Apple (NASDAQ:AAPL)'s stock soared on AI optimism, JM Smucker (NYSE:SJM) increased its dividend for the 23rd consecutive year, and Netflix (NASDAQ:NFLX) attracted attention ahead of its upcoming earnings report.
Wall Street is buzzing with activity as several large companies make headlines on Monday. Apple reached a new all-time high, JM Smucker announced a dividend increase, and Netflix 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.
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 Chase & Co) raised its target from $650 to $750, while TD (TSX:TD) Cowen increased its target from $725 to $775. Citigroup 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 (NYSE:JPM) expecting 6 million new subscribers in Q2, above the consensus estimate of 3.72 million.
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