Apple (AAPL: $220.27) offers earnings yield of 2.8%; +$3.52 [1.6%] 02 July 2024

NEWS BITES - NORTH AMERICA

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Apple Inc. (NASDAQ: AAPL $220.27) ranks 19 in the Top 20 by earnings yield stocks in the NASDAQ-100 Index of 95 stocks.

Note: Earnings yield is the inverse of the P/E ratio.

Rank 19 by earnings yield in NASDAQ-100 Index. Rank 1 is highest.

Last price: $220.27; FY 2023 EPS: $6.16;

The earnings yield of 2.8% is below the 10-year bond yield of 4.5%.

APPLE (AAPL) Stock Dashboard [traded in US Dollars, USD] End-of-Day Tue, Jul 02

http://www.apple.com

Last$220.27Market Cap$3,377 billion
P/E35.8Dividend Yield % (TTM)0.4
EPS (FY2023)$6.16DPS (past 12 months)$0.9 or 94c
Shares Outstanding15,330,000,000ExchangeNASDAQ [BATS, NYSE ARCA, Nasdaq, NSX]
Institutional Ownership9,095,804,445% of shares outstanding59.3%
AAPL in IndicesNASDAQ-100 [of 100 stocks]SectorTechnology [of 157 stocks]
EPS Growth (Q2 2024 vs Q1 2023)-30.1Today's VI*0.9
Today's Volume55,367,984PV$1000 (1 yr)$1,157
Ave Daily Volume62,548,803 shares
52-Week Price Range163.85 - 220.38

A year ago the Apple share price was $191.44. $1,000 would have bought 5.2 Apple share on that day. Those 5.2 Shares would be worth $1,151 at today's share price of $220.27. Dividends reinvested are worth $6. PV$1000= $1,157.

Primary Exchange and Other Listings: Trading Currency and Volume

ExchangeTickerCurrencyLastADVTVol % of TotalToday's VI
NasdaqAAPLUSD220.2762,548,78699.90.9
XetraAPCEUR200.69,0470.16.8
Total100.00

1 USD= 0.9322 EUR

ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

INDEX

SECTION 1 CORPORATE PROFILE AND INDEPENDENT RATINGS

SECTION 2 RECENT NEWS AND RESEARCH

SECTION 3 THE PAST YEAR: PRESS RELEASES

SECTION 4 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2024 REPORTED ON MAY 18

SECTION 5 TODAY'S BULLISH SIGNALS

SECTION 6 ONGOING BULLISH PARAMETERS

SECTION 7 TODAY'S BEARISH SIGNALS

SECTION 8 ONGOING BEARISH PARAMETERS

SECTION 9 FINANCIALS FY 2023

SECTION 10 TAX & DIVIDEND

SECTION 11 TOP MANAGEMENT AND BOARD OF DIRECTORS

Read more...

ANNEXURE

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

APPENDIX II STOCK IDENTIFIERS

GLOSSARY

SECTION 1 CORPORATE PROFILE AND INDEPENDENT RATINGS

1.1 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.

1.2 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.

1.3 Contact Details

Websitehttp://www.apple.com
Physical Address1 Infinite Loop,Cupertino,CA,95014
Phone+1 408 996-1010
Fax+1 408 974-2483
Emailinvestor_relations@apple.com

1.4 U.S. Industry & Sector [of 539 stocks]

Classification LevelName of Sector
Economic SectorTechnology

1.5 North American Industry Classification System [NAICS]

Code: 334220

Industry Title: Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

SECTION 2 RECENT NEWS AND RESEARCH

Financial News

Quarterly Report (Q2/2024):

Release Date: May 14, 2024

Quarterly Report Analysis Q2 2024: Apple sequential quarterly profits hit by 30% fall

Apple (NASDAQ:AAPL), announced net profit of $23.6m for the quarter-ended 30 March 2024 [Q2/2024], down 30% from the previous quarter [Q1/2023] and down 2.2% from the year-earlier period [Q2/2023]. Earnings per share (EPS) were down 30.1% sequentially from $2.19 in Q1/2023 to $1.53 in Q2/2024.

Quarterly Report (Q2 2024)

Quarter-ended30 Mar [Q2/2024]31 Dec [Q1/2023]01 Jul [Q3/2023]
EPS153c$2.2127c
Sequential growth in EPS %-30--17
Revenue, $90.8 million120 million81.8 billion
Sequential growth in Revenue %-24.1--13.7
Net Profit, $23.6 million33.9 million19.9 billion
Sequential growth in Net Profit %-30.3--17.7

Compared with the Previous Corresponding Period [PCP; Q2/2023], year-over-year [y.o.y.] Revenue was down 4.3% and Net Profit was down 2.2%.

Quarter-ended30 Mar [Q2/2024]01 Apr [Q2/2023]
EPS, c153153
PCP growth in EPS %--0.6
Revenue, $ million90.894.8
PCP growth in Revenue %-4.3-100
Net Profit, $ million23.624.2
PCP growth in Net Profit %-2.2-100

VI* Volume Index = Number of shares traded today/Average number of shares traded per day.

Past quarter momentum up: Apple soars 31% on average volume 1.1 times average.

Past month to HighLowVWAPVolume Index *
02 Jul 2024220.38192.15208.361.4
31 May 2024193.00168.88185.461.0
02 May 2024173.18170.66170.381.0

[*Volume Index of 1.4 means volume for the month was 1.4 times its 12-month average]

[VWAP is defined as the Volume Weighted Average Price; High Low prices and VWAP are shown in US Dollars]

Stock Buzz

Other Publishers Buzz in the past week

JulHeadlinePublisher
Tue 02Apple Stock Is Still Worth 23% More at $265 Per Share - Short Put Strategies Work HereThe Globe and Mail
Tue 02Analysts Offer Insights on Technology Companies: Sprinklr (CXM) and Apple (AAPL)Business Insider
Tue 02Chewy, Apple, Marathon Digital, McDonald s, Tesla: Why These 5 Stocks Are On Investors Radars TodayBenzinga.com
Tue 02Apple Inc. stock outperforms competitors on strong trading dayMarketWatch
Tue 02Apple Stock Is Going Nowhere Soon24/7 Wall St

Analyst Recommendations: Past 6 days

2024BrokeragePast RatingCurrent RatingPrev TargetPrice Target
Jul 01Needham & Company LLCBuyBuy220220
Jul 01UBS GroupNeutralNeutral190190
Jun 28OppenheimerOutperformOutperform200250
Jun 26Bank of AmericaBuyBuy230230
Jun 26Rosenblatt SecuritiesNeutralBuy196260

Since January 10, Apple has had fifty-eight analyst rating changes with forty being upgrades. Apple is up 18.6% since January 10.

SECTION 3 THE PAST YEAR: PRESS RELEASES

3.1 Press Releases and Corporate Wire

Press Release article 1 of 9, Source: WEC, 82 words

May 06: Apple quarterly dividends up 4.2% sequentially from previous quarter

Apple today announced a quarterly dividend of 25.0c per share for Q2/2024; up 4.2% sequentially from the previous quarter (Q1/2024) dividend of 24.0c. The ex-dividend date is Friday, May 10, 2024 and the record date is Monday, May 13, 2024 and it is payable on Thursday, May 16. Total dividends per share paid in the 12 months ended May 07 were 96.0c.

Press Release article 2 of 9, Source: West Corporation, 362 words

May 03: Apple Summary Notice of Pendency and Proposed Settlement of Shareholder Derivative Actions

CUPERTINO, Calif., May 03, 2024 -- Apple Inc. has released the following notice:

A Federal Court authorized this Notice. This is not a solicitation from a lawyer.

TO: ALL PERSONS OR ENTITIES WHO OR WHICH HELD SHARES OF APPLE INC. (APPLE OR THE COMPANY) COMMON STOCK AS OF THE CLOSE OF TRADING ON APRIL 29, 2024.

THIS NOTICE RELATES TO THE PENDENCY AND PROPOSED SETTLEMENT OF SHAREHOLDER DERIVATIVE LITIGATION.PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.IF YOU ARE A CURRENT APPLE SHAREHOLDER, THIS NOTICE CONTAINS IMPORTANT INFORMATION ABOUT YOUR RIGHTS.

THIS ACTION IS NOT A CLASS ACTION.THUS, THERE IS NO COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR MONETARY PAYMENT.IF YOU DO NOT OBJECT TO THE TERMS OF THE PROPOSED SETTLEMENT OR THE AMOUNT OF ATTORNEYS FEES AND EXPENSES DESCRIBED IN THIS NOTICE, YOU ARE NOT OBLIGATED TO TAKE ANY ACTION.

The purpose of this Notice is to inform you of: (i) the pendency of the shareholder derivative action brought on behalf of Apple Inc. (Apple or the Company), styled as In re Apple Inc. Stockholder Derivative Litigation, Case No. 4:19-cv-05153-YGR (the Federal Action) , pending in the United States District Court for the Northern District of California, Oakland Division (the Federal Court); the shareholder derivative action brought on behalf of Apple pending in the Superior Court of the State of California, County of Santa Clara (the California Court), styled as In re Apple Inc. Stockholder Derivative Litigation, Lead Case No. 19CV355213 (the California Action), and a factually-related litigation demand on Apples board of directors (the Demand and, together with the Federal Action and California Action, the Actions); and (ii) a proposed settlement of the Actions (the Settlement), subject to approval of the Federal Court.

The terms of the settlement are set forth in an Amended Stipulation and Agreement of Compromise, Settlement, and Release dated April 29, 2024 (the Amended Stipulation).1 This notice should be read in conjunction with, and is qualified in its entirety by reference to, the text of the Amended Stipulation, which has been filed with the U.S.

Press Release article 3 of 9, 320 words

March 30: 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 Item and other sections 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 2023 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.

The following discussion should be read in conjunction with the 2023 Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q.

Available Information

The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com.

Press Release article 4 of 9, Source: WEC, 75 words

February 06: Apple quarterly dividends steady

Apple today announced a quarterly dividend of 24.0c per share for Q1/2024; unchanged from the previous quarter (Q4/2023) dividend of 24.0c. The ex-dividend date is Friday, February 09, 2024 and the record date is Monday, February 12, 2024 and it is payable on Thursday, February 15. Total dividends per share paid in the 12 months ended February 06 were 95.0c.

Press Release article 5 of 9, 321 words

December 30 2023: 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 Item and other sections 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 2023 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.

The following discussion should be read in conjunction with the 2023 Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q.

Available Information

The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com.

Press Release article 6 of 9, Source: WEC, 76 words

November 06 2023: Apple quarterly dividends steady

Apple today announced a quarterly dividend of 24.0c per share for Q4/2023; unchanged from the previous quarter (Q3/2023) dividend of 24.0c. The ex-dividend date is Friday, November 10, 2023 and the record date is Monday, November 13, 2023 and it is payable on Thursday, November 16. Total dividends per share paid in the 12 months ended November 06 were 71.0c.

Press Release article 7 of 9, Source: WEC, 76 words

August 09 2023: Apple quarterly dividends steady

Apple today announced a quarterly dividend of 24.0c per share for Q3/2023; unchanged from the previous quarter (Q2/2023) dividend of 24.0c. The ex-dividend date is Friday, August 11, 2023 and the record date is Monday, August 14, 2023 and it is payable on Thursday, August 17. Total dividends per share paid in the 12 months ended August 09 were 70.0c.

Press Release article 8 of 9, Source: Company Website, 284 words

August 03 2023: Apple reports third quarter results

Services revenue reaches new all-time high

Installed base of active devices sets all-time record

CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2023 third quarter ended July 1, 2023. The Company posted quarterly revenue of $81.8 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year.

"We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone," said Tim Cook, Apple's CEO. "From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it."

"Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment," said Luca Maestri, Apple's CFO. "During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans."

Apple's board of directors has declared a cash dividend of $0.24 per share of the Company's common stock. The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023.

Apple will provide live streaming of its Q3 2023 financial results conference call beginning at 2:00 p.m. PT on August 3, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Source: Company Website

Press Release article 9 of 9, Source: Company Website, 276 words

August 01 2023: Pixar, Adobe, Apple, Autodesk, and NVIDIA form Alliance for OpenUSD to drive open standards for 3D content

August 1, 2023

PRESS RELEASE

Alliance to foster global collaboration for Universal Scene Description (USD)

SAN FRANCISCO Pixar, Adobe, Apple, Autodesk, and NVIDIA, together with the Joint Development Foundation (JDF), an affiliate of the Linux Foundation, today announced the Alliance for OpenUSD (AOUSD) to promote the standardization, development, evolution, and growth of Pixar's Universal Scene Description technology.

The alliance seeks to standardize the 3D ecosystem by advancing the capabilities of Open Universal Scene Description (OpenUSD). By promoting greater interoperability of 3D tools and data, the alliance will enable developers and content creators to describe, compose, and simulate large-scale 3D projects and build an ever-widening range of 3D-enabled products and services.

Created by Pixar Animation Studios, OpenUSD is a high-performance 3D scene description technology that offers robust interoperability across tools, data, and workflows. Already known for its ability to collaboratively capture artistic expression and streamline cinematic content production, OpenUSD's power and flexibility make it an ideal content platform to embrace the needs of new industries and applications.

The alliance will develop written specifications detailing the features of OpenUSD. This will enable greater compatibility and wider adoption, integration, and implementation, and allows inclusion by other standards bodies into their specifications. The Linux Foundation's JDF was chosen to house the project, as it will enable open, efficient, and effective development of OpenUSD specifications, while providing a path to recognition through the International Organization for Standardization (ISO).

AOUSD will also provide the primary forum for the collaborative definition of enhancements to the technology by the greater industry.

3.2 Apple issued 878 new patents in the past quarter

Apple (AAPL) has been issued 878 new patents by the USPTO & EPO.

This corresponds to an average of 293 patents a month, down 51.7% from an average of 607 patents per month in 2023.

To view details, click on link shown in the APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER.

SECTION 4 INSTITUTIONAL OWNERSHIP UPDATED AFTER LAST SEC FILING Q1/2024 REPORTED ON MAY 18

Institutional Ownership as at Mar 31, 2024

4.1 Reported holdings of institutions end of quarter

As at March 31, 2024 institutions had increased their holdings to 59.3% of issued capital, up from 58.3% nine months ago.

Quarter - endedMar 31Dec 31, 2023Sep 30, 2023Jun 30, 2023
% of issued capital59.360.859.658.3

4.2 Top 5 Institutional Ownership of Apple as at March 31, 2024

As at March 31, 2024, 4773 Institutions (Funds) held investments in shares of Apple. Institutions decreased their holdings to 59.3% of issued capital, down from 60.8% as at Dec 31. The largest shareholder was Vanguard Group Inc. with 9% of Apple. The second largest shareholder was Blackrock Inc. 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 4 Index Funds (in desc order of Shares) hold 24.4% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 7098 Funds]. Please download the spreadsheet to view full list of 2826 Index Funds holding 41.7% of Apple as at March 31, 2024.

FundShares% of TotalValue $% above Core*Percentile rank
Vanguard Group Inc. (0000102909)1,318,859,6149225.9 B5100
Blackrock Inc. (0001364742)1,040,523,4067178.2 B2100
Berkshire Hathaway Inc. (0001067983)789,368,4505135.2 B-100
State Street Corporation (0000093751)588,590,7794100.8 B3100
% Held by Top 4 Institutional shareholders3,737,342,24924.4640 B--

Apple Top 1 Active Funds (in desc order of Shares) hold 2.0% [second last column shows % above minimum core shareholding; last column shows percentile rank by AUM (Assets Under Management) among 7098 Funds]. Please download the spreadsheet to view full list of 1948 Active Funds holding 17.7% of Apple as at March 31, 2024.

FundShares% of TotalValue $% above Core*Percentile rank
Geode Capital Management, LLC (0001214717)307,720,852252.7 B21100
% Held by Top 1 Institutional shareholders307,720,8522.052.7 B--

4.3 Institutional ownership of AAPL at Mar 31: PEAK6 Investments top increase of 16,908,733%

As at March 31, 2024, 1798 institutions or 37.7% of AAPL's institutional shareholders had increased their holding of shares in Apple from December 31. The top increase was by PEAK6 Investments which increased its holding by 507,262 shares, or 16,908,733.3% to 507,265 shares.

Top 5 Increases [March 31, 2024 vs December 31, 2023]

Value is shown in the table below at March 31 AAPL share price of $171.25.

Institution (CIK)SharesValue, $% increase
PEAK6 Investments LLC (0001756111)507,26291.9 M16,908,733.3
Bridgewater Associates, LP (0001350694)1,841,045333.4 M166,009.5
IBEX Wealth Advisors (0001686242)109,09619.8 M93,244.4
One River Asset Management, LLC (0001616336)166,31130.1 M90,386.4
Global Assets Advisory, LLC (0001942932)9,200,3451.7 B23,076.4
Total11,824,0592.1 billion-

4.4 Institutional ownership of AAPL at March 31, 2024: JP Morgan Chase & Co top increase by worth

Top 5 Increases by worth [March 31, 2024 vs December 31, 2023]

Value is shown in the table below at March 31 AAPL share price of $171.25.

Institution (CIK)SharesWorth Change, $
JP Morgan Chase & Co (0000019617)18,548,1783.4 B
Barclays PLC (0000312069)17,121,4863.1 B
Franklin Resources Inc. (0000038777)15,469,7802.8 B
Legal & General Group PLC (0000764068)14,581,5902.6 B
UBS Group AG (0001610520)11,651,0112.1 B
Total77,372,04514 billion

4.5 Institutional ownership of AAPL at Mar 31: Badgley Phelps Wealth Managers top decrease of 100%

2397 Institutional shareholders decreased their holdings in Q1/2024. The top decrease was Badgley Phelps Wealth Managers who reduced their shareholding in Apple by 877,939 shares (100.0%) from 878,292 as at December 31 to 353 as at March 31.

Top 5 Decreases [March 31, 2024 vs December 31, 2023]

Value is shown in the table below at March 31 AAPL share price of $171.25.

Institution (CIK)SharesValue, $% Decreases
Badgley Phelps Wealth Managers, LLC (0001895362)877,939(159 M)-100.0
GeoWealth Management, LLC (0001593387)64,795(11.7 M)-99.9
Bull Oak Capital, LLC (0001824263)174,765(31.6 M)-99.8
Granite Bay Wealth Management, LLC (0001911472)2,425,195(439.2 M)-98.7
Soundwatch Capital LLC (0001803253)54,606(9.9 M)-96.2
Total3,597,300(651.4 million)-

4.6 Institutional ownership of AAPL at Mar 31: Mediolanum International Funds top new shareholder

An analysis conducted after the mid - quarter deadline of May 18 for Q1 SEC filings by 7111 institutions shows that there were 5 new institutional shareholders. Mediolanum International Funds (2022028) was the largest new shareholder with 2.3 million shares valued at $401.6 million as at March 31.

Top 5 New shareholders as at March 31, 2024

Value is shown at price of March 31, 2024 (in desc order of Shares)

Value is shown in the table below at March 31 AAPL share price of $171.25.

Institution (CIK)SharesValue, $
Mediolanum International Funds Ltd (0002022028)2,344,974401.6 M
Focus Financial Network, Inc. (0002010942)413,07570.7 M
Sienna Gestion (0002021242)343,19158.8 M
Diversify Advisory Services, LLC (0002021232)277,81647.6 M
MandG Plc (0001802539)274,39147 M
Total3,653,447625.6 million

4.7 Institutional ownership of AAPL at Mar 31: Cambridge Trust Co1 top exit

An analysis conducted after the mid - quarter deadline of May 18 for 20241 SEC filings by 7111 institutions shows that there were 5 exits. Cambridge Trust Co1 was the largest exit with 766,760 shares valued at 147.2 M as at March 31.

Institution (CIK)SharesValue, $
Cambridge Trust Co1 (0001074272)766,760147.2 M
GW & Wade (0001132556)736,292141.4 M
Moneta Group Investment Advisors LLC (0001120927)499,22495.9 M
Dock Street Asset Management Inc. (0001172779)377,64772.5 M
Community Trust & Investment Co (0001047142)374,55671.9 M
Total2,754,479528.9 million

Please view detailed Institutional Shareholders - Categorised and Complete List in DATA & ARCHIVE DOWNLOAD CENTER

SECTION 5 TODAY'S BULLISH SIGNALS

5.1 Relative Value Indicators: Undervaluation compared with sector averages

5.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield

- Earnings yield of 2.8% is more attractive compared with the NASDAQ average earning yield of 1.3%.

- The earnings yield of 2.8% is below the 10-year bond yield of 4.5%.

(All figures in %)

Earnings Yield2.8
NASDAQ avg1.3
Dividend Yield0.4
Bond Yield4.5

SectorDividend Yield %
Fortune 500Stock: 0.4; Sector: 0.4undervalued
Just CapitalStock: 0.4; Sector: 0.4undervalued

5.3 PAST WEEK: MODERATE MOMENTUM UP

AAPL adds 5.4% on average volume 1.004 times average. Compared with the NASDAQ-100 Index which rose 310.8 points (or 1.6%) in the week, the relative price increase was 3.8%.

Apple (AAPL) outperformed the NASDAQ-100 Index in 4 out of 5 days. The price ranged between a high of $220.27 on Tuesday Jul 02 and a low of $210.62 on Friday Jun 28.

DateAppleClose [$]Change %Comment
Tue Jul 02Offers earnings yield of 2.8%220.271.6Price/MAP50 above 1 and rising
Mon Jul 01In top 4% performers of NASDAQ-100 Index216.752.9Top Rise; RPC=2.3%
Fri Jun 28Down 1.6% after a second upgrade210.62-1.6Steepest Fall; VI*=1.3
Thu Jun 27In 4th consecutive rise214.10.4Price/MAP50 above 1 and rising
Wed Jun 26Accelerates rise, up 2.5% in 2 days213.252.0Price/MAP50 above 1 and rising; RPC=1.7%

* RPC - Relative Price Change is % price change of stock less % change of the NASDAQ-100 Index.

[Volume Index (VI); 1 is average]

5.4 Rank in the top 1% by Relative Valuation in the NASDAQ market

DescriptionValueRank
EV/EBITDA29.7In Top 1%

5.5 Rank in the top 24% by Price Performance in the NASDAQ market

DescriptionValueRank
Price/MAP501.14In Top 8%
1-month Price Change %14.6In Top 9%
1-week Price Change %5.4In Top 19%
Rel Strength 6 mo77In Top 24%

5.6 Uptrend

Price/Moving Average Price of 1.2 and positive MACD:

- The Price/MAP 200 for Apple is 1.2. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the NASDAQ-100 Index of 1.17, a second bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of $192.74 is higher than the 200-day MAP of $183.76, a third bullish indicator. The 200-day MAP has increased to $183.76, a fourth bullish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 211.96 minus the 26-day EMA of 205.29 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, five times suggesting further upside. The 50-day EMAP has increased to $197.13. An increase is another bullish indicator.

Past Month:

- Rises to Falls: In the past month the number of rises outnumbered falls 14:7 or 2:1.

Past Quarter:

In the last three months the stock has hit a new 52-week high thrice. The Best 3 weeks in the past quarter

In the past quarter the week beginning Monday April 29 saw the highest weekly rise of 8.3% for a relative price increase of 6.9%. The rise was propped up by volume of 1.4 times average.

Mon-FriChange %NASDAQ-100 Index Change %Vol Ind [1 is avg]
Apr 29-May 038.31.41.4
Jun 10-147.93.72.1
Apr 08-124.1-0.61.1

Relative Strength (6 months) 77 percentile:

- The stock has a 6-month relative strength of 77 in the NASDAQ market of 3,031 stocks, 8 ADRs and 2 preference stocks indicating it has outperformed 77% of the market.

5.7 Other Bullish Signals

- Total Liabilities/EBITDA of 2.6 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.

- Return on Assets of 27.5% versus sector average of 18.1% and market average of 3.1%.

SECTION 6 ONGOING BULLISH PARAMETERS

6.1 Rank in the top 99% by Liquidity in the NASDAQ market

DescriptionValueRank
Ave daily turnover$11 billionIn top 99%

6.2 Rank in the top 1% by Size in the NASDAQ market

DescriptionValueRank
Ave daily Turnover$12.2 billionIn Top 1%
Annual Revenue$383.3 billionIn Top 1%
MCap$3,377 billionIn Top 1%

6.3 Rank in the top 17% by Performance in the NASDAQ market

DescriptionValueRank
EBITDA Margin %29.7In Top 15%
Net Profit Margin %25.3In Top 17%

6.4 Rank in the top 2% by Productivity in the NASDAQ market

DescriptionValueRank
Return on Assets [ROA] %27.5In Top 2%

6.5 Present Value of $1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,156

PV$1,0003 mo ago1 yr ago3 yrs ago
AAPL.NASDAQ$1,308$1,157$1,660
Technology sector$1,181$1,243$1,285
NASDAQ-100 Index$1,106$1,318$1,359

6.6 The Best Periods [3 Mo, 3 Yrs] with Price Change % > 30.5

3-Year price change of 63.2% for Apple outperformed the change of 37.4% in the NASDAQ-100 Index for a relative price change of 25.8%.

Price Change %Quarter3 Years
Apple30.663.2
Technology sector18.129.4
NASDAQ-100 Index10.237.4

6.7 AAPL.NASDAQ Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 15.6%

1 yr3 yrs5 yrs10 yrs20 yrs30 yrs
15.718.236.227.23626.3

6.8 Low Debt to Equity (%) and Reducing

The debt to equity ratio of 9.6% is under a safe benchmark figure of 50%. Moreover, it has improved from 19.7% a year ago.

YearsDebt to Equity (%)
Sep 20239.63
Sep 202219.7
Sep 20219.51
Sep 20207.65
Sep 20196.61

6.9 Increased Volume, up 82% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 82.0% to 62.5 million shares.

Avg. Daily Volume Traded 12 months ended Jul 02, million shares

YearADVT
202462.5
202371.6
202289.3
2021101.5
202034.4

6.10 Increased VWAP, up 179% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 179.0% to $184.49.

Past five years, 12 months ended Jul 02 (USD)

YearHigh PriceVWAPLow Price
2024220.38184.49163.85
2023193.45152.76123.74
2022180.4154.59127.6
2021142.2117.7687.06
202090.9266.1346.46

6.11 Increased share turnover, up 21% in 5 years

In the past five years, average daily share turnover has increased 20.9% to $11.1 billion. This suggests increased liquidity.

Past five years, 12 months ended Jul 02 (USD billion)

YearAverage Daily Turnover
202411.1
202310.9
202213.9
202114.3
20209.2

6.12 Satisfies three criteria of Benjamin Graham

- "A stock price down to at least two-thirds of tangible book value per share"; the price is 0.06 times tangible book value per share of USD3930.17.

- "A stock price down to two-thirds of "net current asset value" or "net quick liquidation value"; the price is 0 times net current asset value of $US8738.5 per share.

-"Total debt less than tangible book value"; total debt of USD6 billion is less than tangible book value of USD62.1 billion.

6.13 Satisfies 6 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

- Improvement in current ratio from 0.9 to 1.

- Reduction in total shares on issue.

- Improvement in gross margin [from 43.3% to 44.1%].

But does not meet the following 3 criteria of Joseph Piotroski:

- Return on Assets improvement.

- Improvement in long-term debt to total assets.

- Improvement in asset turnover.

6.14 Year-over-year (%) Change in Dividend:

Quarterly dividend for Q2/2024 was 25.0c, up 4.2% sequentially from 24.0c in Q1/2024. The year-on-year change was up 4.2% from 24.0c in the previous corresponding period Q2/2023.

QuarterQ2/2023Q1/2024Q2/2024
Dividend ($ Cents)24.024.025.0

6.15 Patents see a second year of consecutive rise

Apple was issued 7,772 patents in the past year, up 46.1% from the previous year. This is the second consecutive year of increase in patents. A total of 16,162 patents were issued to Apple in the past 3 years. Of these 3,736 (or 23.1%) were issued by the USPTO and 12,426 (or 76.9%) were issued by the EPO.

Patents issued to Apple in the last three years

12 months ended Jul 02No. of Patents Issued
20247,772
20235,321
20223,069

In the past year the monthly average of patents issued is 648; this is 1.9 times the average of 350 patents issued in the two years prior to that.

SECTION 7 TODAY'S BEARISH SIGNALS

7.1 Relative Value Indicators: Overvaluation compared with sector averages

SectorP/EDividend Yield %
Forbes 2000Stock: 35.8; Sector: 21.4Stock: 0.4; Sector: 0.8overvalued
Fortune 500Stock: 35.8; Sector: 27.1overvalued
Just CapitalStock: 35.8; Sector: 28.2overvalued

7.2 Rank in the bottom 23% by Relative Valuation in the NASDAQ market

DescriptionValueRank
Price/Earnings35.8In Bottom 23%
Price to Sales8.8In Bottom 8%
Dividend Yield %0.4%In Bottom 6%

7.3 Other Bearish Signals

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 9.6. Compared with the rest of the market the stock is overvalued and ranks in the bottom 3% of stocks by value of Q Ratio.

7.4 Overbought/Bearish Signals:

- The stock is overbought according to the Williams % R indicator of -0.8, suggesting the price is close to its 14-day high of $220.38.

SECTION 8 ONGOING BEARISH PARAMETERS

8.1 Rank in the bottom 1% by Growth in the NASDAQ market

DescriptionValueRank
EPS Growth %0.2In Bottom 1%

8.2 % Growth in EPS & RPS

EPS growth: Sequential EPS growth (Q2 2024 vs Q1 2023) was down 30.1%. FY EPS growth (FY2023 vs FY2022) was up 0.2%.

RPS growth: Sequential growth in Revenue per share (Q2 2024 vs Q1 2023) was down 23.6%. FY growth in Revenue per share (FY2023 vs FY2022) was up 0.4%.

(All figures in %)

Sequential growth in EPS (Q2 2024 vs Q1 2023)-30.1
Sequential growth in RPS (Q2 2024 vs Q1 2023)-23.6
FY growth in EPS (FY2023 vs FY2022)0.2
FY growth in RPS (FY2023 vs FY2022)0.4

8.3 A 11.5% Increase in Insider Selling

In the past 5 years a total of 7,067,084 Apple shares worth $1.2 billion were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 1,413,417 shares per year. In the past year, insiders sold 1,332,535 shares, an increase of 11.5% from the previous year.

YearNo. of SharesValue, $
Jul 02, 20241,332,535235,699,418
1 Yr ago1,195,479187,008,585
2 Yrs ago3,086,749461,133,251
3 Yrs ago867,606202,042,772
4 Yrs ago584,715130,430,190
Total7,067,0841,216,314,217

8.4 Quarterly Trend in Revenue, Net Profit and Net Profit Margin:

- Net Profit margin is positive but falling in recent quarters. [All figures in %]

Qtr-endedRevenue GrowthNet Profit GrowthNet Profit Margin
Mar 24 [Q2 vs Q1]-24.1-30.326
Dec 23 [Q1 vs Q3]--28.4

8.5 Revenue, EPS, and EBITDA:

5-years average annualized earnings growth rate of 15.5%

- Revenue growth and EBITDA growth have shown signs of deterioration in recent years. [compared with previous year, all figures in %]

FYRevenue GrowthEPS GrowthEBITDA Growth
2023-3--5
2022889
2021337163

SECTION 9 FINANCIALS FY 2023

9.1 AAPL Financials Summary:

Year ended SepFY2023FY2022FY2021
Sales ($ B)383.3394.3365.8
Pretax ($ B)113.7119.1109.2
Net ($ B)9799.894.7
EPS ($)6.166.155.67

EPS up 0.2% to $6.16 in FY2023 [ y.e. 30 Sep 2023]

+ Net profit was down 2.8% from $99.8 billion in FY2022 to $97 billion in FY2023.

+ Earnings Per Share (EPS) was up 0.2% from $6.15 in FY2022 to $6.16 in FY2023.

9.2 Financials, FY 2023 [year-ended 30 September 2023 ]

Apple EPS Growth slows to 0.2%

Release Date: November 06, 2023

Apple (NASDAQ:AAPL), announced EPS of $6.16 for the year-ended 30 September 2023 [FY2023], up 0.2% from $6.15 in the previous year-ended 24 September 2022 [FY2022]. EPS growth from the year-ended 25 September 2021 [FY2021] to the year-ended 24 September 2022 [FY2022] was 8.5%.

Highlights

Annual Report: FY2023

Company Name : Apple Inc. (AAPL)
September 30FY2023
Description$ m
Sales Revenue383,285
EBITDA113,736
EBIT113,736
Pre-Tax Profit/(Loss)113,736
Profit/(Loss) after Tax96,995
Working Capital(1,742)
Current Assets143,566
Current Liabilities145,308
Shareholders' Funds62,146
Total Liabilities290,437
Total Assets352,583
Current Debt5,985
Total Debt5,985
Operating Cash Flow110,543
Net Assets62,146
Net Tangible Assets62,146
AuditorErnst & Young LLP

Per Share figures

September 30FY2023
Description$
Sales24,344.5
EBIT7,224
EBITDA7,224
Cash3,892.8
Working Capital(110.6)
Shareholders' Funds3,947.2
Total Liabilities18,447.2
Total Assets22,394.4
Current Debt380.1
Total Debt380.1
Net Tangible Assets3,930.2
EPS Final6.2

Performance Ratios

September 30FY2023
Return on Equity (%)156.1
Return on Assets (%)27.5
Total debt to net tangible assets (%)9.6
Common Size Ratios by Assets %
Long-term investments to Total Assets 28.5
Current Debtors to Total Assets 17.3

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged $335.6B, EBITDA averaged $95B and Net Profit averaged $80.8B. Compound Annual Growth Rate (CAGR) averaged 7.6% for Total Revenue, 10.3% for Net Profit and 9.3% for EBITDA.

DescriptionAnnual ($ B)5-year Avg ($ B)5-year CAGR %
Total Revenue383.3335.67.6
EBITDA113.7959.3
Operating Profit113.7959.3
Net Profit9780.810.3

Five-year record of EBITDA, Operating Profit, Net Profit, ROA and ROCE

In 2023 Net Profit Margin of 25.3% was above its 5-year Avg of 23.7% (All Figures in %)

Description20235-year Avg
EBITDA Margin29.727.9
Operating Profit Margin29.727.9
Net Profit Margin25.323.7
Return on Assets27.523.4
Return on Capital Employed54.944.4

SECTION 10 TAX & DIVIDEND

10.1 Average Income Tax Paid (Past 5 Years)

In the past 5 years, Income Tax as % of profit before tax decreased from 15.9% to 14.7% and Income Tax as % of operating cash flow decreased from 15.9% to 14.7%.

Description20232022202120202019
As % of profit before tax14.716.213.314.415.9
As % of operating cash flow14.716.213.314.415.9

The 5-year average of profit before tax was 14.9%.

10.2 Footprint of Low Tax Subsidiaries

Corporate Tax rate of Apple in country of incorporation:

SubsidiaryIncorporated inCorporate Tax Rate (%)
Apple Sales InternationalIreland12.5
Apple Operations InternationalIreland12.5
Apple Operations EuropeIreland12.5

10.3 Dividend History

In the past 5 years annual dividends have increased by 18.8c from 78.2c to 97.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

Date PaidValue (c)Type
10 May 202425Quarterly
09 Feb 202424Quarterly
10 Nov 202324Quarterly
11 Aug 202324Quarterly
Tr 12 Months97
2022 - 202393
2021 - 202289
2020 - 202183.5
2019 - 202078.25

SECTION 11 TOP MANAGEMENT AND BOARD OF DIRECTORS

11.1 Top Management

Top Management [Two top executives with tenure > 10 yrs]

NameDesignationSince Appointment
Arthur D. LevinsonChairman, Director23 Yrs, 10 Mos
Luca MaestriChief Financial Officer, Senior Vice President10 Yrs, 2 Mos

11.2 Board Of Directors

Board Of Directors [One director with tenure > 13 yrs]

NameSince Appointment
Ronald D. Sugar13 Yrs, 7 Mos

Board Of Directors [Three directors with tenure < 3 yrs]

NameSince Appointment
Alex Gorsky2 Yrs, 7 Mos
Andrea Jung-
Susan L. Wagner-

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

AAPL: EXPORT DATA TO EXCEL:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q2/2024]:

+ SHAREHOLDERS - COMPLETE LIST OF 4774 INSTITUTIONS

+ PEER COMPARISON

+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 21070 :

AAPL: OTHER INFORMATION:

+ NEWS ARCHIVES - AAPL PAST 4 YEARS:

+ STOCK BUZZ

+ PRICE VOLUME CHARTS

+ SEC FILINGS

+ TWEETS

+ NOTES to ACCOUNTS

+ INSIDER OWNERSHIP AND SELLING IN THE PAST 10 YEARS

+ BOARD OF DIRECTORS

APPENDIX II STOCK IDENTIFIERS

ISIN: US0378331005

PermID: 4295905573

Central Index Key (CIK): 320193

CUSIP: 037833100

RIC: AAPL.O

FIGI: BBG000B9Y5X2

LEI: HWUPKR0MPOU8FGXBT394

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

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.

Created by www.buysellsignals.com