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Apple (AAPL) Beats Stock Market Upswing: What Investors Need to Know
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Apple (AAPL - Free Report) ended the recent trading session at $234.41, demonstrating a +1.68% swing from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.28%. Meanwhile, the Dow experienced a rise of 0.53%, and the technology-dominated Nasdaq saw an increase of 0.4%.
Heading into today, shares of the maker of iPhones, iPads and other products had gained 8.49% over the past month, outpacing the Computer and Technology sector's gain of 4.22% and the S&P 500's gain of 3.78% in that time.
The upcoming earnings release of Apple will be of great interest to investors. The company's earnings report is expected on August 1, 2024. The company's earnings per share (EPS) are projected to be $1.33, reflecting a 5.56% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $83.75 billion, indicating a 2.38% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $6.59 per share and a revenue of $386.4 billion, demonstrating changes of +7.5% and +0.81%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Apple. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.17% higher. Apple is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Apple is holding a Forward P/E ratio of 34.98. This expresses a premium compared to the average Forward P/E of 11.53 of its industry.
Investors should also note that AAPL has a PEG ratio of 2.8 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Mini computers was holding an average PEG ratio of 2.34 at yesterday's closing price.
The Computer - Mini computers industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 19, placing it within the top 8% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com.
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Apple (AAPL) Beats Stock Market Upswing: What Investors Need to Know
Apple (AAPL - Free Report) ended the recent trading session at $234.41, demonstrating a +1.68% swing from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.28%. Meanwhile, the Dow experienced a rise of 0.53%, and the technology-dominated Nasdaq saw an increase of 0.4%.
Heading into today, shares of the maker of iPhones, iPads and other products had gained 8.49% over the past month, outpacing the Computer and Technology sector's gain of 4.22% and the S&P 500's gain of 3.78% in that time.
The upcoming earnings release of Apple will be of great interest to investors. The company's earnings report is expected on August 1, 2024. The company's earnings per share (EPS) are projected to be $1.33, reflecting a 5.56% increase from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $83.75 billion, indicating a 2.38% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $6.59 per share and a revenue of $386.4 billion, demonstrating changes of +7.5% and +0.81%, respectively, from the preceding year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Apple. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.17% higher. Apple is currently sporting a Zacks Rank of #2 (Buy).
Looking at its valuation, Apple is holding a Forward P/E ratio of 34.98. This expresses a premium compared to the average Forward P/E of 11.53 of its industry.
Investors should also note that AAPL has a PEG ratio of 2.8 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Mini computers was holding an average PEG ratio of 2.34 at yesterday's closing price.
The Computer - Mini computers industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 19, placing it within the top 8% of over 250 industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AAPL in the coming trading sessions, be sure to utilize Zacks.com.