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Apple (AAPL) Stock Sinks As Market Gains: Here's Why
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Apple (AAPL - Free Report) closed the latest trading day at $169.77, indicating a -1.69% change from the previous session's end. This change lagged the S&P 500's 0.03% gain on the day. Elsewhere, the Dow gained 0.41%, while the tech-heavy Nasdaq added 0.12%.
The maker of iPhones, iPads and other products's shares have seen a decrease of 0.59% over the last month, not keeping up with the Computer and Technology sector's loss of 0.55% and outstripping the S&P 500's loss of 0.9%.
The investment community will be paying close attention to the earnings performance of Apple in its upcoming release. The company is slated to reveal its earnings on May 2, 2024. The company is forecasted to report an EPS of $1.50, showcasing a 1.32% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $90.25 billion, down 4.83% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $6.54 per share and a revenue of $385.52 billion, demonstrating changes of +6.69% and +0.58%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Apple. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.07% lower within the past month. Right now, Apple possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Apple is at present trading with a Forward P/E ratio of 26.39. This represents a premium compared to its industry's average Forward P/E of 8.98.
Investors should also note that AAPL has a PEG ratio of 2.08 right now. 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. The Computer - Mini computers was holding an average PEG ratio of 2.08 at yesterday's closing price.
The Computer - Mini computers industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 244, this industry ranks in the bottom 4% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Apple (AAPL) Stock Sinks As Market Gains: Here's Why
Apple (AAPL - Free Report) closed the latest trading day at $169.77, indicating a -1.69% change from the previous session's end. This change lagged the S&P 500's 0.03% gain on the day. Elsewhere, the Dow gained 0.41%, while the tech-heavy Nasdaq added 0.12%.
The maker of iPhones, iPads and other products's shares have seen a decrease of 0.59% over the last month, not keeping up with the Computer and Technology sector's loss of 0.55% and outstripping the S&P 500's loss of 0.9%.
The investment community will be paying close attention to the earnings performance of Apple in its upcoming release. The company is slated to reveal its earnings on May 2, 2024. The company is forecasted to report an EPS of $1.50, showcasing a 1.32% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $90.25 billion, down 4.83% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $6.54 per share and a revenue of $385.52 billion, demonstrating changes of +6.69% and +0.58%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Apple. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.07% lower within the past month. Right now, Apple possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Apple is at present trading with a Forward P/E ratio of 26.39. This represents a premium compared to its industry's average Forward P/E of 8.98.
Investors should also note that AAPL has a PEG ratio of 2.08 right now. 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. The Computer - Mini computers was holding an average PEG ratio of 2.08 at yesterday's closing price.
The Computer - Mini computers industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 244, this industry ranks in the bottom 4% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.