Apple (AAPL) Likely to Announce Additional $50B Buyback and 10%+ Dividend Hike with Earnings Next Week - Wells Fargo
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Wells Fargo analyst Aaron Rakers reiterated an Overweight rating and $160.00 price target on Apple (NASDAQ: AAPL) expecting the company to announce an additional $50B share repurchase and 10%+ dividend hike when it reports F2Q21 results on April 28th.
The analyst stated "Alongside F2Q21 results, we expect the company to announce an increase to its share repurchase authorization of~$50B, which compares to increases of $35B, $100B, $75B, and $50B in 2017, 2018,2019, and 2020, respectively. Additionally, and perhaps a more important near-term driver of shares, we believe Apple could announce a dividend increase of +10% or more($0.90/sh.+ annualized) given significant FCF generation. This would represent the highest dividend increase since 2018, when the company announced a 16% dividend increase, and would return Apple to a ~10% annual dividend growth trajectory, up from the more modest +5.5% and +6.5% increases in 2019 and 2020, respectively."
Shares of Apple closed at $133.81 yesterday.
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