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Apple (AAPL) Registers a Bigger Fall Than the Market: Important Facts to Note
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Apple (AAPL - Free Report) ended the recent trading session at $183.63, demonstrating a -1.23% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.37%. Elsewhere, the Dow saw a downswing of 0.62%, while the tech-heavy Nasdaq depreciated by 0.19%.
The maker of iPhones, iPads and other products's stock has dropped by 5.09% in the past month, falling short of the Computer and Technology sector's gain of 1.22% and the S&P 500's gain of 1.56%.
Analysts and investors alike will be keeping a close eye on the performance of Apple in its upcoming earnings disclosure. The company's earnings report is set to go public on February 1, 2024. The company's upcoming EPS is projected at $2.08, signifying a 10.64% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $117.49 billion, up 0.29% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $6.57 per share and a revenue of $393.49 billion, demonstrating changes of +7.18% and +2.66%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Apple. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.12% upward. Apple is currently sporting a Zacks Rank of #1 (Strong Buy).
Looking at valuation, Apple is presently trading at a Forward P/E ratio of 28.3. This indicates a premium in contrast to its industry's Forward P/E of 20.62.
Also, we should mention that AAPL has a PEG ratio of 2.56. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Computer - Mini computers industry held an average PEG ratio of 2.56.
The Computer - Mini computers industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 10, which puts it in the top 4% of all 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Apple (AAPL) Registers a Bigger Fall Than the Market: Important Facts to Note
Apple (AAPL - Free Report) ended the recent trading session at $183.63, demonstrating a -1.23% swing from the preceding day's closing price. This change lagged the S&P 500's daily loss of 0.37%. Elsewhere, the Dow saw a downswing of 0.62%, while the tech-heavy Nasdaq depreciated by 0.19%.
The maker of iPhones, iPads and other products's stock has dropped by 5.09% in the past month, falling short of the Computer and Technology sector's gain of 1.22% and the S&P 500's gain of 1.56%.
Analysts and investors alike will be keeping a close eye on the performance of Apple in its upcoming earnings disclosure. The company's earnings report is set to go public on February 1, 2024. The company's upcoming EPS is projected at $2.08, signifying a 10.64% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $117.49 billion, up 0.29% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $6.57 per share and a revenue of $393.49 billion, demonstrating changes of +7.18% and +2.66%, respectively, from the preceding year.
Investors should also pay attention to any latest changes in analyst estimates for Apple. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.12% upward. Apple is currently sporting a Zacks Rank of #1 (Strong Buy).
Looking at valuation, Apple is presently trading at a Forward P/E ratio of 28.3. This indicates a premium in contrast to its industry's Forward P/E of 20.62.
Also, we should mention that AAPL has a PEG ratio of 2.56. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Computer - Mini computers industry held an average PEG ratio of 2.56.
The Computer - Mini computers industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 10, which puts it in the top 4% of all 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.
You can find more information on all of these metrics, and much more, on Zacks.com.