25 April, 2024 (16:00:00 EST)

UPDATE: Apple (AAPL: $169.89) in 4th consecutive rise; +$4.89 [3.0%]

www.buysellsignals.com

Apple Inc.'s (NASDAQ: AAPL $169.89) stock price extended its gains on Thursday, rising an additional 87.0c (0.5%) to close at $169.89.

This brought its 4-day rise to 3.0%; compared with the NASDAQ-100 Index which rose 198.5 points (1.2%) in the four days for a relative price increase of 1.8%.

Cumulative volume in the 4 days was 0.8 times the average 4-day volume of 59.8 million shares. There were 47,826,630 shares worth $8.1 billion traded today.

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

APPLE (AAPL) Stock Dashboard [traded in US Dollars, USD] End-of-Day Thu, Apr 25

http://www.apple.com

Last	$169.89	Market Cap	$2,623 billion
P/E	27.6	Dividend Yield % (TTM)	0.6
EPS (FY2023)	$6.16	DPS (past 12 months)	$0.9 or 94c
Shares Outstanding	15,442,000,000	Exchange	NASDAQ [BATS, NYSE ARCA, Nasdaq, NSX]
Institutional Ownership	9,313,400,658	% of shares outstanding	60.3%
AAPL in Indices	NASDAQ-100 [of 100 stocks]	Sector	Technology [of 157 stocks]
EPS Growth (Q1 2023 vs Q1 2022)	15.9	Today's VI*	0.8
Today's Volume	47,826,630	PV$1000 (1 yr)	$1,048
Ave Daily Volume	59,779,138 shares

A year ago the Apple share price was $162.90. $1,000 would have bought 6.1 Apple share on that day. Those 6.1 Shares would be worth $1,043 at today's share price of $169.89. Dividends reinvested are worth $6. PV$1000= $1,048.

Primary Exchange and Other Listings: Trading Currency and Volume

Exchange	Ticker	Currency	Last	ADVT	Vol % of Total	Today's VI
Nasdaq	AAPL	USD	169.89	59,779,119	99.9	0.8
Xetra	APC	EUR	157.28	8,766	0.1	3.7
Total					100.00

1 USD= 0.9358 EUR
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

Price Volume Snapshot past 3 months (USD)

Past month to	High	Low	VWAP	Volume Index *
25 Apr 2024	178.4	164.1	170.2	0.9
25 Mar 2024	185.0	168.5	174.3	1.2
23 Feb 2024	196.1	179.0	187.0	0.9

[*Volume Index of 0.9 means volume for the month was 0.9 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

SEC Form 4-Insider Selling
Monday April 15
Apple (NASDAQ:AAPL) Chief Financial Officer and Senior Vice President Luca Maestri sold 53,194 shares worth $9,261,933 on April 11. The selling price was $174.12. The shares hit a one-month high on the day.

Monday April 15
Apple (NASDAQ:AAPL) Chief Operating Officer Jeff Williams sold 59,162 shares worth $10,188,880 on April 11. The selling price was $172.22. The shares hit a one-month high on the day.

Please view more stories in DATA DOWNLOAD CENTER

---See full story under Title LN "News Bites - People in Business"

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 31	2023	2022	Change
Description	$ m	$ m	(%)
Total Revenue	119.6	117.2	Up 2.1
EBIT	40.3	35.6	Up 13.2
Pre Tax Profit/(Loss)	40.3	35.6	Up 13.2
Profit/(Loss) after Tax	33.9	30	Up 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

Apr	Headline	Publisher
Thu 25	Mark Zuckerberg Shades Apple Vision Pro Once Again, Calls It Fashionable AI Glasses Without A Display	Benzinga on MSN
Thu 25	DR Congo presses Apple over minerals supply chain, lawyers say	Investing
Wed 24	Apple (AAPL) Fell Due to Competitive Threats and Fears of a Decrease in Growth	Yahoo Finance
Wed 24	Apple just announced a May 7th Let loose event that should bring new iPads	TheStreet.com
Wed 24	Apple supplier Foxconn introduces rotating CEO role	Cyprus Mail

Analyst Recommendations: Past Two weeks

2024	Brokerage	Past Rating	Current Rating	Prev Target	Price Target
Apr 23	Barclays	-	Underweight	-	158
Apr 22	Morgan Stanley	Overweight	Overweight	220	210
Apr 17	Maxim Group	-	Hold	-	178
Apr 16	Needham & Company LLC	Buy	Buy	-	220
Apr 11	JPMorgan Chase & Co.	Overweight	Overweight	215	210

Since October 30, Apple has had thirty-nine analyst rating changes with twenty-two being upgrades. Apple is up 0.02% since October 30.

SECTION 2 THE PAST QUARTER: PRESS RELEASES

2.1 Press Releases and Corporate Wire

Press Release article 1 of 1, 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.

2.2 Apple issued 2017 new patents in the past quarter

Apple (AAPL) has been issued 2017 new patents by the USPTO & EPO.

This corresponds to an average of 672 patents a month, up 10.7% 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.

2.3 Recent Business News Round Up: CNBC
BUZZ article 1 of 1, Source: CNBC, 329 words

April 22: Why Apple is betting big on India

PUBLISHED MON, APR 22 2024 1:37 AM EDT

KEY POINTS

Apple has recently made an aggressive play to expand operations on both the manufacturing and sales front in India.

The U.S. tech giant opened its first physical stores in the country last year and India is growing into one of the company's largest markets.

Meanwhile, Apple now reportedly makes around 1 in 7, or 14%, of its iPhones in India, highlighting how it is boosting its manufacturing in the country.

"There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it's great to be there," Apple CEO Tim Cook said in May last year.

His comments underscore one reason Apple has recently made an aggressive play to expand operations in India: the country has a huge population, with a growing middle class willing to splash out more on high-end phones.

But it's not just about sales for Apple. The tech giant has also boosted its manufacturing footprint in India, via Foxconn, the Taiwanese firm that assembles iPhones. Apple now makes around 1 in 7, or 14%, of its iPhones in India, according to a Bloomberg report this month.

Last year, an Indian government minister said Apple was looking to eventually manufacture 25% of all of its iPhones in India.

It's led many investors to wonder whether India can become the next China for Apple.

In the latest episode of CNBC Tech's "Beyond the Valley" podcast - which you can listen to above - Tom Chitty and I discuss why Apple is pursuing the Indian market - and if it can live up to its promise.

If you have any thoughts on this or previous episodes, please email us at beyondthevalley@cnbc.com.

You can subscribe to "Beyond the Valley" by clicking the links below to your chosen platform:

Apple Podcast

Google Podcasts

Spotify

Here is a transcript of the episode of "Beyond the Valley" released on Apr.

Please view more stories in DATA DOWNLOAD CENTER

SECTION 3 TODAY'S BEARISH SIGNALS

3.1 Relative Value Indicators: Overvaluation compared with sector averages

Sector	P/E	Dividend Yield %
Forbes 2000	Stock: 27.6; Sector: 18.7	Stock: 0.6; Sector: 0.8	overvalued
Fortune 500	Stock: 27.6; Sector: 25.4		overvalued
Just Capital	Stock: 27.6; Sector: 27.3		overvalued

3.2 Rank in the bottom 12% by Relative Valuation in the NASDAQ market

Description	Value	Rank
Price to Sales	6.8	In Bottom 12%
Dividend Yield %	0.6%	In Bottom 8%
Price to Book Value	42.2	In Bottom 1%

3.3 Rank in the bottom 16% by Price Performance in the NASDAQ market

Description	Value	Rank
Rel Strength 6 mo	17	In Bottom 16%

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 1.05, a second bearish indicator. The stock is trading below both its MAPs and the 50-day MAP of $173.60 is lower than the 200-day MAP of $181.45, a third bearish indicator. The 200-day MAP has decreased to $181.45, a fourth bearish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 168.86 minus the 26-day EMA of 170.48 is negative, suggesting a bearish signal.

Past Quarter:

The Worst 3 weeks in the past quarter
In the past quarter the steepest fall of 6.5% took place in the week beginning Monday April 15.

Mon-Fri	Change %	NASDAQ-100 Index Change %	Vol Ind [1 is avg]
Apr 15-19	-6.5	-5.7	1
Mar 04-08	-5	-1.6	1.4
Feb 12-16	-3.5	-1.5	0.9

Trailing Relative Strength (6 months) at 17 percentile:

- The stock has a 6-month relative strength of 17 in the NASDAQ market of 3,059 stocks, 5 ADRs and 2 preference stocks indicating it is trailing 83% of the market.

3.5 Other Bearish Signals
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 7.4. 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

Description	Value	Rank
EPS Growth %	0.2	In Bottom 1%

4.2 Present Value of $1000 Invested in the Past 3 Months; The Worst Period with PV$1000 < 878

PV$1,000	3 mo ago
AAPL.NASDAQ	$877
Technology sector	$957
NASDAQ-100 Index	$982

4.3 Past quarter: price fall of 12.4%
3-Month price change of -12.4% for Apple underperformed the change of -1.4% in the NASDAQ-100 Index for a relative price change of -11%.

Price Change %	Quarter
Apple	-12.4
Technology sector	-4.3
NASDAQ-100 Index	-1.4

4.4 AAPL.NASDAQ Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Period with TSR < 4.9%

1 yr

4.8

4.5 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 %]

FY	Revenue Growth	EPS Growth	EBITDA Growth
2023	-3	-	-5
2022	8	8	9
2021	33	71	63

SECTION 5 TODAY'S BULLISH SIGNALS

5.1 Relative Value Indicators: Undervaluation compared with sector averages
Price/Earnings of 27.6 < Technology sector (of 265 stocks) avg of 37.9:
- The price-to-earnings ratio of 27.6 indicates undervaluation compared with sector average of 37.9 and market average of 48.2.
5.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield

- Earnings yield of 3.6% is more attractive compared with the NASDAQ average earning yield of 2.1%.
- The earnings yield of 3.6% is below the 10-year bond yield of 4.6%.
(All figures in %)

Earnings Yield	3.6
NASDAQ avg	2.1
Dividend Yield	0.6
Bond Yield	4.6

Sector	Dividend Yield %
Fortune 500	Stock: 0.6; Sector: 0.4	undervalued
Just Capital	Stock: 0.6; Sector: 0.4	undervalued

5.3 3-DAY: WEAK MOMENTUM UP
AAPL increases 2.4% on below average volume 0.8 times average. Compared with the NASDAQ-100 Index which rose 162.2 points (or 1.0%) in the 3-days, the relative price increase was 1.5%.

The price ranged between a high of $169.89 on Thursday Apr 25 and a low of $166.90 on Tuesday Apr 23.

Apr	Apple	Close [$]	Change %	Comment
Thu 25	In 4th consecutive rise	169.89	0.5	Price rise on beating relative strength; RPC=2.0%
Wed 24	In 3rd consecutive rise	169.02	1.3	Top Rise
Tue 23	In 2nd consecutive rise	166.9	0.6	Price rise on rising relative strength

* RPC - Relative Price Change is % price change of stock less % change of the NASDAQ-100 Index.

5.4 Rank in the top 12% by Relative Valuation in the NASDAQ market

Description	Value	Rank
EV/EBITDA	23.1	In Top 12%

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 12.2% and market average of 3.2%.

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 $100.89 (146.2%).

6.2 Rank in the top 99% by Liquidity in the NASDAQ market

Description	Value	Rank
Ave daily turnover	$10 billion	In top 99%

6.3 Rank in the top 1% by Size in the NASDAQ market

Description	Value	Rank
Ave daily Turnover	$8.1 billion	In Top 1%
Annual Revenue	$383.3 billion	In Top 1%
MCap	$2,623 billion	In Top 1%

6.4 Rank in the top 18% by Performance in the NASDAQ market

Description	Value	Rank
Net Profit Margin %	25.3	In Top 17%
EBITDA Margin %	29.7	In Top 18%

6.5 Rank in the top 3% by Productivity in the NASDAQ market

Description	Value	Rank
Return on Assets [ROA] %	27.5	In Top 3%

6.6 Present Value of $1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,047

PV$1,000	1 yr ago	3 yrs ago
AAPL.NASDAQ	$1,048	$1,309
Technology sector	$1,221	$1,074
NASDAQ-100 Index	$1,349	$1,232

6.7 Past 3 years: price rise of 28.7%
3-Year price change of 28.7% for Apple outperformed the change of 23.2% in the NASDAQ-100 Index for a relative price change of 5.5%.

Price Change %	3 Years
Apple	28.7
Technology sector	7.4
NASDAQ-100 Index	23.2

6.8 AAPL.NASDAQ Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 9.2%

3 yrs	5 yrs	10 yrs	20 yrs	30 yrs
9.3	28.8	25.8	35.3	24.6

6.9 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.

Years	Debt to Equity (%)
Sep 2023	9.63
Sep 2022	19.7
Sep 2021	9.51
Sep 2020	7.65
Sep 2019	6.61

6.10 Increased Volume, up 80% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has increased 80.0% to 59.8 million shares.
Avg. Daily Volume Traded 12 months ended Apr 25, million shares

Year	ADVT
2024	59.8
2023	79.0
2022	85.8
2021	93.0
2020	33.2

6.11 Increased VWAP, up 200% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 199.5% to $180.33.
Past five years, 12 months ended Apr 25 (USD)

Year	High Price	VWAP	Low Price
2024	199.37	180.33	161.94
2023	174.66	147.56	123.91
2022	180.64	151.71	120.36
2021	142.39	109.32	67.83
2020	79.78	60.22	41.14

6.12 Increased share turnover, up 30% in 5 years
In the past five years, average daily share turnover has increased 29.5% to $10.4 billion. This suggests increased liquidity.
Past five years, 12 months ended Apr 25 (USD billion)

Year	Average Daily Turnover
2024	10.4
2023	11.7
2022	13.2
2021	14.6
2020	8.1

6.13 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.

6.14 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.

6.15 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.

Quarter	Q1/2023	Q4/2023	Q1/2024
Dividend ($ Cents)	23.0	24.0	24.0

6.16 Patents see a second year of consecutive rise
Apple was issued 7,656 patents in the past year, up 54.0% from the previous year. This is the second consecutive year of increase in patents. A total of 15,603 patents were issued to Apple in the past 3 years. Of these 4,190 (or 26.9%) were issued by the USPTO and 11,413 (or 73.1%) were issued by the EPO.

Patents issued to Apple in the last three years

12 months ended Apr 25	No. of Patents Issued
2024	7,656
2023	4,971
2022	2,976

In the past year the monthly average of patents issued is 638; this is 1.9 times the average of 331 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

Website	http://www.apple.com
Physical Address	1 Infinite Loop,Cupertino,CA,95014
Phone	+1 408 996-1010
Fax	+1 408 974-2483
Email	investor_relations@apple.com

7.4 U.S. Industry & Sector [of 536 stocks]

Classification Level	Name of Sector
Economic Sector	Technology

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 20008 :

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