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.
Apple today is currently trading above $440.
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
— MacDailyNews (@MacDailyNews) March 9, 2020