Apple Reports Steady IphoneSales And Declares $100 Billion Buyback

The Apple iPhone X sits on display at the new Apple Michigan Avenue store along the Chicago River in Chicago. Associated Press files

The institutional investor owned 4,829 shares of the iPhone maker's stock after purchasing an additional 800 shares during the quarter.

Other large investors have also recently added to or reduced their stakes in the company. The fund owned 19,629 shares of the iPhone maker's stock after buying an additional 458 shares during the period. Welch Investments LLC raised its position in Apple by 18.7% during the third quarter. DnB Asset Management AS now owns 1,591,868 shares of the iPhone maker's stock valued at $269,392,000 after purchasing an additional 581,318 shares during the last quarter. Nadler Financial Group Inc. now owns 57,894 shares of the iPhone maker's stock worth $9,797,000 after acquiring an additional 305 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company's stock. Also, SVP Daniel J. Riccio sold 17,375 shares of the firm's stock in a transaction that occurred on Wednesday, April 4th. Despite the lower Average Selling Price (ASP), revenue attributed to the iPhone rose 14% year-over-year. Following the completion of the sale, the insider now owns 64,475 shares of the company's stock, valued at $11,261,203.50.

In related news, insider Luca Maestri sold 39,122 shares of the firm's stock in a transaction that occurred on Friday, April 13th. The stock was sold at an average price of $174.66, for a total value of $6,833,048.52. The disclosure for this sale can be found here.

Taking into account of iPhone's revenue contribution and the iPhone ASP, Apple could achieve a 10 percent year-on-year growth in iPhone shipments in the current quarter with around 45 million units shipped.

Shares of AAPL opened at $176.57 on Thursday. Apple has a 52-week low of $142.20 and a 52-week high of $183.50.

Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, May 1st. The iPhone maker reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.04.

Chandrababu to undertake district tours hitting on Modi
He also alleged that Modi was neglecting Andhra Pradesh as he found a new friend in the "corrupt" YSR Congress Party. On March 16, the ruling TDP reached a deadlock with BJP over this issue and ultimately quit the NDA coalition.

In fact, as CEO Tim Cook noted, "iPhone's second-quarter performance capped a tremendous fiscal first half with US$100 billion in iPhone revenue, an increase of US$12 billion over last year, setting a new first-half record and achieving our highest first-half growth rate in three years".

Apple's planned capital return - the money it's giving to shareholders - will be larger than all but 20 S&P 500 companies.

Shares of Apple Inc rose 3 percent on Wednesday after the company's quarterly report and current-quarter iPhone sales forecast calmed investor nerves about a potential slowdown in sales of its flagship product. Up from 100 million subscribers from a year before, and more than 30 million users from the previous quarter. This repurchase authorization permits the iPhone maker to purchase up to 11.9% of its stock through open market purchases. Analysts believe that Apple's strategy of buybacks will boost the company's share prices.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 17th. The ex-dividend date is Friday, May 11th. This represents a $2.92 annualized dividend and a yield of 1.65%. This is a positive change from Apple's previous quarterly dividend of $0.63. Apple's payout ratio is 27.36%.

Several analysts have issued reports on the stock.

At present, Apple holds only 2.5% share in the Indian smartphone market at the end of December 2017 period and is continuously losing its share to Samsung and OnePlus in the country, as per a CounterPoint report. Canaccord Genuity lifted their price target on Apple from $200.00 to $208.00 and gave the company a "buy" rating in a research report on Wednesday. That brings the overall segment to the size of a Fortune 300 company, Cook said, which is crucial for Apple as it looks to build out its ecosystem and further tie together its devices and services. However, in true Apple style, the company squashed down these estimates and reported nearly envious numbers.

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