02 July, 2020 (16:00:00 EST)
Apple (AAPL:USD364.11) outperforming 89% of stocks
Dateline: Thursday July 02, 2020
Apple Inc. (NASDAQ:AAPL), the NASDAQ's largest Computer integrated systems company by market cap,, was unchanged to close at USD364.11. Compared with the NASDAQ-100 Index which rose 62.6 points (0.6%) in the day, the relative price change was -0.6%. The volume was 0.8 times the average daily trading volume of 35.8 million shares. In the NASDAQ market of 100 stocks traded today, Apple's stock has a 30-day relative price strength of 89 indicating it has outperforming 89% of the market. There were 27,342,927 shares worth USD10 billion traded today.
UPCOMING EVENT: HOLIDAY
The NASDAQ exchanges will be closed on Friday, Jul 3 for Independence Day.
|Jul 02 close||USD364.11||Shares Outstanding||4,375,480,000|
|Ave Daily Volume||35,780,131 shares||No. Held by Institutions||2,518,079,981|
|52-Week Range||190.31 - 372.38||% of shares outstanding||57.55%|
|P/E||28.2||Market Cap||USD1,593.2 billion|
|Dividend Yield||0.9%||EPS Growth % (q.o.q)||-48.8|
|Sector||Computer Integrated Systems|| |
Primary Exchange and Other Listings: Trading Currency and Volume
|Exchange||Ticker||Currency||Last||ADVT||Vol % of Total||Today's VI|
|Total|| || || || ||100.00|| |
1 USD= 1.1264 EUR
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)
Financials Summary: EPS down 0.3% to USD11.97 in FY2019
+ Net profit was down 7.2% from USD59.5 billion in FY2018 to USD55.3 billion in FY2019.
+ Earnings Per Share (EPS) was down 0.3% from USD12.01 in FY2018 to USD11.97 in FY2019.
Click here to export Financials table in xlsClick here to export Institutional shareholdings in xlsClick here to export Recent Patents in xls
|Year ended Sep||FY2019||FY2018||FY2017|
|Sales (USD B)||260.2||265.6||229.2|
|Pretax (USD B)||65.7||72.9||64.1|
|Net (USD B)||55.3||59.5||48.4|
SECTION 1 News In The Past Quarter
SECTION 2 Corporate Profile and Independent Ratings
SECTION 3 Today's Bearish Signals
SECTION 4 Ongoing Bearish Parameters
SECTION 5 Today's Bullish Signals
SECTION 6 Ongoing Bullish Parameters
SECTION 7 Insider Selling and Ownership
SECTION 8 Corporate BondsClick here to view the following
SECTION 9 Patents
SECTION 10 Tax & Dividend
SECTION 11 Financials Q2 2020, FY 2019
SECTION 12 Peer Group Analysis & Ranking
SECTION 13 Q1/2020 INSTITUTIONAL SHAREHOLDER ACTIVITY
SECTION 14 News Archives (May 2019 - Feb 2020)Glossary
SECTION 1 News In The Past Quarter1.1 Financial News
Quarterly Report (Q2/2020):
May 01, 2020
Quarterly Report Analysis Q2 2020: Apple EPS slumps 49%
Apple (NASDAQ:AAPL), announced EPS of $US2.58 for the quarter-ended 28 March 2020 [Q2/2020], down 48.8% sequentially from $US5.04 in the previous quarter [Q1/2020].
Compared with the previous corresponding period [PCP; Q2/2019], year-over-year [y.o.y.] EPS was up 4.5%, Revenue was up 0.5% and Net Profit was down 2.7%.
Read more in SECTION 11 on Financials
May 05: Apple quarterly dividends up 6.5% sequentially from previous quarter
Apple today announced a quarterly dividend of 82.0c per share for Q2/2020; up 6.5% sequentially from the previous quarter (Q1/2020) dividend of 77.0c. The ex-dividend date is Friday, May 08, 2020 and the record date is Monday, May 11, 2020 and it is payable on Thursday, May 14. Total dividends per share paid in the 12 months ended May 06 were US$3.08. This reflects actual dividend yield of 1.1% at the last price of US$293.16.
1.3 Press Releases
April 30: Apple Reports Second Quarter Results
CUPERTINO, California - April 30, 2020 - Apple(Registered) today announced financial results for its fiscal 2020 second quarter ended March 28, 2020. The Company posted quarterly revenue of $58.3 billion, an increase of 1 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.55, up 4 percent. International sales accounted for 62 percent of the quarter's revenue.
"Despite COVID-19's unprecedented global impact, we're proud to report that Apple grew for the quarter, driven by an all-time record in Services and a quarterly record for Wearables," said Tim Cook, Apple's CEO. "In this difficult environment, our users are depending on Apple products in renewed ways to stay connected, informed, creative, and productive. We feel motivated and inspired to not only keep meeting these needs in innovative ways, but to continue giving back to support the global response, from the tens of millions of face masks and custom-built face shields we've sent to medical professionals around the world, to the millions we've donated to organizations like Global Citizen and America's Food Fund."
1.4 People's News
Sun Jun 28, 2020
Apple (NASDAQ:AAPL) COO Jeff Williams holds 316,322 shares worth USD111.9 million at the last price of USD353.63, a rise in value by USD19.5 million (21.1%). Three months ago Jeff Williams held the same number of shares and the price was USD256.74.
Mon May 18, 2020
Andrea Jung's performance as Director of Apple (NASDAQ:AAPL) is ranked in the top 2% of BuySellSignals performers for the past ten years; a percentile ranking of 98.5. In the last 10 years the average annualized return to shareholders was 27.1%. The 10-year average return is ranked 642 out of 42,256 public companies traded globally. A ten-bagger, the present value of US$1,000 (PV1000) invested 10 years ago is now worth USD10,973; a capital gain of USD9,034 and dividend reinvested of USD940.
Thu Apr 23, 2020
Timothy D. Cook's performance as Chief Executive Officer of Apple is ranked in fourth quartile by Revenue growth of NASDAQ listed companies for FY2019. Compared with FY2018, Revenue growth for Apple in FY2019 was -2%. Among 1747 NASDAQ listed companies that have reported FY2019 Annual Reports so far, Apple was ranked 1426.
Fri Apr 17, 2020
Apple (NASDAQ:AAPL) Senior Vice President and Retail - People Deirdre O'Brien sold 9,137 shares worth $US2,605,141 on April 16. The selling price was $US285.12.
Thu Apr 09, 2020
Apple (NASDAQ:AAPL) Chief Financial Officer and Senior Vice President Luca Maestri sold 41,062 shares worth $US10,858,445 on April 07. The selling price was $US264.44. The shares hit a one-month high on the day.
1.5 Recent Business News Round Up: CNBC
June 30: Apple doesn't want Watch users to stress out about their sleep, so it's focusing on goals, not data
Apple fans have speculated for years about when the company's smartwatch would start tracking sleep. Now it's finally arriving with the next version of the Apple Watch's software, WatchOS 7, and it's a little different than what we've seen before.
Apple unveiled its sleep tracking features at WWDC, its developer conference, last week. But it's not a new area of interest for the company. Kevin Lynch, Apple's vice president in charge of Apple Watch software, told CNBC that the company has been extensively researching sleep technology for years.
"Some of these things are nonobvious when you first start working on sleep and it took us a while to get there," he said.
Thanks to this research, Apple decided to focus its efforts on setting and achieving simple goals, rather than collecting and analyzing data about a user's sleep habits. It might not be the right tech for those who are fixated with data and tracking their phases, like the number of hours they logged rapid eye movement sleep. But sleep medicine experts, who are wary of arming consumers with too much information without sufficient context, told CNBC that it's one of the better approaches out there.
Here's how Apple's sleep tracking tech works and why it stands out from the pack:
June 30: Apple partner JAMF files to go public after almost two decades helping companies use Apple products
JAMF's IPO prospectus names Apple 533 times. The company says its mission is to "help organizations succeed with Apple." One of its key risk factors is that customers become dissatisfied with Apple products.
Founded 18 years ago, JAMF is finally headed for the public market. In its prospectus released on Tuesday, the company isn't shy about tying its fortunes to a tech giant that's now valued by investors at over $1.5 trillion.
"Apple is ubiquitous," JAMF says in the industry background section of its filing. "It has transformed the technology landscape by placing the user first and designing everything around maximizing the Apple user experience."
JAMF helps companies securely deploy all of those Apple products, connecting them together and giving IT teams the tools to manage them. In the first quarter, revenue climbed 37% from a year ago, to $60.4 million, and the company's gross margin rose to 75% from 70%, as more customers turned to its subscription offering. It's still losing money, though its net loss narrowed slightly from $9 million to $8.3 million.
JAMF has been around for a long time, but its business has taken off in the last few years as Apple devices became more popular in business environments. Prior to the iPhone's rise last decade, companies tended to rely on PCs running software from Microsoft and other vendors, and a myriad of phones from different providers. The iPhone's popularity convinced some companies to take a closer look at other Apple products, including iPads and Macs.
June 30: Weak Apple 5G iPhone shipments: Report
CNBC's Josh Lipton on a report that Apple's 5G iPhone shipments have been weak. With CNBC's Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Steve Grasso and Dan Nathan.
June 30: Apple
5G iPhone shipments in 2020 may be much weaker than expected, according to sources who spoke to DigiTimes. Those sources put current estimates at 15 million to 20 million units this year compared to a prior forecast of 30 million to 40 million.
June 29: Apple's next iPhone won't include a charger or headphones, top analyst predicts
In an effort to cut costs, Apple may not include a power adapter with its upcoming iPhone models, TF Securities analyst Ming-Chi Kuo said in a note this week.
Kuo predicted in May that the company will not include headphones with the next iPhone, which he refers to as the iPhone 12. Apple's goal is to sell the iPhone at a comparable price to the current iPhone 11 model, the analyst said.
Apple declined to comment.
Apple is likely gearing up to launch a new iPhone in the fall, since the company has launched new iPhones in September or October every year since 2011. In most years, a successful launch of the new devices, which account for over half of Apple's revenue, is critical for the company. The company released a new version of the iPhone SE this spring. Kuo said the next version of the iPhone SE, which is expected in 2021, won't come with headphones or a charger either.
Kuo's analysis usually focuses on companies that sell parts and assembly services to Apple, and he has successfully predicted unreleased Apple products in the past.
June 26: Op-ed: A new Trump executive order on 'no college' jobs that Apple and IBM support
On Friday, President Donald Trump is expected to announce an executive order that could have far-reaching economic implications for Americans without college degrees. For the first time, the federal government (the nation's largest employer) will prioritize a job applicant's skills over where, or whether, they went to college.
Trump's move, while bold, is not entirely novel.
Financial giant J.P. Morgan announced plans to end on-campus recruiting last year, and major tech firms, from Apple to Alphabet, have loosened degree requirements in recent years. Perhaps with good reason: A growing number of employers now question whether college graduates are ready for work, and Americans who attended college often question the relevance of their education in an increasingly dynamic labor market.
Major employers should take note, because research suggests that there may be as many as 71 million Americans who have the skills to thrive in higher wage roles but lack the degrees or other credentials that employers often require.
The elimination of so-called pedigree requirements holds potential to not only get Americans without degrees back to work faster but upend the no-college stigma that holds workers back and contributed to rising economic inequality in the decade that followed the Great Recession, when the top 1% of Americans captured 85% of income growth.
According to Maria Flynn, CEO of workforce nonprofit JFF, Americans without degrees are often the first fired in a downturn, and the last hired during periods of economic recovery. That means that workers without a college education, who have been disproportionately harmed by the pandemic, are likely to be overlooked in favor of the 36% of Americans that already have earned a four-year degree.
Despite conventional wisdom, working Americans without degrees are not low skill.
June 25: Apple to re-close 14 more retail stores in Florida
Apple will re-close 14 more stores in Florida. CNBC's Dom Chu reports.
June 25: Apple will re-close 14 stores in Florida because of rising Covid-19 rates, bringing total re-closings to 32
Apple will re-close 14 stores in Florida as Covid-19 cases rise in the state, the company said on Thursday. The stores will re-close on Friday.
The shutdowns come after Apple re-closed seven retail stores in Texas on Wednesday, and 11 stores across Florida, North Carolina, South Carolina, and Arizona last week. Apple has now announced the re-closing of 32 stores in the United States.
An Apple representative said in a statement: "Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas. We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible."
Apple stores tend to be in important shopping centers and malls, and can be seen as an indicator of how smoothly and where retail operations can re-open in the United States. The Florida closings are spread across six counties: Hillsborough, Orange, Seminole, Palm Beach, Broward and Miami-Dade.
Apple was one of the first companies to shut its stores around the world in March in response to the Covid-19 pandemic, although some stores in the U.S. have re-opened in recent weeks with increased safety measures including mandatory masking, space for social distancing, and temperature checks. Many locations are only open for curbside pickup or service by appointment.
Here's the full list of stores re-closing in Florida on Friday:
June 25: Apple Watch will soon let doctors remotely monitor patients as they age - here's what experts think
Apple introduced a slew of new features for its Apple Watch this week, ranging from sleep tracking to hand-washing reminders, most of which were targeted to all consumers.
All except for one: An update to its motion sensors that is designed to help the clinicians monitor patients' remotely as they age. Apple shared in a news release that the watch and iPhone can now track low-range cardio fitness, walking speed, double support time, step length and six-minute walk distance, among other metrics. The data will be available in the Health app in the fall.
Apple has described the metrics as "validated" because it compares them in internal studies to the gold standard for measurement.
The company said that, because of these updates, it now has a way to track "functional (aerobic) capacity" through the Apple Watch. That means it can start to assess a patients' mobility in a standardized way.
Most of what Apple does is intended for consumers at large, but these new features are most relevant to those who are aging or experiencing events that impact their ability to move freely because of an injury or procedure.
June 24: Apple buys Fleetsmith, a company making it easier to deploy iPhones and Macs at workplaces
Apple has bought Fleetsmith, a company that makes tools that enable businesses to more easily deploy iPhones and Macs to their workers.
"We're thrilled to join Apple," the company said in a blog post. An Apple spokeswoman confirmed the acquisition. Deal terms were not disclosed.
Although Apple is primarily a consumer company that sells phones and computers to individuals, in recent years it has started to turn more attention to the enterprise market, partnering with companies such as IBM, SAP and Cisco and persuading businesses to buy iPhones and Macs as tools for their workforce. The Fleetsmith acquisition will help offer a wider range of products and services to enterprise clients.
In 2017, Apple CEO Tim Cook said that the enterprise market was the "mother of all opportunities."
Fleetsmith's software makes it easier to remotely configure, wipe and deploy these devices, a kind of product called mobile device management, or MDM, specifically focusing on Apple products.
It launched in 2016 and raised over $40 million in venture capital from investors including Menlo Ventures, according to TechCrunch. It has 75 employees, according to LinkedIn.
In the blog post, Fleetsmith said that it is looking forward "to continuing to deliver Fleetsmith to existing and new customers."
1.6 Stock Buzz
Source: The Wall Street Journal
|Jun 27||Wells Fargo, Apple, Walt Disney: Stocks That Defined the Week|
|Jun 25||Thinking about buying stock in Ekso Bionics, Apple Inc, GNC Holdings, Microsoft Corp, or Aptevo Therapeutics?|
|Jun 23||Apple Is the Newest Chip Giant in Town|
|Jun 22||Appleā??s WWDC Goes Virtual, and Tech Industry Is Taking Note|
|Jun 20||The iPhone Isnā??t the Cash Cow It Once Was. Apple Isnā??t Worried.|
|Jun 19||Apple Closes Stores in Four States as Coronavirus Cases Rise|
|Jul 01||Apple Closes More Stores Again After Covid-19 Surge|
|Jun 30||Apple Executive Defends App Store Rules Scrutinized by EU, U.S.|
|Jun 24||Apple to Close Houston Stores Again on Covid-19 Spike|
|Jun 23||Apple Doesn't Need To Take 30% From Developers: Garrity (Radio)|
|Jun 22||What to Expect From Apple's WWDC|
|Jun 19||Apple to Close Some U.S. Stores Again as Covid-19 Spikes|
Source: Other Publishers
|Jul 02, 2020||Facebook, Amazon, Apple, Google CEOs Agree To Jointly Testify Before Congress In Antitrust Case||Benzinga.com on MSN.com|
|Jul 02, 2020||Apple Closes Retail Stores As Coronavirus Spreads In U.S.||BayStreet|
|Jul 02, 2020||Apple s Price and Value Aren t Matching Now||InvestorPlace on MSN.com|
|Jul 02, 2020||Apple Pushing Suppliers To Ensure 5G iPhone Range Isn t Delayed: Report||YAHOO!|
|Jul 01, 2020||Apple Inc. (NASDAQ:AAPL) Stock Position Increased by Prestige Wealth Management Group LLC||modernreaders.com|
|Jul 01, 2020||Here s Why Apple (AAPL) Stock Could be a Solid Buy in Today s Market||Insider Monkey|
1.7 Analyst Recommendations: Past Month
|Date||Brokerage||Current Rating||Price Target|
|Jun 23, 2020||Credit Suisse Group||Neutral||295|
|Jun 23, 2020||Oppenheimer||Buy||320|
|Jun 23, 2020||Goldman Sachs Group||Sell||263|
|Jun 22, 2020||Credit Suisse Group||Neutral||295|
|Jun 22, 2020||Goldman Sachs Group||Sell||263|
SECTION 2 Corporate Profile and Independent Ratings
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.
In FY 2019, the top earner of Revenue was iPhone [54.7%] followed by Services [17.8%] at Rank 2 , Mac [9.9%] at Rank 3 , Wearables Home and Accessories [9.4%] at Rank 4 and iPad [8.2%] at Rank 5. In FY 2019, revenue growth was highest in Wearables Home and Accessories [40.9%] followed by Services [16.5%] at Rank 2 , iPad [15.8%] at Rank 3 and Mac [2.2%] at Rank 4.
2.2 Segment Information
| ||$US|| ||$US|| || |
|Description||2019-09-28||% of Total||2018-09-29||% of Total||Growth(%)|
|Net sales disaggregated by significant products and services||-||-||-||-||-|
|iPhone(1)||142.4 B||54.7||164.9 B||62.1||-13.6|
|Mac (1)||25.7 B||9.9||25.2 B||9.5||2.2|
|iPad(1)||21.3 B||8.2||18.4 B||6.9||15.8|
|Wearables Home and Accessories (1)(2)||24.5 B||9.4||17.4 B||6.5||40.9|
|Services (3)||46.3 B||17.8||39.7 B||15||16.5|
|Total||260.2 B||100||265.6 B||100||-2|
(1)Products net sales include amortization of the deferred value of unspecified software upgrade rights which are bundled in the sales price of the respective product.
(2)Wearables Home and Accessories net sales include sales of AirPods Apple TV Apple Watch Beats products HomePod iPod touch and Apple-branded and third-party accessories.
(3)Services net sales include sales from the Company's digital content stores and streaming services AppleCare licensing and other services. Services net sales also include amortization of the deferred value of Maps Siri and free iCloud services which are bundled in the sales price of certain products.
(4)Includes 5.9 billion of revenue recognized in 2019 that was included in deferred revenue as of September29 2018 5.8 billion of revenue recognized in 2018 that was included in deferred revenue as of September30 2017 and 6.3 billion of revenue recognized in 2017 that was included in deferred revenue as of September24 2016.
Top Segments by Revenue and rank
In FY 2019, the top earner of Revenue was iPhone [54.7%] followed by Services [17.8%] at Rank 2 , Mac [9.9%] at Rank 3 , Wearables Home and Accessories [9.4%] at Rank 4 and iPad [8.2%] at Rank 5.
Top Segments by Revenue growth and rank
In FY 2019, revenue growth was highest in Wearables Home and Accessories [40.9%] followed by Services [16.5%] at Rank 2 , iPad [15.8%] at Rank 3 and Mac [2.2%] at Rank 4.
2.3 Contact Details
|Physical Address||1 Infinite Loop,Cupertino,CA,95014|
|Phone||+1 408 996-1010|
|Fax||+1 408 974-2483|
2.4 Industry & Sector
|Classification Level||Name of Sector|
|Business Sector||Technology Equipment|
|Industry Group||Computers, Phones & Household Electronics|
|Activity||Computer Hardware - NEC*|
* NEC: Not elsewhere classified
2.5 North American Industry Classification System [NAICS]
Industry Title: Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing
2.6 Independent Ratings
+ Just Capital:
Apple Inc. was ranked 16 in the Just Capital annual list of top 100 ESG stocks for 2019; it was ranked 2 in the Technology hardware sector.
+ 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.
+ Fortune 500:
It was ranked 9 by total revenues in the Fortune 500 annual list for 2017; unchanged over a year from the same rank 9 in 2013.
+ 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.
+ Clarivate 100:
It is ranked in the Top 100 innovators by Clarivate Analytics.
+ 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.
+ Top 50 BCG:
It was ranked 1 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2016; unchanged over a year from the same rank 1 in 2015.
+ FT 500:
It is the 13th largest by revenue in the FT Global 500.
+ Citi Top 50:
It was ranked in Citi's Top 50 global cash cows with reinvest-to-payout ratio of 0.28.
+ 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.
+ Forbes 2000:
It is the 11th largest by revenue in the Forbes Global 2000.
+ PwC Top100 Software Leaders:
It is the 28th largest by revenue and largest by MCap among the PwC Global Software Leaders.
SECTION 3 Today's Bearish Signals
3.1 Rank in the bottom 17% by Relative Valuation in the NASDAQ market
|Price to Sales||6||In Bottom 17%|
|Dividend Yield %||0.9%||In Bottom 12%|
|Price to Book Value||17.6||In Bottom 7%|
|P/E * P/NTA||497.13||In Bottom 1%|
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 4.7. Compared with the rest of the market the stock is overvalued and ranks in the bottom quartile of stocks by value of Q Ratio.
SECTION 4 Ongoing Bearish Parameters
4.1 Past 4 Quarters Sequential EPS growth averaged 11.0%:
The most recent quarter (Q2/2020) showed a decline of 48.8% in sequential growth of Quarterly EPS. There have been two rises and two declines in the past 4 quarters. Average quarterly growth in the past 4 quarters was impressive at 11.0%.
|Quarterly Report||EPS (USD)||Growth %|
4.2 EPS growth [FY2019 vs FY2018] of -0.3%:
There have been three rises and two declines in the past 5 years. Average Annual Compounded rate of growth in EPS for the 5 years was impressive at 13.0%.
|FY||EPS (USD)||Growth %|
4.3 % Growth in EPS & RPS
EPS growth: Sequential EPS growth (Q2 vs Q1, 2020) was down 48.8% and PCP EPS growth (Q2 2020 vs Q2 2019) was up 4.5%. FY EPS growth (FY2019 vs FY2018) was down 0.3%.
RPS growth: Sequential growth in Revenue per share (Q2 vs Q1, 2020) was up 6.2% and PCP growth in Revenue per share (Q2 2020 vs Q2 2019) was up 24.5%. FY growth in Revenue per share (FY2019 vs FY2018) was up 5.4%.
(All figures in %)
|Sequential growth in EPS (Q2 vs Q1, 2020)||-48.8|
|Sequential growth in RPS (Q2 vs Q1, 2020)||6.2|
|PCP growth in EPS (Q2 2020 vs Q2 2019)||4.5|
|PCP growth in RPS (Q2 2020 vs Q2 2019)||24.5|
|FY growth in EPS (FY2019 vs FY2018)||-0.3|
|FY growth in RPS (FY2019 vs FY2018)||5.4|
4.4 Declining Volume, down 26% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has decreased 25.7% to 35.8 million shares.
Avg. Daily Volume Traded 12 months ended Jul 02, million shares
4.5 Decrease in Institutional Ownership down from 59.9% to 57.5%
As at March 31, 2020 Institutions held 57.5% of total shares on issue; a decrease from 59.9% as at December 31, 2019.
|Quarter-end||December 31, 2019||March 31, 2020|
4.6 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|
|Mar 20 [Q2 vs Q1]||-36.5||-49.4||84.3|
|Dec 19 [Q1 vs Q4]||43.4||62.5||174.9|
SECTION 5 Today's Bullish Signals
5.1 Momentum Up 1.1% Past Week
The price ranged between a low of 353.63 on Friday, Jun 26 and a high of 364.84 on Thursday, Jun 25.
|Day||Apple||Close price [USD]||Price change %||Relative change %||Comment|
|Tuesday||Up 3.2% in 2 days||364.8||0.8||-1.1||Price rise on rising relative strength|
|Monday||Closes at 5.3% above VWAP||361.78||2.3||1.2||Top Rise|
|Friday||Drops 3.1% on high volatility||353.63||-3.1||-0.6||Week-low of 353.63|
Steepest Fall; VI*=1.4
|Thursday||Increases 1.3%, lifts 3.7% for week||364.84||1.3||0.3||Week-high of 364.84|
[Volume Index (VI); 1 is average]
5.2 Momentum Up 12.6% Past Month
In the past quarter the week beginning Monday May 04 saw the highest weekly rise of 7.6% for a relative price increase of 1.8%.
The Best 3 weeks in the past quarter:
|Mon-Fri||Change %||NASDAQ-100 index Change %||RPC %||Vol Ind [1 is avg]|
5.3 Rank in the top 9% by Relative Valuation in the NASDAQ market
|EV/EBITDA||24.3||In Top 9%|
5.4 Rank in the top 19% by Price Performance in the NASDAQ market
|Price/MAP200||1.28||In Top 15%|
|1-month Price Change %||12.6||In Top 19%|
|Price/MAP50||1.12||In Top 19%|
The 2.2% discount to 12-month high of USD372.38 against the 91.3% premium to 12-month low of USD190.31 suggests the stock continues to push for new highs.
Today its volatility (highest price minus lowest price/lowest price) of 1.9% was 0.8 times the average daily volatility of 2.3%, up from 0.9% on Wednesday and 1.7% on Tuesday. Price/Moving Average Price of 1.28 and positive MACD:
- The price to 200-day MAP ratio is 1.28, a bullish indicator. In the past 200 days this ratio has exceeded 1.28, 73 times suggesting further upside. The stock is trading above both its MAPs and the 50-day MAP of USD324.52 is higher than the 200-day MAP of USD283.68, a bullish indicator. The 200-day MAP has increased to USD283.68. An increase is another bullish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 358.02 minus the 26-day EMA of 346.13 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, 18 times suggesting further upside. The 50-day EMAP has increased to USD329.52. An increase is another bullish indicator.
- Rises to Falls: In the past month the number of rises outnumbered falls 15:7 or 2.1:1.
- In the last three months the stock has hit a new 52-week high eight times, pointing to a significant uptrend.
Earnings Yield of 3.5% > NASDAQ ave of 2.9% > Bond Yield of 0.7%:
- Earnings yield of 3.5% is greater than the NASDAQ average earning yield of 2.9%.
- The earnings yield of 3.5% is 5.2 times the 10-year bond yield of 0.7%.
(All figures in %)
Dividend Yield > Bond Yield of 0.68%:
The dividend yield of 0.86% is 1.26 times the triple-A bond yield of 0.68%. The times factor of 1.26 is above the benchmark factor of 0.67 times set by Benjamin Graham.
(All figures in %)
5.7 Other Bullish Signals
- Total Liabilities/EBITDA of 3.8 is less than 5, this compares favourably with the Joseph Piotroski benchmark of 5.
SECTION 6 Ongoing Bullish Parameters
6.1 Past four-years
- Apple rose for a fourth consecutive year. In the past four years it has risen USD273.93 (303.7%).
6.2 Rank in the top 2% by Size in the NASDAQ market
|Ave daily Turnover||USD10 billion||In Top 1%|
|Tr 12 months Revenue||USD268 billion||In Top 1%|
|MCap||USD1,593.2 billion||In Top 2%|
6.3 Rank in the top 4% by Performance in the NASDAQ market
|EBITDA Margin %||142||In Top 4%|
|Net Profit Margin %||119.4||In Top 4%|
6.4 Rank in the top 7% by Productivity in the NASDAQ market
|Return on Capital Employed [ROCE] %||28.2||In Top 5%|
|Return on Assets [ROA] %||16.3||In Top 7%|
6.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 20.5%
|TSR %||1 yr||3 yrs||5 yrs||10 yrs||20 yrs||30 yrs|
6.6 Present Value of USD1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVUSD1000 > 1,494
|PVUSD1,000||3 mo ago||1 yr ago||3 yrs ago|
|Computer Integrated Systems sector||USD1,485||USD1,705||USD2,121|
6.7 The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 49
3-Year price change of 163.8% for Apple outperformed the change of 83.1% in the NASDAQ-100 index for a relative price change of 80.6%.
|Price Change %||Quarter||Year||3 Years|
|Computer Integrated Systems sector||48.5||71.5||112.1|
6.8 Moving Annual Return of 83.3% in the past year:
Moving Annual Return was 83.3% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 32.7%. The Moving Annual Return has been positive in 4 of the last 5 years.
|AAPL||Close (USD)||Dividends (USD)||Capital Gain / (Loss) %||% Yield||Annual Return %|
|1 Yr ago||200.34||2.96||11.2||1.6||12.8|
|2 Yrs ago||180.18||2.62||30.5||1.9||32.4|
|3 Yrs ago||138.04||2.34||53.1||2.6||55.7|
|4 Yrs ago||90.18||2.13||(22.6)||1.8||(20.7)|
Close 5 years ago USD116.48
6.9 MCap: 5-Year Increase of USD857 billion
In the past 5 years Market Capitalization has increased by USD857 billion (116%) from USD736.2 billion to USD1,593.2 billion. Based on a dynamic start date of 5 years ago, there has been only 1 decline in MCap over the last 5 years.
| || Price||MCap (US$ B)|
|1 Year ago||USD200.34||932.8|
|2 Years ago||USD180.18||909.8|
|3 Years ago||USD138.04||750.9|
|4 Years ago||USD90.18||525.2|
|5 Years ago||USD116.48||736.2|
6.10 Buybacks and 5-Years Decrease of 24.1% in Total Shares on Issue
In the past 5 years total shares on issue have decreased by 1.5 billion (24.1%) from 6.1 billion to 4.6 billion. Buybacks have averaged 309.9 million shares [5.1%] per financial year. Based on a dynamic start date of 5 years ago, there has been no rise in issued capital over the last 5 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 28, 2019||4,617,834,000||2019||337,543,000||6.8%|
|Sep 29, 2018||4,955,377,000||2018||261,865,000||5%|
|Sep 30, 2017||5,217,242,000||2017||253,578,000||4.6%|
|Sep 24, 2016||5,470,820,000||2016||282,601,000||4.9%|
|Sep 26, 2015||5,753,421,000||2015||332,151,000||5.5%|
|Sep 27, 2014||6,085,572,000||2014||391,748,000||6%|
|Total|| || ||1,859,486,000|| |
|Average per FY|| || ||309,914,333|| |
6.11 Created Market Value [CMV] past 30 yrs of USD1,543.6 billion
- Market Capitalization has increased by USD1,587.7 billion from USD5.4 billion to USD1,593.2 billion in the last 30 years. This increase comprises cumulative retained earnings (RETE) of USD44.1 billion and Created Market Value of USD1,543.6 billion. The Created Market Value multiple, defined by the change in MCap for every USD1 of retained earnings is exemplary at USD35.97.
6.12 Low Debt to Equity (%) and Reducing
The debt to equity ratio of 6.6% is under a safe benchmark figure of 50%. Moreover, it has improved from 11.2% a year ago.
|Years||Debt to Equity (%)|
6.13 A 23.8% Decrease in Insider Selling
In the past 5 years a total of 6,008,049 Apple shares worth USD893.9 million were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 1,201,610 shares per year. In the past year, insiders sold 584,715 shares, a decrease of 23.8% from the previous year.
|Year||No. of Shares||Value, USD|
|Jul 02, 2020||584,715||130,430,190|
|1 Yr ago||767,315||166,497,262|
|2 Yrs ago||955,259||157,993,466|
|3 Yrs ago||2,591,708||315,994,103|
|4 Yrs ago||1,109,052||122,947,225|
6.14 Increased VWAP, up 170% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 170.2% to USD270.83. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.
Past five years, 12 months ended Jul 02 (USD)
|Year||High Price||VWAP||Low Price|
6.15 Increased share turnover, up 94% in 5 years
In the past five years, average daily share turnover has increased 93.6% to USD9.4 billion. This suggests increased liquidity.
Past five years, 12 months ended Jul 02 (USD billion)
|Year||Average Daily Turnover|
6.16 Satisfies three criteria of Benjamin Graham
- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 3.5% is 5.2 times the triple-A bond yield of 0.7%.
- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 1.3 times the triple-A bond yield of 0.7%.
-"Total debt less than tangible book value"; total debt of USD6 billion is less than tangible book value of USD90.5 billion.
6.17 Satisfies 5 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 1.1 to 1.5.
- Reduction in total shares on issue.
6.18 Year-over-year (%) Change in Dividend:
Quarterly dividend for Q2/2020 was 82.0c, up 6.5% sequentially from 77.0c in Q1/2020. The year-on-year change was up 6.5% from 77.0c in the previous corresponding period Q2/2019.
|Dividend (USD Cents)||77.0||77.0||82.0|
SECTION 7 Insider Selling and Ownership
7.1 Insider Ownership Summary
|Name||Shares Held||Value, USD|
|Timothy D. Cook||2,667,969||971,434,193|
|Arthur D. Levinson||1,148,137||418,048,163|
|Ronald D. Sugar||854||310,950|
|Albert A. Gore Jr.||854||310,950|
|James A. Bell||854||310,950|
7.2 Insider selling Summary in the past 12 months
|Name||No. of Shares||Price, USD||Value, USD|
|Cook Timothy D [CEO]||265,160||206.2||54,667,179.4|
|Williams Jeffrey E [COO]||108,616||227.5||24,711,190.8|
|Maestri Luca [CFO]||102,721||242.8||24,940,124.9|
|Levinson Arthur D [Chairman]||73,823||235.0||17,349,297.5|
7.3 Cook Timothy D [CEO] Reported Selling In The Past 12 Months
|Month||No. of Shares||Price, USD||Value, USD|
|August 27, 2019||265160||206.2||54,667,179.4|
7.4 Williams Jeffrey E [COO] Reported Selling In The Past 12 Months
In the past year shares sold per month averaged 9,051.
|Month||No. of Shares||Price, USD||Value, USD|
|April 03, 2020||41062||241.4||9,914,186.3|
|October 03, 2019||67554||219.0||14,797,004.5|
|Total: Williams Jeffrey E ||108,616||227.5||24,711,190.8|
7.5 Maestri Luca [CFO] Reported Selling In The Past 12 Months
In the past year shares sold per month averaged 8,560.
|Month||No. of Shares||Price, USD||Value, USD|
|April 09, 2020||41062||264.4||10,858,444.6|
|October 09, 2019||61659||228.4||14,081,680.3|
|Total: Maestri Luca ||102,721||242.8||24,940,124.9|
7.6 Levinson Arthur D [Chairman] Reported Selling In The Past 12 Months
In the past year shares sold per month averaged 6,152.
|Month||No. of Shares||Price, USD||Value, USD|
|February 04, 2020||1429||304.1||434,573.2|
|November 07, 2019||37394||257.8||9,639,799.3|
|Total: Levinson Arthur D ||73,823||235.0||17,349,297.5|
SECTION 8 Corporate Bonds
8.1 Short-Term Bonds Yield down 151 basis points in the past quarter
Short-Term Apple corporate bond yields (CUSIP: 037833CP3), maturing in 1 year 10 months have decreased from 1.94% to 0.43% in the past quarter. Over the same period, spread with treasury has decreased 142 basis points.
Medium-Term Bonds Yield down 90 basis points in the past quarter
Medium-Term Apple corporate bond yields (CUSIP: 037833CR9), maturing in 6 years 10 months have decreased from 2% to 1.1% in the past quarter. Over the same period, spread with treasury has decreased 86 basis points.
For Company searches and sorting by bonds and variables, an interactive version of current day's Table is available here:/home/jboss/jboss-3.2.7/server/default/deploy/BuySellSignals.war/report/Usnasdaq/Stock/quarterly/BondTable_7.html
8.2 Time [Yrs Mo Days] and Yield to Maturity as on Jul 02, 2020
|CUSIP||Time to Maturity||Yld (%)||Treasury (%)||Spread (%)||YTM Chng 3 Mo (bps)||Moody's||S&P|
|037833CR9||6 yrs 10 mo 10 d||1.1||0.51||0.59||-90||-||-|
|037833CJ7||6 yrs 7 mo 8 d||1.06||0.51||0.55||-96||-||-|
|037833BG4||4 yrs 10 mo 12 d||0.75||0.31||0.43||-87||-||-|
|037833AZ3||4 yrs 7 mo 8 d||0.72||0.31||0.41||-130||-||-|
|037833CP3||1 yr 10 mo 10 d||0.43||0.16||0.26||-151||-||-|
|037833BU3||2 yrs 7 mo 22 d||0.35||0.19||0.17||-78||-||-|
|037833CQ1||1 yr 10 mo 10 d||0.33||0.16||0.17||-72||-||-|
|037833AY6||1 yr 7 mo 8 d||0.31||0.16||0.14||-106||-||-|
|037833BF6||1 yr 10 mo 12 d||0.29||0.16||0.13||-76||-||-|
|037833AK6||2 yrs 10 mo 2 d||0.26||0.19||0.07||-104||Aa1||AA+|
|037833CM0||1 yr 7 mo 8 d||0.23||0.16||0.07||-69||-||-|
8.3 Key Statistics
|Maturity||Yield to maturity %||Yrs to Maturity||% Rise/Fall 3-mo|
|Feb to Aug 2021||0.16 to 0.39||0.64 to 1.09||0.03 to 0.72|
|Feb to May 2022||0.23 to 0.43||1.6 to 1.87||0.64 to 1.47|
|Feb to May 2023||0.26 to 0.35||2.64 to 2.84||1.46 to 2.63|
|Feb to May 2024||0.44 to 0.62||3.6 to 3.86||1.95 to 2.96|
|Feb to May 2025||0.72 to 0.75||4.6 to 4.87||3.63 to 5.68|
|Feb to Aug 2026||0.9 to 0.94||5.64 to 6.09||3.73 to 3.96|
|Feb to May 2027||1.06 to 1.1||6.6 to 6.86||5.24 to 5.4|
8.4 Yield Curve - Apple Bond vs US Treasury
|Years to Maturity||Apple Bond Yield (%)||Treasury Yield (%)||Spread to Treasury(Basis Points)|
The yield curve is upward sloping which is typical. The term premium between the yield of a 7-year Apple Inc. bond of 1.1% and the yield of a 3 year bond of 0.35% is 0.75%. Further, the yield curve is steepening from a term premium of 0.74% a month ago to a current level of 0.75%. This indicates investor expectations of rising inflation and/or increasing demand for longer-term bonds. In comparison, the term premium of Treasury is 0.32%, down from 0.33% a month ago.
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 Liabiliites (times)
Debt/Equity: Net Debt/Net Assets %
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
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
Total Liabilities/Total Assets: Total Liabilities/Total Assets
Turnover Rate: value of annual trading volume as a percentage of market capitalisation
Volatility: Highest Price minus Lowest Price/Lowest Price (%)
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.
Created by www.buysellsignals.com