years of 7% compounded - that is a doubling of earnings in a five-year period"; the earnings per share have more than doubled in the last 5 years.
4.17 Satisfies 7 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Positive net income.
- Positive operating cashflow.
- Return on Assets improvement [from 27% to 28.3%].
- Good quality of earnings [operating cashflow exceeds net income].
- Reduction in total shares on issue.
- Improvement in gross margin [from 41.8% to 43.3%].
- Improvement in asset turnover [growth in revenue of 2.2% exceeded growth in assets of 0.5%].
But does not meet the following 2 criteria of Joseph Piotroski:
- Improvement in long-term debt to total assets.
- Improvement in current ratio.
4.18 Year-over-year (%) Change in Dividend:
Quarterly dividend for Q2/2023 was 24.0c, up 4.3% sequentially from 23.0c in Q1/2023. The year-on-year change was up 4.3% from 23.0c in the previous corresponding period Q2/2022.
| Quarter | Q2/2022 | Q1/2023 | Q2/2023 |
| Dividend ($ Cents) | 23.0 | 23.0 | 24.0 |
SECTION 5 TODAY'S BEARISH SIGNALS
5.1 Relative Value Indicators: Overvaluation compared with sector averages
| Sector | P/E | Dividend Yield % | |
| Forbes 2000 | Stock: 29.5; Sector: 15.3 | Stock: 0.5; Sector: 1.0 | overvalued |
| Fortune 500 | Stock: 29.5; Sector: 21.9 | Stock: 0.5; Sector: 0.5 | overvalued |
| Top 50 BCG | Stock: 29.5; Sector: 23.7 | overvalued | |
| Just Capital | Stock: 29.5; Sector: 24.1 | Stock: 0.5; Sector: 0.5 | overvalued |
5.2 Rank in the bottom 11% by Relative Valuation in the NASDAQ market
| Description | Value | Rank |
| Price to Sales | 7.3 | In Bottom 11% |
| Price/Earnings/Growth | 3.49 | In Bottom 7% |
| Dividend Yield % | 0.5% | In Bottom 7% |
5.3 Other Bearish Signals
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 8.1. Compared with the rest of the market the stock is overvalued and ranks in the bottom 4% of stocks by value of Q Ratio.
SECTION 6 ONGOING BEARISH PARAMETERS
6.1 Rank in the bottom 16% by Growth in the NASDAQ market
| Description | Value | Rank |
| EPS Growth % | 8.5 | In Bottom 16% |
6.2 Sequential EPS growth [Q2/2023 vs Q1/2022] of -19.0%:
The most recent quarter (Q2/2023) showed a decline of 19.0% in sequential growth of Quarterly EPS.
| Quarterly Report | EPS ($) | Growth % |
| Q2/2023 | 1.53 | -19.0 |
| Q1/2022 | 1.89 | 46.5 |
6.3 P/E/G > 1
The price earnings ratio of 29.5 divided by trailing twelve months eps growth of 8.5% corresponds to P/E/G of 3.5 times.
| EPS Growth (%) | 8.47 |
| P/E/G | 3.49 |
| P/E | 29.53 |
6.4 % Growth in EPS & RPS
EPS growth: Sequential EPS growth (Q2 2023 vs Q1 2022) was down 19.0% and PCP EPS growth (Q2 2023 vs Q2 2022) was down 0.6%. FY EPS growth (FY2022 vs FY2021) was up 8.5%.
RPS growth: Sequential growth in Revenue per share (Q2 2023 vs Q1 2022) was down 18.3% and PCP growth in Revenue per share (Q2 2023 vs Q2 2022) was up 1.2%. FY growth in Revenue per share (FY2022 vs FY2021) was up 11.4%.
(All figures in %)
| Sequential growth in EPS (Q2 2023 vs Q1 2022) | -19.0 |
| Sequential growth in RPS (Q2 2023 vs Q1 2022) | -18.3 |
| PCP growth in EPS (Q2 2023 vs Q2 2022) | -0.6 |
| PCP growth in RPS (Q2 2023 vs Q2 2022) | 1.2 |
| FY growth in EPS (FY2022 vs FY2021) | 8.5 |
| FY growth in RPS (FY2022 vs FY2021) | 11.4 |
6.5 Quarterly Trend in Revenue, Net Profit and Net Profit Margin:
- Revenue and Net Profit growth have shown signs of deterioration in recent quarters. [All figures in %]
| Qtr-ended | Revenue Growth | Net Profit Growth | Net Profit Margin |
| Apr 23 [Q2 vs Q1] | -19.1 | -19.5 | 25.5 |
| Dec 22 [Q1 vs Q4] | 30 | 44.8 | 25.6 |
SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS
7.1 Activities
Apple Inc. designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and sells a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, and third-party wholesalers, resellers, and value-added resellers. It is the NASDAQ's largest Technology company by market capitalisation.
In FY 2022, the top earner of Revenue was iPhone [52.1%] followed by Services [19.8%] at Rank 2 , Wearables Home and Accessories [10.5%] at Rank 3 , Mac [10.2%] at Rank 4 and iPad [7.4%] at Rank 5. In FY 2022, revenue growth was highest in Services [14.2%] followed by Mac [14.2%] at Rank 2 , Wearables Home and Accessories [7.5%] at Rank 3 and iPhone [7%] at Rank 4. In FY 2022, the top regional earner of Revenue was Americas [43%] followed by Europe [24.1%] at Rank 2 , Greater China [18.8%] at Rank 3 , Rest of Asia Pacific [7.4%] at Rank 4 and Japan [6.6%] at Rank 5. In FY 2022, revenue growth was highest in Rest of Asia Pacific [11.5%] followed by Americas [10.7%] at Rank 2 , Greater China [8.5%] at Rank 3 and Europe [6.5%] at Rank 4.
7.2 Independent Ratings and Relative Value Indicators
+ Fortune 500:
Apple Inc. is a new entrant in the Fortune list of Top 500 Global companies by Revenues in 2022, ranked 3.
+ Just Capital:
It was ranked 7 in the Just Capital annual list of top 100 ESG stocks for 2022; it was ranked 1 in the Technology Hardware sector.
+ Top 50 BCG:
It was ranked 1 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2021; unchanged over a year from the same rank 1 in 2020.
+ Good Jobs First:
It received aggregate subsidies of $820.7 million from US federal, state and local awards in 2020. It was ranked 57 by aggregate subsidy values in the Good Jobs First list of Top 100 Parent companies in 2020.
+ Carbon Disclosure Project (CDP):
It is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.
+ Industryweek 1000:
It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 7.
+ Newsweek 500:
It was ranked 26 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 15% in Carbon productivity, 11.7% in Water productivity and 11.3% in Waste productivity.
+ PwC 100:
It was ranked 1 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; an improvement over 6 years from rank 33 as at March 31, 2009.
+ Citi Top 50:
It was ranked in Citi's Top 50 global cash cows with reinvest-to-payout ratio of 0.28.
+ PwC Top100 Software Leaders:
It is the 28th largest by revenue and largest by MCap among the PwC Global Software Leaders.
7.3 Contact Details
| Website | http://www.apple.com |
| Physical Address | 1 Infinite Loop,Cupertino,CA,95014 |
| Phone | +1 408 996-1010 |
| Fax | +1 408 974-2483 |
| investor_relations@apple.com |
7.4 U.S. Industry & Sector [of 413 stocks]
| Classification Level | Name of Sector |
| Economic Sector | Technology |
7.5 North American Industry Classification System [NAICS]
Code: 334220
Industry Title: Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
AAPL: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:
+ PRICE VOLUME - 5-YEAR HISTORY
+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q2/2023]:
+ PEER COMPARISON - STOCK IN TECHNOLOGY SECTOR AND STOCK IN INDICES
+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 15699 :
AAPL: LINKS IN HTML TO FURTHER INFORMATION:
+ NEWS ARCHIVES - AAPL PAST 4 YEARS IN HTML:
+ INSIDER OWNERSHIP AND SELLING IN THE PAST 10 YEARS
APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS
II.1 Primary Exchange and Other Listings: Trading Currency and Volume
| Exchange | Ticker | Currency | Last | ADVT | Vol % of Total | Today's VI |
| Nasdaq | AAPL | USD | 181.61 | 73,525,318 | 99.8 | 0.5 |
| Xetra | APC | EUR | 166.36 | 18,803 | 0.2 | 3.4 |
| Total | 100.00 |
1 USD= 0.9277 EUR
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)
II.2 Stock Identifiers
ISIN: US0378331005
PermID: 4295905573
Central Index Key (CIK): 320193
CUSIP: 037833100
RIC: AAPL.O
GLOSSARY
ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Current Ratio: Current Assets/Current Liabilities (times)
Debt/Equity: Net Debt/Net Assets %
Dividend Yield: Dividend Per Share/Share Price (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods
PCP: Previous Corresponding Period
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price Close/Moving Avg Price: Latest Price/Moving Average Price
Price/Earnings: Share Price/Earnings Per Share (times)
Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)
Price/Sales: Share Price/Sales Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Total Liabilities/Total Assets: Total Liabilities/Total Assets
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.
Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.
Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.
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