Apple Inc (AAPL) Stock Analysis

Market Cap	401.25 B	P/E(ttm)	10.30
Enterprise Value	366.36 B	P/B	3.40

Financial Strength : 9/10

		vs industry	vs history
Cash to Debt	No Debt	AAPL's Cash to Debt is ranked higher than 81% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 3.01 vs. AAPL: No Debt )	AAPL' s 10-Year Cash to Debt Range Min: 10.75 Max: No Debt Current: No Debt
Equity to Asset	0.671	AAPL's Equity to Asset is ranked higher than 72% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.57 vs. AAPL: 0.671 )	AAPL' s 10-Year Equity to Asset Range Min: 0.53 Max: 0.67 Current: 0.67 0.53 0.67
Interest Coverage	No Debt	AAPL's Interest Coverage is ranked higher than 98% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 10.50 vs. AAPL: No Debt )	AAPL' s 10-Year Interest Coverage Range Min: No Debt Max: No Debt Current: No Debt

F-Score: 5
Z-Score: 6.93
M-Score: -3.08

Profitability & Growth : 9/10

		vs industry	vs history
Operating margin (%)	35.30	AAPL's Operating margin (%) is ranked higher than 99% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 2.90 vs. AAPL: 35.30 )	AAPL' s 10-Year Operating margin (%) Range Min: -6.4 Max: 35.3 Current: 35.3 -6.4 35.3
Net-margin (%)	26.7	AAPL's Net-margin (%) is ranked higher than 98% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 2.00 vs. AAPL: 26.7 )	AAPL' s 10-Year Net-margin (%) Range Min: -0.5 Max: 26.7 Current: 26.7 -0.5 26.7
ROE (%)	35.3	AAPL's ROE (%) is ranked higher than 99% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 3.70 vs. AAPL: 35.3 )	AAPL' s 10-Year ROE (%) Range Min: -0.6 Max: 35.3 Current: 35.3 -0.6 35.3
ROA (%)	23.7	AAPL's ROA (%) is ranked higher than 99% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 2.10 vs. AAPL: 23.7 )	AAPL' s 10-Year ROA (%) Range Min: -0.4 Max: 23.7 Current: 23.7 -0.4 23.7
ROC (Joel Greenblatt) (%)	1016.60	AAPL's ROC (Joel Greenblatt) (%) is ranked higher than 100% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 7.30 vs. AAPL: 1016.60 )	AAPL' s 10-Year ROC (Joel Greenblatt) (%) Range Min: 121.4 Max: 17677.9 Current: 1016.6 121.4 17677.9
Revenue Growth (%)	36.8	AAPL's Revenue Growth (%) is ranked higher than 99% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.00 vs. AAPL: 36.8 )	AAPL' s 10-Year Revenue Growth (%) Range Min: -6.3 Max: 36.8 Current: 36.8 -6.3 36.8
EBITDA Growth (%)	45.7	AAPL's EBITDA Growth (%) is ranked higher than 98% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.00 vs. AAPL: 45.7 )	AAPL' s 10-Year EBITDA Growth (%) Range Min: -35 Max: 112.3 Current: 45.7 -35 112.3
EPS Growth (%)	48.5	AAPL's EPS Growth (%) is ranked higher than 98% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.00 vs. AAPL: 48.5 )	AAPL' s 10-Year EPS Growth (%) Range Min: -45.7 Max: 121.1 Current: 48.5 -45.7 121.1

» AAPL's 10-Y Financials

Financials

Revenue & Net Income

Cash & Debt

Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2012

Q3 2012

Q4 2012

Q1 2013

» Details

Insider Trades

Latest Guru Trades with AAPL

Select Gurus | Default List of Gurus | All Investors | Mutual Fund Gurus | Hedge Fund Gurus

Guru	Date	Trades	Impact to Portfolio	Price Range * (?)	Current Price	Change from Average	Current Shares
Frank Sands	2013-03-31	Reduce -67.88%	5.23%	$420.05 - $549.03	$ 431.77	-8%	1158474
Julian Robertson	2013-03-31	Sold Out	3.9%	$420.05 - $549.03	$ 431.77	-8%	0
John Griffin	2013-03-31	Sold Out	3.9%	$420.05 - $549.03	$ 431.77	-8%	0
Chuck Akre	2013-03-31	Add 148.12%	1.31%	$420.05 - $549.03	$ 431.77	-8%	87106
George Soros	2013-03-31	Reduce -85.43%	1.03%	$420.05 - $549.03	$ 431.77	-8%	26800
Richard Perry	2013-03-31	New Buy	0.91%	$420.05 - $549.03	$ 431.77	-8%	65000
Lee Ainslie	2013-03-31	Add 26.74%	0.84%	$420.05 - $549.03	$ 431.77	-8%	689913
Ronald Muhlenkamp	2013-03-31	Add 92.89%	0.82%	$420.05 - $549.03	$ 431.77	-8%	18402
John Keeley	2013-03-31	Sold Out	0.15%	$420.05 - $549.03	$ 431.77	-8%	0
Joel Greenblatt	2013-03-31	Add 17.51%	0.11%	$420.05 - $549.03	$ 431.77	-8%	31554
Ron Baron	2013-03-31	Reduce -68.53%	0.08%	$420.05 - $549.03	$ 431.77	-8%	11581
David Dreman	2013-03-31	New Buy	0.07%	$420.05 - $549.03	$ 431.77	-8%	5890
Ray Dalio	2013-03-31	New Buy	0.05%	$420.05 - $549.03	$ 431.77	-8%	11971
Wallace Weitz	2013-03-31	Add 50%		$420.05 - $549.03	$ 431.77	-8%	600
Daniel Loeb	2012-12-31	Sold Out	9.4%	$509.59 - $671.45	$ 431.77	-25%	0
Julian Robertson	2012-12-31	Reduce -58.26%	8.51%	$509.59 - $671.45	$ 431.77	-25%	42125
Leon Cooperman	2012-12-31	Sold Out	3.6%	$509.59 - $671.45	$ 431.77	-25%	0
Steve Mandel	2012-12-31	Sold Out	3.3%	$509.59 - $671.45	$ 431.77	-25%	0
John Burbank	2012-12-31	Sold Out	1.8%	$509.59 - $671.45	$ 431.77	-25%	0
Ronald Muhlenkamp	2012-12-31	New Buy	1.1%	$509.59 - $671.45	$ 431.77	-25%	9540
George Soros	2012-12-31	Add 116.8%	0.65%	$509.59 - $671.45	$ 431.77	-25%	183976
Joel Greenblatt	2012-12-31	Add 123.28%	0.46%	$509.59 - $671.45	$ 431.77	-25%	26852
John Keeley	2012-12-31	Add 10023.5%	0.15%	$509.59 - $671.45	$ 431.77	-25%	156915
Dodge & Cox	2012-12-31	Reduce -30.08%		$509.59 - $671.45	$ 431.77	-25%	2018
Daniel Loeb	2012-09-30	Add 67.06%	3.77%	$574.81 - $702.3	$ 431.77	-32%	710000
Steve Mandel	2012-09-30	Reduce -43.42%	2.13%	$574.81 - $702.3	$ 431.77	-32%	805269
George Soros	2012-09-30	Add 142.45%	0.53%	$574.81 - $702.3	$ 431.77	-32%	84858
Frank Sands	2012-09-30	Add 1.82%	0.18%	$574.81 - $702.3	$ 431.77	-32%	3609061
John Burbank	2012-09-30	Add 10.63%	0.17%	$574.81 - $702.3	$ 431.77	-32%	60736
Joel Greenblatt	2012-09-30	Reduce -25.19%	0.17%	$574.81 - $702.3	$ 431.77	-32%	12026
Ron Baron	2012-09-30	Reduce -26.34%	0.05%	$574.81 - $702.3	$ 431.77	-32%	36886
John Keeley	2012-09-30	Add 342.86%	0.02%	$574.81 - $702.3	$ 431.77	-32%	1550
Julian Robertson	2012-06-30	Add 13.8%	1.99%	$530.73 - $642.81	$ 431.77	-26%	100930
Daniel Loeb	2012-06-30	Add 17.4%	1.13%	$530.73 - $642.81	$ 431.77	-26%	425000
Chuck Akre	2012-06-30	Add 148.98%	1.02%	$530.73 - $642.81	$ 431.77	-26%	35106
John Burbank	2012-06-30	Reduce -40%	0.76%	$530.73 - $642.81	$ 431.77	-26%	54900
Steve Mandel	2012-06-30	Add 13.05%	0.57%	$530.73 - $642.81	$ 431.77	-26%	1423209
Frank Sands	2012-06-30	Add 6.14%	0.54%	$530.73 - $642.81	$ 431.77	-26%	3544393
Joel Greenblatt	2012-06-30	Add 63.04%	0.27%	$530.73 - $642.81	$ 431.77	-26%	16076
John Griffin	2012-06-30	Add 4.3%	0.27%	$530.73 - $642.81	$ 431.77	-26%	751500
Lee Ainslie	2012-06-30	Add 4.95%	0.22%	$530.73 - $642.81	$ 431.77	-26%	540211
Ray Dalio	2012-06-30	Sold Out	0.08%	$530.73 - $642.81	$ 431.77	-26%	0
Wallace Weitz	2012-06-30	New Buy	0.01%	$530.73 - $642.81	$ 431.77	-26%	400
John Keeley	2012-06-30	New Buy		$530.73 - $642.81	$ 431.77	-26%	350

More recent guru trades are included for Premium Members only!!

» Financial Charts

Peter Lynch Chart

Guru Investment Theses on Apple Inc

David Einhorn Comments on Apple - May 13, 2013

(AAPL) shares fell from $532 to $443 during the quarter. The biggest problems with our AAPL investment are disappointing earnings and a diminished forecast. When AAPL announced its year-end result, it made clear that it would earn less in the March quarter than it did a year ago. Forward estimates have been falling for a while. Last July, consensus estimates for fiscal 2014 were $64 per share; estimates now stand at $44. When we thought the company would earn $64 per share, the shares seemed cheap even as they reached $700 in September. Of course, that required AAPL to meet that forecast.

Our thesis is that AAPL has a terrific operating platform, engendering a loyal, sticky and growing customer base that will make repeated purchases of an expanding AAPL product offering. Unfortunately, there have been a series of disappointments including slower sales growth, lower margins, and increased competition. There have also been delays in new carrier wins, next generation product introductions, and new product category launches. While all of these have had an understandably negative impact on AAPL’s share price, we take a longer view and believe our thesis is intact.

As shareholders, we watched AAPL accumulate a cash stockpile greater than the market capitalization of all but 17 companies in the S&P 500, and recognized that its high cost of capital and shareholder-unfriendly capital allocation were depressing the stock price. AAPL’s management and Board, either unconcerned or unaware of the detrimental effects of AAPL’s all common equity capital structure, seemed uninterested in finding a solution.

As shareholders who believe in AAPL’s core business, we wanted to help AAPL resolve its cash problem in a way that satisfied AAPL, the market, and its shareholders. Based on years of observation and many discussions, we believed that AAPL would not issue debt under any circumstances, and especially not to return cash to shareholders. With this in mind, coupled with our awareness that AAPL was loath to repatriate (and thereby pay taxes on) its overseas cash, last year we suggested iPrefs to Peter Oppenheimer, AAPL's CFO. We had no better luck than any of the many other investors and analysts who for years have pressed Apple to return excess capital to shareholders. Our concerns fell on deaf ears.

In February, CalPERS came out in loud support of a proposal aimed at improving AAPL’s corporate governance that inexplicably bundled several measures into a single voting measure. The proposal, which included an unwarranted provision prohibiting AAPL from issuing preferred stock, was in direct violation of SEC rules, and we filed a lawsuit insisting that AAPL allow the shareholders to vote on each measure separately. We believed this would generate a public dialogue around AAPL’s capital allocation strategy.

When Tim Cook later called the lawsuit a sideshow, it was understandable. Whereas we chose to focus on the very real issue of Apple’s capital structure, others seemed more intent on turning things into a circus. A lawyer known mostly for preserving the autonomy of Boards to act in any manner they wish wrote a piece titled Bite the Apple; Poison the Apple; Paralyze the Company; Wreck the Economy. Given the hysteria implied in the title, one would think we had suggested that AAPL hire Steve Ballmer to run new product development. A retired Fortune 500 CEO said, “I’d give Einhorn the back of my hand,” prompting us to wonder why he wouldn’t give us the front of his hand. Perhaps most startling was the reaction from CalPERS, who vigorously defended the proposal.

The essence of corporate governance is form over substance. The belief is that properly-made decisions will lead to better decisions, so it was odd to watch self-identified corporate governance advocates support a proxy proposal that violated SEC rules. Incongruously, CalPERS believes good corporate governance is unnecessary when approving policies that purport to improve corporate governance.

Others ignored the circus and focused on the balance sheet. We received feedback from many AAPL shareholders, including some of AAPL’s largest institutional investors, thanking us for initiating the public discussion. Even some who disagreed with our idea helped further the public debate. Respected NYU finance professor Aswath Damodaran wrote a critical piece that pushed us to refine our presentation of the iPrefs idea. These thoughtful responses reinforce the value of speaking publicly, despite the more obvious drawbacks.

In the end, the judge sided with us, and AAPL withdrew the proposal from consideration. Once the shareholder meeting passed, there was nothing left for a court to do, so the case became moot and was dropped. Not long after, we met with AAPL management and its investment bankers to further discuss AAPL’s options. We believe that our thoughts were given a fair hearing.

Ultimately, the Board and AAPL decided to abandon their “no debt” philosophy and gave birth to iBonds. As rejections go, AAPL’s bond issuance ($17 billion in bonds were issued at about a 2% average interest cost) was as good as anything shareholders could have hoped for and the market seems to agree. AAPL announced that it will return $100 billion to shareholders by the end of 2015 and will evaluate returning additional capital annually. This vastly more shareholder-friendly capital allocation policy is a dramatic shift from where AAPL stood just a few months ago. We have added to our AAPL position. We now await the release of Apple’s next blockbuster product.

From David Einhorn's first quarter 2013 letter.
Check out David Einhorn latest stock trades

Baron Funds Comments on Apple Inc. - Dec 07, 2012

Lastly, before the end of the quarter, we finally sold Apple, Inc. (AAPL), one of the Fund's most successful investments since inception. This was a tough judgment call that has worked out well, at least on a short-term basis. Our reasons included concerns about the ultimate market cap the market would allow the company to achieve, rising competition from Android devices, the release of the iPhone 5 with a sub-par mapping application and concerns about the ability of the company to hold together its management team in the post-Steve Jobs era (a concern that was validated when the company announced management changes).

From Baron Funds third quarter letter.

Check out Ron Baron latest stock trades

Why Hedge Fund Third Point's Dan Loeb Likes Apple - May 31, 2012

Hedge Fund Third Point bought 362,000 shares of Apple in the first quarter of 2012. This is why Dan Loeb likes Apple (AAPL), according to his latest investment letter.

Long Equity: Apple (AAPL) Following Apple’s December quarter earnings, we re‐established a position in the stock at $445 per share, a level 10% up from the pre‐earnings price. While the market reacted positively to the strong results, we believed it was still not discounting adequately the strong likelihood that Apple would return capital in 2012. The prospect of capital return stood to broaden the investor base enabling the market capitalization to re‐base around an attractive dividend profile, particularly relative to the Company’s growth rate. Beyond the capital return catalyst, we were focused on Apple’s entry into the 4G device space in 2012, led by the latest iPad and the pending iPhone 5.

As we evaluated Apple at $445 per share, some back‐of‐the‐envelope math painted an intriguing picture. Due to its favorable working capital cycle and deferred revenue contribution, Apple has been churning out cash flow at close to 120% of earnings (actually 128% in FY2012). Looking forward to CY2012, that rate suggests cash flow in excess of $50 per share in 2012. Ignoring repatriation tax for a moment, at $445 per share less $104 per share in net cash, we were creating Apple at 6‐7x CY2012 free cash flow. Looking toward year‐end 2012, with over $150 per share in net cash, Apple’s multiple dropped to 5‐6x CY2012 free cash flow. As a result, we believed we were buying in with a healthy margin of safety, a likely cash return catalyst and a favorable product cycle. This strong cash position and cash flow made the prospect of a cash return strategy very likely. Even allowing for a healthy sense of skepticism, Apple’s close to $100 billion of net cash is greater than that of Microsoft, Google, Facebook and Nokia combined. Similarly, Apple’s likely $50 billion of CY2012 free cash flow is again greater than that of Microsoft (MSFT), Google (GOOG), Facebook (FB) and Nokia (NOK) combined.

Ahead of our expectations on timing, Apple announced its cash return policy in mid‐March, outlining a dividend of $10.60 per year (2.38% dividend yield at our cost basis, and 1.75% at Apple’s current share price of $605), and a $10 billion buyback authorization. We believe Apple’s dividend offers healthy growth potential, adding further support to the share price going forward. Currently, Apple is trading at 13.4x CY2012 EPS of $45, and 11.6x CY2013 EPS of $52 (consensus from Capital IQ). Adjusting for cash, Apple’s valuation drops to 11.1x CY2012 EPS and 9.6x C2013, leaving it inexpensive relative to the S&P 500. Looking ahead, Apple faces significant growth potential in China, expanded iPad distribution and adoption, “Halo Effect 2.0” in the U.S. and increasing ecosystem expansion into the living room. Perhaps underappreciated is what we describe as Halo Effect 2.0, which addresses the Mac opportunity. Apple has significant global market share headroom in the PC space. Within the U.S., Apple’s footprint has expanded significantly over the last decade. Ten years ago, a consumer may have had an iPod, a Windows PC or laptop, a Sony TV, a Nokia phone, and a library of CDs and DVDs. Today, U.S. households increasingly have iPods, iPhones, iPads and an iTunes library. While these households have increasingly adopted Macs, the maturation of the Windows 7 installed base and pending Windows 8 launch will drive decision points into 2013, with many consumers looking to close to the device loop and tie their devices together with a Mac. With consumers deeply invested in their Apple ecosystems and iTunes libraries (now across music, apps, books and video), the living room stands as Apple’s next frontier, potentially leading to an Apple TV in late 2012. In order to sustain its success, Apple will need to drive its ecosystem experience outside of the US, with multiple devices, content libraries and cloud services. China’s enthusiasm for Apple’s products and brand is exciting, but investors will need to see whether Apple can establish the ecosystem the way it has in the U.S. Apple will need to invest in distribution and carrier relationships in China to set the stage for the ecosystem to take root. If Apple can drive multiple device households, iTunes and iCloud adoption, then China will provide a substantial growth opportunity for several years. This is not a certainty, as China has relatively low PC penetration and per capita GDP, but Apple has an excellent opportunity in front of it, and has executed well to date.

Source

Also check out why David Einhorn loves Apple, too.

Check out Daniel Loeb latest stock trades

David Einhorn on Apple Inc. - May 31, 2012

From David Einhorn's Greenlight Capital first quarter 2012 letter:

During the presentation at our annual Partners’ Dinner, we talked about a number of stocks that have suffered multiple compression, where businesses have performed nicely, but have not seen a corresponding uplift in their share price. Apple (AAPL) is the clearest example of this. In 2011, AAPL’s revenue grew 66% and earnings per share grew 78%. Both of these growth rates greatly exceeded market expectations and even our own expectations, which were considerably more optimistic than consensus. Nonetheless, the stock appreciated by only 25%. As a result of this mismatch, AAPL’s P/E multiple compressed by about one third.Several other names in our portfolio including General Motors (GM), Microsoft (MSFT), Delphi (DLPH) and Arkema (France: AKE) also suffered multiple compression in 2011. This trend reversed in the first quarter, with all of these companies enjoying rising share prices that reflect both current earnings performance and some P/E multiple catch-up from last year.

None of our long portfolio investments have recovered with as much fanfare as AAPL, which surged from $405 to $600 per share in the quarter, bringing its P/E back to where it was at the end of 2010. Yet not everyone agrees that AAPL’s stock price is merely playing catch-up to its fundamentals. Some see the stock surge as a bubble, while others go so far as to mock that AAPL is its own asset class.Here are some of the common concerns we have heard:

1.Too many hedge funds own AAPL.

2. If AAPL’s share price doubles, it will have a $1 trillion market capitalization, and everyone knows there can be no such thing as a $1 trillion company.

3. Motorola, Research in Motion and Nokia were all market leaders that proved unable to hold onto their dominant positions and healthy margins; this too will be AAPL’s fate.

4. AAPL can’t possibly maintain its current hyper-growth trajectory.

Let’s address these one at a time:

1.Too many funds. It’s not clear what the objection is here. We suppose the worry is that there is a herd mentality among hedge funds, and that when one fund sells, there could be a cascade of hedge funds selling shares and the stock price will collapse.Moreover, if everyone already owns AAPL, who is left to buy it? Collectively, hedge funds currently hold less than 5% of AAPL’s outstanding shares, and no hedge fund ranks among the top 40 holders of the stock. The average hedge fund has less than 2% of its equity assets in AAPL versus AAPL’s 4% weighting in the S&P 500, which means hedge funds are actually underweight AAPL.

2. A trillion dollars? We’ve scoured the Nasdaq listing rules, reviewed the Securities Exchange Act of 1934, and engaged a leading numerologist. We can’t find any prohibition on trillion dollar market capitalizations.

3. All empires must fall. This concern, while not as arbitrary as the first two, reinforces our belief that the skeptics have a fundamental misunderstanding of AAPL. Their view suggests that AAPL is a hardware company. We disagree.

4. Growing pains. AAPL shares are not priced for growth. Its current valuation is justified without it.

The latter two concerns merit further discussion. Despite its size, AAPL remains one of the most misunderstood stocks in the market. AAPL is a software company. The value comes from iOS, the App store, iTunes and iCloud. A Motorola RAZR phone was a one-time winner because when someone else made a phone that was just a little better, RAZR sales stopped. In contrast, a consumer with one AAPL product tends to want more AAPL products. Once the user has a second device, AAPL has captured the customer. At that point, a future competitor has to make a product that isn’t just a little better, but a lot better to get people to switch. The high switching cost makes AAPL’s business much more defensible than that of its predecessors.

Further, AAPL’s ability to consistently offer innovative features (as opposed to marginal improvements on the current features) encourages users to upgrade every couple of years.This provides a recurring revenue stream. And because AAPL embeds its software into itshardware, it doesn’t face Microsoft’s piracy problem. If the Chinese want AAPL, they haveto buy AAPL. Rather than view AAPL as a hardware company, we see it as a software company that monetizes its value through the repeated sales of high margin hardware.

We continue to hold AAPL. Not only do we think the skeptics are misguided, we believe the shares remain cheap. AAPL trades at a lower multiple than the average company in the S&P500. A below-market multiple implies that this is a below-average company. We have a hard time seeing how anyone ranks AAPL as below average.

Check out David Einhorn latest stock trades

Baron Funds Comments on Apple - May 24, 2012

From Baron Funds' first quarter letter: Shares of Apple, Inc. (AAPL) gained sharply following the January release of its strong fourth-quarter results. Apple's revenue grew 73% to over $46 billion, beating its own guidance by over $9 billion, and its earnings more than doubled year over year. The story of Apple's quarter was the iPhone, which sold 37 million units, more than twice the prior quarter's sales numbers. The iPad was also strong, selling over 15 million units, up over 100% from the prior year. The quarter ended with Apple's release of the 3rd generation iPad, which sold more than three million units over its launch weekend. (Michael Lippert)
Check out Ron Baron latest stock trades

Top Ranked Articles about Apple Inc

Reverse DCF: Another Way to Evaluate Stocks

May 29, 2013

We have made further improvement to our DCF Calculator. Now you can evaluate the stock with Reverse DCF in one click. Read more...

David Einhorn Loves These 4 Dividend Stocks

May 28, 2013

On May 15, a full range of professional fund managers released their quarterly statements. Today I look at the best dividend stock buys of David Einhorn. He is the head of Greenlight Capital and serves around $6.5 billion in assets. In total he has 38 stocks of which six were bought within the recent quarter. Below is a list of his 20 biggest transactions within the recent quarters. Read more...

Highest-Income Alpha Tepper Trims Six

May 22, 2013

Highest-earning Guru David Tepper, founder of Appaloosa Management, reduced his position with six companies in the first quarter of 2013. Here’s a review of the billionaire philanthropist’s trimming trades along with an interactive valuation chart to track share prices over 10 years. Read more...

Enough Apple Pie, Alan Fournier Unloads Major American Companies

May 22, 2013

After selling companies as American as apple pie, both Coca-Cola Enterprises Inc. (CCE) and Google Inc. (GOOG) in the previous quarter, billionaire Guru Alan Fournier sold out four more holdings linked to American identity, ingenuity, innovation and insurance: Apple Inc. (APPL), Ford Motor Co. (F), Family Dollar Store (FDO) and WellPoint Inc. (WLP), as of the quarter ending March 31, 2013. Here are the details: Read more...

The Most-Bought Stocks of Investing Gurus

May 21, 2013

Last week, gurus finished reporting their portfolio updates for the first quarter, and buying activity was more concentrated among certain stocks than others. GuruFocus’ S&P 500 Screener demonstrates that the companies the most money managers GuruFocus follows bought or increased their shareholdings of are: Apple (AAPL), Microsoft (MSFT), Citigroup (C), JPMorgan (JPM) and Oracle (ORCL). Read more...

Einhorn Increases AAPL and Decreases Nine

May 17, 2013

David Einhorn is president of Greenlight Capital (a value-oriented investment advisor). GuruFocus notes in his investment philosophy that Einhorn believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions. Read more...

Long Positions From Famed Short Seller Jim Chanos: Buys FXI, Apple, CNH Global NV, MasterCard Incorporated, Visa

May 15, 2013

Famed short Jim Chanos just reported his first quarter portfolio. Most notably he bought into beaten down Apple and Chinese ETF FXI. Chanos has been known for shorting China for years. Buying FXI might be a way to hedge his short positions in China. He also bought Apple, CNH Global, ETFs such as EEM, VGK etc, according to the most recent filings of his investment company, Kynikos Associates LP. As of 03/31/2013, Kynikos Associates LP owns 20 stocks with a total value of $260 million. These are the details of the buys and sells. Read more...

David Einhorn Comments on Apple

May 13, 2013

True Alpha - Top Holdings of Highest-Earning Guru David Tepper

May 6, 2013

[i][b] Read more...

Weekly Guru Bargains Highlights: AAPL, AEM, VOLC, ABX, TFM

April 28, 2013

According to GuruFocus updates, these stocks have declined the most since Gurus bought them.

Apple Inc. (AAPL): Down 28% Since Diamond Hill Capital Bought In Quarter Ended Dec. 31, 2012

Diamond Hill Capital added to its holdings in the computer hardware company Apple Inc. by 26.1% during the quarter ended Dec. 31, 2012. The purchase price was between $509.59 and $671.45, with an estimated average price of $577.16. Since then the price of Apple Inc. shares has declined by 28% from the estimated average. Diamond Hill Capital owned 1,145 shares as of Dec.31, 2012.

Apple Inc. is a California corporation founded in 1977. Apple Inc. has a market cap of $383.33 billion; its shares were traded at around $417.21 with a P/E ratio of 9.9602 and a P/S ratio of 2.32. The dividend yield of Apple Inc. stocks is 1.91%. Apple Inc. had an annual average earnings growth of 64.1% over the past 10 years. GuruFocus rated Apple Inc. the business predictability rank of 4.5-star.

Apple recently announced financial results for its fiscal 2013 second quarter ended March 30, 2013. The company posted quarterly revenue of $43.6 billion and a quarterly net profit of $9.5 billion, or $10.09 per diluted share. These results compare to revenue of $39.2 billion and a net profit of $11.6 billion, or $12.30 per diluted share, in the corresponding quarter a year ago.

Brian Rogers bought 325,000 shares in the quarter that ended on March 31, 2013, which is 0.57% of the $25.16 billion portfolio of T. Rowe Price Equity Income Fund. Ronald Muhlenkamp bought 9,540 shares in the quarter that ended on Dec. 31, 2012, which is 1.1% of the $470 million portfolio of Muhlenkamp Fund. Chris Davis bought 788 shares in the quarter that ended on Dec. 31, 2012, which is 0.0011% of the $38.01 billion portfolio of Davis Selected Advisers.

Director Robert A. Iger bought 1,780 shares of AAPL stock on Nov. 19, 2012 at the average price of 563.35. Robert A. Iger owns at least 4,667 shares after this. The price of the stock has decreased by 25.94% since. Other insiders have decreased their positions in the company.

Agnico-Eagle Mines Limited (AEM): Down 42% Since John Hussman Bought In Quarter Ended Dec. 31, 2012

John Hussman added to his holdings in the gold mining company Agnico-Eagle Mines by 280% during the quarter ended Dec. 31, 2012. His purchase prices were between $50.42 and $57.33, with an estimated average price of $53.63. Since then the price of Agnico-Eagle Mines Limited shares has declined by 42% from the estimated average. John Hussman owned 950,000 shares as of Dec. 31, 2012.

Agnico-Eagle Mines Ltd. was incorporated under the laws of the Province of Ontario, Canada on June 1, 1972. Agnico-Eagle Mines has a market cap of $5.69 billion; its shares were traded at around $30.97 with a P/E ratio of 17.1233 and a P/S ratio of 2.71. The dividend yield of Agnico-Eagle Mines stocks is 2.65%. Agnico-Eagle Mines had an annual average earnings growth of 29.6% over the past 10 years. GuruFocus rated Agnico-Eagle Mines the business predictability rank of 4-star.

AEM recently reported a quarterly net income of $23.9 million, or $0.14 per share for the first quarter of 2013. First quarter 2013 cash provided by operating activities was $146.1 million.

Ray Dalio bought 30,441 shares in the quarter that ended on Dec. 31, 2012, which is 0.016% of the $9.82 billion portfolio of Bridgewater Associates. John Hussman owns 950,000 shares as of Dec. 31, 2012, an increase of 280% from the previous quarter. This position accounts for 1.3% of the $3.8 billion portfolio of Hussman Econometrics Advisors.

Senior Officer Brian James Christie, bought 1,100 shares of AEM stock on March 22, 2013 at the average price of 41.93. Brian James Christie, owns at least 1,100 shares after this. The price of the stock has decreased by 26.14% since.

Volcano Corporation (VOLC): Down 23% Since Manning & Napier Advisors, Inc. Bought In Quarter Ended Dec. 31, 2012

Manning & Napier Advisors, Inc. added to its holdings in the medical equipment company Volcano Corporation by 52.83% during the quarter ended Dec. 31, 2012. The purchase price was between $23.22 and $29.09, with an estimated average price of $26.53. Since then the price of Volcano Corporation shares has declined by 23% from the estimated average. Manning & Napier Advisors, Inc. owned 4,185,305 shares as of Dec. 31, 2012.

Volcano Corporation designs, develops, manufactures and commercializes a suite of intravascular ultrasound (IVUS) and functional measurement (FM) products that enhance the diagnosis and treatment of vascular and structural heart disease. Volcano Corporation has a market cap of $1.11 billion; its shares were traded at around $20.47 with a P/E ratio of 136.986 and a P/S ratio of 2.9586.

For the quarter ended December 31, 2012, Volcano reported record quarterly revenues of $102.5 million, an increase of 10% on a reported basis versus the same period a year ago and 12% on a constant currency basis after adjusting for a 2% negative impact from foreign currency.

President and CEO R. Scott Huennekens sold 4,617 shares of VOLC stock on Feb. 27, 2013 at the average price of $21.68. R. Scott Huennekens owns at least 75,382 shares after this. The price of the stock has decreased by 5.58% since. There are mixed trades from other insiders.

Barrick Gold Corporation (ABX): Down 49% Since John Hussman Bought In Quarter Ended Dec. 31, 2012

John Hussman added to his holdings in the gold mining company Barrick Gold Corporation by 484.62% during the quarter ended Dec. 31, 2012. His purchase price was between $33.27 and $42.19, with an estimated average price of $36.37. Since then the prices of Barrick Gold Corporation shares have declined by 49% from the estimated average. John Hussman owned 1,900,000 shares as of Dec. 31, 2012.

Barrick Gold Corporation is a corporation governed by the Business Corporations Act (Ontario) resulting from the amalgamation, effective July 14, 1984 under the laws of the province of Ontario, of Camflo Mines Limited, Bob-Clare Investments Limited and the former Barrick Resources Corporation. Barrick Gold Corporation has a market cap of $19.08 billion; its shares were traded at around $18.55 with a P/E ratio of 5.9 and a P/S ratio of 1.26. The dividend yield of Barrick Gold Corporation stocks is 4.31%.

Ray Dalio bought 170,290 shares in the quarter that ended on Dec. 31, 2012, which is 0.061% of the $9.82 billion portfolio of Bridgewater Associates. Mario Gabelli owns 90,610 shares as of Dec. 31, 2012, which accounts for 0.023% of the $13.61 billion portfolio of GAMCO Investors. David Einhorn owns 1,967,500 shares as of Dec. 31, 2012, which accounts for 1.1% of the $6.38 billion portfolio of Greenlight Capital. John Paulson owns 915,000 shares as of Dec. 31, 2012, which accounts for 0.2% of the $16.27 billion portfolio of Paulson & Co.

Fresh Market, Inc. (TFM): Down 27% Since Manning & Napier Advisors, Inc. Bought In Quarter Ended Dec. 31, 2012

Manning & Napier Advisors, Inc. added to its holdings in the Broadline Retailers company Fresh Market, Inc. by 52.52% during the quarter ended Dec. 31, 2012. His purchase prices were between $47.55 and $62.38, with an estimated average price of $55.6. Since then the price of Fresh Market, Inc. shares has declined by 27% from the estimated average. Manning & Napier Advisors, Inc. owned 55,000 shares as of Dec. 31, 2012.

The Fresh Market was founded by Ray and Beverly Berry and opened its first store in 1982. Fresh Market, Inc. has a market cap of $1.95 billion; its shares were traded at around $40.8 with a P/E ratio of 30.6748 and a P/S ratio of 1.4826.

In the fourth quarter of fiscal 2012, net sales increased 15.3% to $369.9 million and comparable store sales increased 1.9%, compared to the corresponding 13-week period ended January 2012. Net income in the fourth quarter of fiscal 2012 was $20.6 million, compared to $18.3 million in the corresponding 13-week period in fiscal 2011.

Director Steven B. Tanger bought 1,000 shares of TFM stock on April 1, 2013 at the average price of 41.75. Steven B. Tanger owns at least 2,034 shares after this. The price of the stock has decreased by 2.28% since. Read more...

» More Articles for AAPL

		vs industry	vs history
P/E(ttm)	10.30	AAPL's P/E(ttm) is ranked higher than 82% of the 1680 Companies in the Global Computer Systems industry. ( Industry Median: 17.60 vs. AAPL: 10.30 )	AAPL' s 10-Year P/E(ttm) Range Min: 8.5 Max: 300.2 Current: 10.3 8.5 300.2
P/B	3.40	AAPL's P/B is ranked lower than 75% of the 2254 Companies in the Global Computer Systems industry. ( Industry Median: 1.18 vs. AAPL: 3.40 )	AAPL' s 10-Year P/B Range Min: 1.15 Max: 11.58 Current: 3.4 1.15 11.58
P/S	2.42	AAPL's P/S is ranked lower than 69% of the 2325 Companies in the Global Computer Systems industry. ( Industry Median: 0.80 vs. AAPL: 2.42 )	AAPL' s 10-Year P/S Range Min: 0.76 Max: 6.96 Current: 2.42 0.76 6.96
PFCF	9.30	AAPL's PFCF is ranked higher than 73% of the 1456 Companies in the Global Computer Systems industry. ( Industry Median: 15.00 vs. AAPL: 9.30 )	AAPL' s 10-Year PFCF Range Min: 7.88 Max: 750.5 Current: 9.3 7.88 750.5
EV-to-EBIT	7.2	AAPL's EV-to-EBIT is ranked higher than 84% of the 1623 Companies in the Global Computer Systems industry. ( Industry Median: 13.68 vs. AAPL: 7.2 )	AAPL' s 10-Year EV-to-EBIT Range Min: 5.8 Max: 1601.7 Current: 7.2 5.8 1601.7
PEG	0.2	AAPL's PEG is ranked higher than 98% of the 480 Companies in the Global Computer Systems industry. ( Industry Median: 1.43 vs. AAPL: 0.2 )	AAPL' s 10-Year PEG Range Min: 0.13 Max: 0.48 Current: 0.2 0.13 0.48
Shiller P/E	19.7	AAPL's Shiller P/E is ranked lower than 100% of the Companies in the Global Computer Systems industry. ( Industry Median: vs. AAPL: 19.7 )	AAPL' s 10-Year Shiller P/E Range Min: 17.83 Max: 140.31 Current: 19.7 17.83 140.31

		vs industry	vs history
Dividend Yield	2.55	AAPL's Dividend Yield is ranked higher than 76% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.91 vs. AAPL: 2.55 )	AAPL' s 10-Year Dividend Yield Range Min: 0.38 Max: 2.04 Current: 2.55 0.38 2.04
Dividend Payout	0.1898	AAPL's Dividend Payout is ranked higher than 83% of the 1086 Companies in the Global Computer Systems industry. ( Industry Median: 0.40 vs. AAPL: 0.1898 )	AAPL' s 10-Year Dividend Payout Range Min: 0.06 Max: 0.06 Current: 0.19
Yield on cost (5-Year)	2.60	AAPL's Yield on cost (5-Year) is ranked higher than 75% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.74 vs. AAPL: 2.60 )	AAPL' s 10-Year Yield on cost (5-Year) Range Min: 0.38 Max: 2.04 Current: 2.6 0.38 2.04
Share Buyback Rate	-1	AAPL's Share Buyback Rate is ranked lower than 62% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.00 vs. AAPL: -1 )	AAPL' s 10-Year Share Buyback Rate Range Min: -0.2 Max: -4.8 Current: -1

		vs industry	vs history
Price/Net Current Asset Value	28.2	AAPL's Price/Net Current Asset Value is ranked lower than 72% of the 2001 Companies in the Global Computer Systems industry. ( Industry Median: 6.30 vs. AAPL: 28.2 )	AAPL' s 10-Year Price/Net Current Asset Value Range Min: 11.7 Max: 62.6 Current: 28.2 11.7 62.6
Price/Tangible Book	3.6	AAPL's Price/Tangible Book is ranked lower than 73% of the 2097 Companies in the Global Computer Systems industry. ( Industry Median: 1.30 vs. AAPL: 3.6 )	AAPL' s 10-Year Price/Tangible Book Range Min: 1.3 Max: 9.7 Current: 3.6 1.3 9.7
Price/DCF (Projected)	0.9	AAPL's Price/DCF (Projected) is ranked higher than 67% of the 638 Companies in the Global Computer Systems industry. ( Industry Median: 1.20 vs. AAPL: 0.9 )	AAPL' s 10-Year Price/DCF (Projected) Range Min: 1.1 Max: 4 Current: 0.9 1.1 4
Price/Median PS Value	0.8	AAPL's Price/Median PS Value is ranked higher than 78% of the 2138 Companies in the Global Computer Systems industry. ( Industry Median: 1.00 vs. AAPL: 0.8 )	AAPL' s 10-Year Price/Median PS Value Range Min: 0.3 Max: 1.8 Current: 0.8 0.3 1.8
Price/Peter Lynch Fair Value	0.4	AAPL's Price/Peter Lynch Fair Value is ranked higher than 89% of the 256 Companies in the Global Computer Systems industry. ( Industry Median: 1.10 vs. AAPL: 0.4 )	AAPL' s 10-Year Price/Peter Lynch Fair Value Range Min: 0.6 Max: 2.5 Current: 0.4 0.6 2.5
Price/Graham Number	1.3	AAPL's Price/Graham Number is ranked higher than 52% of the 1505 Companies in the Global Computer Systems industry. ( Industry Median: 1.10 vs. AAPL: 1.3 )	AAPL' s 10-Year Price/Graham Number Range Min: 1.1 Max: 4.1 Current: 1.3 1.1 4.1
Earnings Yield (Greenblatt)	13.90	AAPL's Earnings Yield (Greenblatt) is ranked higher than 89% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 4.30 vs. AAPL: 13.90 )	AAPL' s 10-Year Earnings Yield (Greenblatt) Range Min: 0.1 Max: 17.2 Current: 13.9 0.1 17.2
Forward Rate of Return (Yacktman)	74.43	AAPL's Forward Rate of Return (Yacktman) is ranked higher than 100% of the 2479 Companies in the Global Computer Systems industry. ( Industry Median: 0.00 vs. AAPL: 74.43 )	AAPL' s 10-Year Forward Rate of Return (Yacktman) Range Min: 0.7 Max: 144.2 Current: 74.43 0.7 144.2

Industry:	Computer Systems
Compare:	HPQ, DELL, LNVGY, NIPNF, SSYS
Traded in other countries:	APC.Germany

	Worst	Neutral			Best
Within your circle of competence?
Macro economic environment favorable?
High quality business?
Enough margin of safety with stocks?
Gurus are buying?
Insiders are buying?
Management capable and shareholder friendly?
Catalyst for stock price to appreciate?
Your level of confidence with the research?

FocusBar

Home

Premium Membership

Value Screens

Model Portfolios

Guru Stocks

Market Valuation

By Country

Articles

Submit Articles

Financial Strength : 9/10

Profitability & Growth : 9/10

Financials

Guru Trades

AAPL Guru Trades in Q2 2012

AAPL Guru Trades in Q3 2012

AAPL Guru Trades in Q4 2012

AAPL Guru Trades in Q1 2013

Insider Trades

Latest Guru Trades with AAPL

Peter Lynch Chart

Guru Investment Theses on Apple Inc

David Einhorn Comments on Apple - May 13, 2013

Baron Funds Comments on Apple Inc. - Dec 07, 2012

Why Hedge Fund Third Point's Dan Loeb Likes Apple - May 31, 2012

David Einhorn on Apple Inc. - May 31, 2012

Baron Funds Comments on Apple - May 24, 2012

Top Ranked Articles about Apple Inc

Ratios

Dividend & Buy Back

Valuation & Return

Business Description

Headlines

Personalized Checklist