Analyst: Apple repurchased 51 million AAPL shares last quarter at $311 apiece

Evercore analyst Amit Daryanani estimates that Apple bought 51 million AAPL shares last quarter at $311 apiece, likely aggressively during COVID-19 panic-induced lows.

AAPL - Apple logoApple today is currently trading above $440.

Philip Elmer-DeWitt:

From a note to [Evercore] clients that landed on my desktop Tuesday:

AAPL repurchased 51M shares for ~$16B, implying an average purchase price of $311. Apple’s share price was above $311 for most of May and June, so management was likely aggressive with buybacks in April.

MacDailyNews Take: While being right nearly all the time is indeed a heavy cross to bear, we gladly shoulder this burden for you, dear readers and AAPL shareholders, as always:

While this is likely to get worse before it gets better, panicked selling will only lose you money, not make it. Of course, it’s nearly impossible to call a bottom, but getting in at a nice low price while “others are fearful” might look pretty good in your portfolio a few quarters out. Hopefully, Apple is executing beaucoup buybacks at discount prices during this period, just as others are calmly buying stocks during the coronavirus panic.MacDailyNews, March 12, 2020

We’re having a panic-induced deep discount sale on Apple just ahead of a multi-year 5G super cycle. It makes a lot of sense to consider buying Apple stock on the coronavirus pullback. — MacDailyNews, February 25, 2020

And you thought sheep were herdable animals. — MacDailyNews, March 9, 2020


  1. The market has not priced things correctly. Goldman Sucks’a** continues it’s amazing record of being 100% wrong about apple. Managing to beat broken clocks with its amazing record of incompetence.

    This stock is going well over $700. Why? The market has not figured this out:

    5G is bs. The market is setting stupid expectations for 5G. Most consumers dont care at all, their LTE speeds are crazy fast good enough for them. 5G is a red herring. It will cause a little bump, but for most consumers wont move the dial to cause a super cycle of iPhone buying.

    The key are apple glasses. If Apple releases them in 2021, for the first 6 months all the ‘experts’ will crap on them say how lame they are. Like Apple Watch. Like AirPods. But, assuming Apple does a good job and people like them we have 2 possibilities: 1) Good, 2) Next wave.

    Here is the key. If the uptake is just like AirPods or Apple Watch that is the 1) Good scenario. Solid sales, adding solidly to the wearables. Probably doubling wearables revenue.

    Scenario 2) Is a next wave phenomena. If Apple Glasses are like the Mac and the original iPhone, ushering a new gen of tech from which there is no going back, the new ‘must have’ the sales will be crushingly good. It will ramp and ramp and ramp and follow the iPhone trajectory of years.

    But regardless of it’s scenario1 or 2, here is the kicker. For at least 5-7 years glasses will require an iPhone to work, much like Apple Watch/AirPods. That means a SUPER CYCLE of iPhone sales as it’s likely that apple will require the latest phones to use apple glasses.

    That means $700 for apple will be cheap by 2022.

    1. Zombie, I SO agree. Goldman Sachs is a partner with Apple for the Apple Card; yet, the analysts at Goldman Sachs continue to throw Apple under the bus, roll over them and repeat process. It really is amazing to see self-destruction like that. Why the CEO there doesn’t toss this jackass out of his failed job, is a shame.

  2. Goldman Sach’s Rod Hall is useless as an analyst. Why would any investor follow his advice as he’s been so wrong about Apple forever? Any investor should realize he’s going to lose them money unless they use the Bizarro strategy of doing the opposite of what Rod Hall tells them.

    Anyway, I’m very happy Apple was able to buy back all those shares at such a low price. Apple would have been one of the few companies that could afford to make such a move in such a dangerous or perilous time. I honestly did not think Apple would have split the stock after retiring so many shares. If Apple is seen as a good stock, I figured investors would buy it even with a $500 share price. Look at Tesla or Amazon. Investors keep loading up on those stocks even with their high prices. I must be really stupid for not understanding Apple’s financial moves. I’m not even sure why Apple would want retail investors buying Apple stock. I think Apple should be owned by serious long-term investors happily willing to buy Apple stock at any price and not a bunch of Robinhood day-traders looking for daily gains. I thought Apple would be done with high fluctuations in share price, but it doesn’t look as though that will go away.

  3. When Apple glasses look like any other pair of glasses, with great function/use-ability combined with long battery life, then Apple will have a huge winner, however the geeks, tech people, general media will not be happy you are 100% correct.

    However investors who are long are going to be very happy for quite a while.

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