28 March, 2024 (16:00:00 EST)

UPDATE: Apple (AAPL: $171.48) drops 1.1% on slipping relative strength; -$1.83 [1.1%]


www.buysellsignals.com

Apple Inc.'s (NASDAQ: AAPL $171.48) stock price dropped $1.83 (1.1%) from its previous trading session to close at $171.48.

Compared with the NASDAQ-100 Index which fell 15.9 points (0.09%) in the day, the relative price change was -1.0%.

Apple Inc. is the NASDAQ's largest Technology company by market cap.

In the NASDAQ market, the stock's relative price strength percentile is slipping at 19 for 6 months, 15 for 3 months, and 15 for 30 days. A price fall combined with a slipping relative strength is a bearish signal.

There were 64,574,490 shares worth $11.1 billion traded today. The volume was 1.1 times the average daily trading volume of 58.5 million shares.

APPLE (AAPL) Stock Dashboard [traded in US Dollars, USD] End-of-Day Thu, Mar 28

http://www.apple.com
Last$171.48Market Cap$2,648 billion
P/E24.9Dividend Yield % (TTM)0.6
EPS (FY2023)$6.16DPS (past 12 months)$0.9 or 94c
Shares Outstanding15,442,000,000ExchangeNASDAQ [BATS, NYSE ARCA, Nasdaq, NSX]
Institutional Ownership9,313,400,658% of shares outstanding60.3%
AAPL in IndicesNASDAQ-100 [of 100 stocks]SectorTechnology [of 157 stocks]
EPS Growth (Q1 2023 vs Q1 2022)15.9Today's VI*1.1
Today's Volume64,574,490PV$1000 (1 yr)$1,099
Ave Daily Volume58,516,088 shares  

A year ago the Apple share price was $156.81. $1,000 would have bought 6.4 Apple share on that day. Those 6.4 Shares would be worth $1,094 at today's share price of $171.48. Dividends reinvested are worth $6. PV$1000= $1,099.

Primary Exchange and Other Listings: Trading Currency and Volume
ExchangeTickerCurrencyLastADVTVol % of TotalToday's VI
NasdaqAAPLUSD171.4858,516,07599.91.1
XetraAPCEUR159.28,9230.16.9
Total    100.00 
1 USD= 0.9242 EUR
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

Price Volume Snapshot past 3 months (USD)
Past month to HighLowVWAPVolume Index *
28 Mar 2024183.1168.5173.31.3
28 Feb 2024192.0179.0185.40.9
26 Jan 2024194.5191.7188.00.9

[*Volume Index of 1.3 means volume for the month was 1.3 times its 12-month average]
[VWAP is defined as the Volume Weighted Average Price]

INDEX

SECTION 1 RECENT NEWS AND RESEARCH

SECTION 2 THE PAST QUARTER: PRESS RELEASES

SECTION 3 TODAY'S BEARISH SIGNALS

SECTION 4 ONGOING BEARISH PARAMETERS

SECTION 5 TODAY'S BULLISH SIGNALS

SECTION 6 ONGOING BULLISH PARAMETERS

SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS

Read more...
ANNEXURE

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
APPENDIX II STOCK IDENTIFIERS

SECTION 1 RECENT NEWS AND RESEARCH

Financial News
Quarterly Report (Q1/2023):
Release Date: February 07, 2024
Quarterly Report Analysis Q1 2023: Apple reports Net Profit of $33.9m
Apple (NASDAQ:AAPL) announced net profit for the quarter-ended 31 December 2023 [Q1/2023] of $33.9m.
Quarterly Report
December 3120232022Change
Description$ m$ m(%)
Total Revenue119.6117.2Up 2.1
EBIT40.335.6Up 13.2
Pre Tax Profit/(Loss)40.335.6Up 13.2
Profit/(Loss) after Tax33.930Up 13.1

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

Stock Buzz

Other Publishers Buzz in the past week
MarHeadlinePublisher
Thu 28Apple (AAPL) Registers a Bigger Fall Than the Market: Important Facts to NoteYahoo Finance
Thu 28Today s Biggest Winners: Ford, Apple, And TeslaMena FN
Thu 28Tim Cook s AI Focus At WWDC Will Be Biggest Change In Apple s Operating System Design Since 1980s, Says Top Analyst Gene Munster: Monumental Day Benzinga on MSN
Thu 28Apple Stock Is About to Get Dangerously Close to Its 52-Week Low (and It Doesn t Even Have to Go Down)YAHOO!Finance
Wed 27 Apple will prevail : US faces uphill slog in new antitrust battleYahoo Finance on MSN

Analyst Recommendations: Past 55 days

2024BrokeragePast RatingCurrent RatingPrev TargetPrice Target
Mar 28DZ BankBuyHold-180
Mar 21WedbushOutperformOutperform-250
Mar 05Rosenblatt SecuritiesNeutralNeutral-189
Feb 16Citigroup-Buy-225
Feb 02JPMorgan Chase & Co.-Overweight225215
The median analyst target price is $200.0, but of the most recent 30 target prices the median is over $217.50 suggesting the older target prices may need updating.

SECTION 2 THE PAST QUARTER: PRESS RELEASES

2.1 Press Releases and Corporate Wire

Press Release article 1 of 2, 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 2 of 2, 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.

2.2 Apple issued 1780 new patents in the past quarter

Apple (AAPL) has been issued 1780 new patents by the USPTO & EPO.

This corresponds to an average of 593 patents a month, down 2.3% 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 3 TODAY'S BEARISH SIGNALS

3.1 Relative Value Indicators: Overvaluation compared with sector averages

SectorP/E 
Forbes 2000Stock: 24.9; Sector: 17.8overvalued

3.2 Rank in the bottom 8% by Relative Valuation in the NASDAQ market
DescriptionValueRank
Dividend Yield %0.6%In Bottom 8%
Price to Sales15In Bottom 2%
Price to Book Value42.6In Bottom 1%

3.3 Rank in the bottom 18% by Price Performance in the NASDAQ market
DescriptionValueRank
Rel Strength 6 mo19In Bottom 18%

3.4 Downtrend

Beta < 1 combined with price fall. The Beta of the stock is 0.9.

Price/Moving Average Price of 0.94 and negative MACD:

- The Price/MAP 200 for Apple is 0.94. Being less than 1 is a bearish indicator. It is lower than the Price/MAP 200 for the NASDAQ-100 Index of 1.14, a second bearish indicator. The stock is trading below both its MAPs and the 50-day MAP of $181.22 is lower than the 200-day MAP of $183.14, a third bearish indicator. The 200-day MAP has decreased to $183.14, a fourth bearish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 172.78 minus the 26-day EMA of 175.22 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.

Past Quarter:

- The shares had their worst quarter in five quarters since the quarter ended December 28, 2022.
The Worst 3 weeks in the past quarter
In the past quarter the steepest fall of 5.9% took place in the week beginning Monday January 01. The fall was exacerbated by volume of 1.2 times average.
Mon-FriChange %NASDAQ-100 Index Change %Vol Ind [1 is avg]
Jan 01-05-5.9-3.11.2
Mar 04-08-5-1.61.4
Feb 12-16-3.5-1.50.9

Slipping Relative Strength:

- The stock has a 6-month relative strength of 19 in the NASDAQ market of 3,087 stocks, 2 ADRs and 2 preference stocks indicating it is trailing 81% of the market.
- Also, the relative strength percentile is slipping at 19 for 6 months, 15 for 3 months and 15 for 1 month.

3.5 Other Bearish Signals
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 7.5. Compared with the rest of the market the stock is overvalued and ranks in the bottom 5% of stocks by value of Q Ratio.

SECTION 4 ONGOING BEARISH PARAMETERS

4.1 Rank in the bottom 1% by Growth in the NASDAQ market
DescriptionValueRank
EPS Growth %0.2In Bottom 1%

4.2 Present Value of $1000 Invested in the Past 3 Months; The Worst Period with PV$1000 < 889
PV$1,0003 mo ago
AAPL.NASDAQ$888
Technology sector$1,024
NASDAQ-100 Index$1,083

4.3 Past quarter: price fall of 11.3%
3-Month price change of -11.3% for Apple underperformed the change of 8.6% in the NASDAQ-100 Index for a relative price change of -19.9%.
Price Change %Quarter
Apple-11.3
Technology sector2.4
NASDAQ-100 Index8.6

4.4 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 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 4.0% is more attractive compared with the NASDAQ average earning yield of 2.3%.
- The earnings yield of 4.0% is below the 10-year bond yield of 4.2%.
(All figures in %)
Earnings Yield4.0
NASDAQ avg2.3
Dividend Yield0.6
Bond Yield4.2

SectorP/EDividend Yield % 
Fortune 500Stock: 24.9; Sector: 25.8Stock: 0.6; Sector: 0.4undervalued
Just CapitalStock: 24.9; Sector: 27.6Stock: 0.6; Sector: 0.4undervalued

5.3 3-DAY: MODERATE MOMENTUM UP
AAPL strengthens 0.4% on average volume 1.04 times average. Compared with the NASDAQ-100 Index which fell 12.1 points (or 0.1%) in the 3-days, the relative price increase was 0.1%.

Week 13 of 2024: Up 0.1%; the price ranged between a high of $173.31 on Wednesday Mar 27 and a low of $169.71 on Tuesday Mar 26.
MarAppleClose [$]Change %Comment
Thu 28Drops 1.1% on slipping relative strength171.48-1.1Steepest Fall; VI*=1.1
Wed 27Climbs 2.1% on average volume173.312.1Top Rise; RPC=1.7%
Tue 26Decreases $1.14 on slipping relative strength169.71-0.7Price fall on falling relative strength
* 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 13% by Relative Valuation in the NASDAQ market
DescriptionValueRank
EV/EBITDA23.3In Top 13%

5.5 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 7.5% and market average of 3.6%.

SECTION 6 ONGOING BULLISH PARAMETERS

6.1 Rank in the top 99% by Liquidity in the NASDAQ market
DescriptionValueRank
Ave daily turnover$10 billionIn top 99%

6.2 Rank in the top 1% by Size in the NASDAQ market
DescriptionValueRank
Ave daily Turnover$11.1 billionIn Top 1%
MCap$2,648 billionIn Top 1%
Tr 12 months Revenue$176.9 billionIn Top 1%

6.3 Rank in the top 18% by Performance in the NASDAQ market
DescriptionValueRank
Net Profit Margin %25.3In Top 16%
EBITDA Margin %29.7In Top 18%

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 [1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,098
PV$1,0001 yr ago3 yrs ago
AAPL.NASDAQ$1,099$1,465
Technology sector$1,301$1,183
NASDAQ-100 Index$1,448$1,407

6.6 Past 3 years: price rise of 43.9%
3-Year price change of 43.9% for Apple outperformed the change of 40.7% in the NASDAQ-100 Index for a relative price change of 3.2%.
Price Change %3 Years
Apple43.9
Technology sector18.3
NASDAQ-100 Index40.7

6.7 AAPL.NASDAQ Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 9.8%
1 yr3 yrs5 yrs10 yrs20 yrs30 yrs
9.913.431.526.635.524.3

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 83% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has increased 83.4% to 58.5 million shares.
Avg. Daily Volume Traded 12 months ended Mar 28, million shares
YearADVT
202458.5
202381.2
202286.3
202189.4
202031.9

6.10 Increased VWAP, up 205% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 204.6% to $179.96.
Past five years, 12 months ended Mar 28 (USD)
YearHigh PriceVWAPLow Price
2024199.37179.96158.5
2023177.58148.37123.91
2022180.64148.67116.82
2021142.39104.5457.76
202079.7859.0841.14

6.11 Increased share turnover, up 36% in 5 years
In the past five years, average daily share turnover has increased 36.2% to $10.4 billion. This suggests increased liquidity.
Past five years, 12 months ended Mar 28 (USD billion)
YearAverage Daily Turnover
202410.4
202312.1
202213.0
202114.5
20207.6

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 0.04 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 Q1/2024 was 24.0c, unchanged from 24.0c in Q4/2023. The year-on-year change was up 4.3% from 23.0c in the previous corresponding period Q1/2023.
QuarterQ1/2023Q4/2023Q1/2024
Dividend ($ Cents)23.024.024.0

6.15 Patents see a second year of consecutive rise
Apple was issued 7,343 patents in the past year, up 58.5% from the previous year. This is the second consecutive year of increase in patents. A total of 15,034 patents were issued to Apple in the past 3 years. Of these 4,501 (or 29.9%) were issued by the USPTO and 10,533 (or 70.1%) were issued by the EPO.

Patents issued to Apple in the last three years
12 months ended Mar 28No. of Patents Issued
20247,343
20234,633
20223,058

In the past year the monthly average of patents issued is 612; this is 1.9 times the average of 320 patents issued in the two years prior to that.

SECTION 7 CORPORATE PROFILE AND INDEPENDENT RATINGS

7.1 Activities
Apple Inc. designs, manufactures, and markets personal computers, portable digital music players, and mobile communication devices and sells a variety of related software, services, peripherals, and networking solutions. The Company sells its products worldwide through its online stores, its retail stores, its direct sales force, and third-party wholesalers, resellers, and value-added resellers. It is the NASDAQ's largest Technology company by market capitalisation.

7.2 Independent Ratings and Relative Value Indicators
+ Fortune 500:
Apple Inc. is a new entrant in the Fortune list of Top 500 Global companies by Revenues in 2022, ranked 3.
+ Just Capital:
It was ranked 7 in the Just Capital annual list of top 100 ESG stocks for 2022; it was ranked 1 in the Technology Hardware sector.
+ Top 50 BCG:
It was ranked 1 in Boston Consulting Group's list of Top 50 Most Innovative Companies 2021; unchanged over a year from the same rank 1 in 2020.
+ Good Jobs First:
It received aggregate subsidies of $820.7 million from US federal, state and local awards in 2020. It was ranked 57 by aggregate subsidy values in the Good Jobs First list of Top 100 Parent companies in 2020.
+ Carbon Disclosure Project (CDP):
It is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.
+ Industryweek 1000:
It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 7.
+ Newsweek 500:
It was ranked 26 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 15% in Carbon productivity, 11.7% in Water productivity and 11.3% in Waste productivity.
+ PwC 100:
It was ranked 1 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; an improvement over 6 years from rank 33 as at March 31, 2009.
+ Citi Top 50:
It was ranked in Citi's Top 50 global cash cows with reinvest-to-payout ratio of 0.28.
+ PwC Top100 Software Leaders:
It is the 28th largest by revenue and largest by MCap among the PwC Global Software Leaders.

7.3 Contact Details
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

7.4 U.S. Industry & Sector [of 519 stocks]
Classification LevelName of Sector
Economic SectorTechnology

7.5 North American Industry Classification System [NAICS]
Code: 334220
Industry Title: Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing

APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER

AAPL: EXPORT DATA TO EXCEL:

+ PRICE VOLUME - 5-YEAR HISTORY
+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q1/2023]:
+ SHAREHOLDERS - COMPLETE LIST OF 4577 INSTITUTIONS
+ PEER COMPARISON
+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 19104 :

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

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