After 10% gains, Apple overtakes Saudi Aramco to become world's most valuable publicly listed company
New Delhi | Jagran Business Desk: Technology giant Apple Inc on Friday dethroned oil giant Saudi Aramco to become the most valuable publicly listed company in the world after it reported a gain of 10 per cent in its shares.
On Friday, Apple in its regulatory filing said that its stocks have increased to USD 425.04 a share, putting its market capitalisation at USD 1.82 trillion. This was the largest one-day percentage gain since March 13 for the iPhone maker and it added USD 172 billion in market capitalisation during the session, greater than the entire stock market value of Oracle Corp.
Saudi Aramco had been the most valuable publicly listed company since going public last year but was dethroned by Apple on Friday. The oil giants had a market capitalisation of USD 1.760 trillion as of its last close.
Meanwhile, Apple had 4,27,56,34,000 outstanding shares till July 17 after it bought back USD 16 billion worth of shares in the June quarter, the iPhone maker said in its filing.
With Friday's stock gain, Apple's has surged about 45 per cent year to date, with investors betting that it and other major US technology companies will emerge from the coronavirus pandemic stronger than smaller rivals.
In its quarterly report, Apple announced a four-for-one stock split, with trading on a split-adjusted basis starting on August 31. It will be Apple's first share split since 2014.
Over 20 analysts raised their price targets for Apple's stock following the company's report, according to Refinitiv. However, the new median analyst price target of USD 409.63 is more than USD 15 short of Friday's closing price.
(With Reuters inputs)
Posted By: Aalok Sensharma