Apple hit the $2 trillion market cap level on August 19, 2020. Some of Apple’s 2020 stock statistics are nothing short of stunning, considering that much of the globe is in the grips of economic growth-crushing COVID-19 lockdowns that many thought would stifle demand for premium-priced iPhones.
Apple’s market cap stood at $1.29 trillion on Dec. 31, 2019, per Yahoo Finance Premium data. It now clocks in at $2.24 trillion. The forward price-to-earnings multiple on Apple’s stock has expanded to 33 times from 22 times on Dec. 31, 2019, according to Yahoo Finance Premium data. That’s above the five-year average of about 18.2 times.
And the stock price itself has surged 85% year-to-date, outperforming the Nasdaq Composite’s 42% advance. The Dow Jones Industrial Average — in which Apple is a component — is up a paltry 6% on the year.
What perhaps is even more interesting than those three stats, however, is that nearly 20% of Apple stock’s year-to-date increase has come over the past month…
Demand for the suite of new 5G iPhone 12s looks to be strong — only fueling the view in the market of a 5G upgrade super cycle in 2021 and a major positive reset to Apple’s earnings estimates. Even demand for older iPhones appears robust, according to analysts.
MacDailyNews Take: In a year that was hellish for many, owners of Apple stock can look back on 2020 as a stunningly successful year. Here’s hoping 2021 brings more good news for Apple shareholders and that some of that goodness rubs off on the rest of the world, too!