Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
Wall Street is buzzing with activity as several major companies make headlines on Monday. Apple Inc. (NASDAQ: AAPL) reached a new all-time high, The J.M. Smucker Company (NYSE: SJM) announced a dividend increase, and Netflix Inc. (NASDAQ: NFLX) saw multiple analyst price target adjustments ahead of its upcoming earnings report. Here’s a closer look at the day’s developments.
Apple Soars to Record High, Again
Apple’s stock hit a record high of $237.23 on Monday, driven by analyst upgrades and optimism surrounding the company’s artificial intelligence initiatives. As of 11:17 AM EDT, the stock was trading at $235.90, up 2.33% for the day. Morgan Stanley named Apple a top pick and raised its price target to $273, while Loop Capital upgraded the stock to buy from hold, setting a Wall Street-high target of $300.
Analysts are particularly bullish on Apple’s potential for record device upgrades, fueled by its new AI platform, Apple Intelligence. The company’s strong performance in India, where annual sales reached a record of nearly $8 billion, has also contributed to investor enthusiasm. With a market capitalization of $3.618 trillion and a price-to-earnings ratio of 35.87, Apple continues to be a dominant force in the tech sector.
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SJM Increases Dividend for 23rd Consecutive Year
The J.M. Smucker Company announced a 2% increase in its quarterly dividend, marking the 23rd consecutive fiscal year of dividend growth. The new dividend of $1.08 per share, up from $1.06, will be payable on September 3, 2024, to shareholders of record as of August 16, 2024.
As of 11:17 AM EDT, SJM’s stock was trading at $116.16, up 2.65% for the day. The company’s decision to raise its dividend demonstrates its commitment to returning value to shareholders and reflects confidence in its long-term growth prospects.
Netflix Attracts Analyst Attention Ahead of Q2 Earnings Report
Netflix is grabbing headlines as multiple analysts adjust their price targets ahead of the company’s second-quarter earnings report, scheduled for July 18, 2024. JPMorgan raised its target from $650 to $750, while TD Cowen increased its target from $725 to $775. Citi maintained its $660 target, and KeyBanc lifted its target from $707 to $735.
As of 11:17 AM EDT, Netflix stock was trading at $666.58, up 2.93% for the day. Analysts are focusing on the company’s subscriber growth, with JPMorgan expecting 6 million new subscribers in Q2, above the consensus estimate of 3.72 million.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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