Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by stock analysts at Bank of America Corporation in a research note issued on Wednesday. They presently have a $180.00 target price on the iPhone maker’s stock, up from their prior target price of $175.00. Bank of America Corporation’s price objective points to a potential upside of 15.70% from the stock’s previous close.
Several other analysts have also recently weighed in on AAPL. UBS AG set a $151.00 price objective on Apple and gave the company a “buy” rating in a research report on Tuesday, April 4th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $176.00 price objective (up from $165.00) on shares of Apple in a research report on Wednesday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $176.00 price objective (up from $168.00) on shares of Apple in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $175.00 price objective (up from $165.00) on shares of Apple in a research report on Wednesday. They noted that the move was a valuation call. Twelve analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $167.57.
Apple (AAPL) opened at 155.57 on Wednesday. The company has a 50-day moving average price of $147.04 and a 200 day moving average price of $142.60. The company has a market cap of $804.26 billion, a PE ratio of 17.66 and a beta of 1.31. Apple has a 12-month low of $102.53 and a 12-month high of $157.21.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The business had revenue of $45.41 billion for the quarter, compared to analysts’ expectations of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 EPS. On average, analysts forecast that Apple will post $8.97 EPS for the current fiscal year.
Apple declared that its Board of Directors has approved a share repurchase program on Tuesday, May 2nd that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
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In other news, insider Luca Maestri sold 4,757 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $154.70, for a total value of $735,907.90. Following the sale, the insider now directly owns 3,414 shares of the company’s stock, valued at approximately $528,145.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. Insiders have sold 305,500 shares of company stock worth $46,455,746 over the last ninety days. 0.08% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Texas Yale Capital Corp. increased its stake in Apple by 2.8% in the second quarter. Texas Yale Capital Corp. now owns 51,200 shares of the iPhone maker’s stock worth $7,374,000 after buying an additional 1,398 shares during the period. Welch Capital Partners LLC NY increased its stake in Apple by 20.8% in the second quarter. Welch Capital Partners LLC NY now owns 28,407 shares of the iPhone maker’s stock worth $4,091,000 after buying an additional 4,891 shares during the period. Midwest Investment Management LLC increased its stake in Apple by 4.4% in the second quarter. Midwest Investment Management LLC now owns 23,104 shares of the iPhone maker’s stock worth $3,327,000 after buying an additional 980 shares during the period. Gould Asset Management LLC CA increased its stake in Apple by 2.1% in the second quarter. Gould Asset Management LLC CA now owns 6,588 shares of the iPhone maker’s stock worth $949,000 after buying an additional 135 shares during the period. Finally, First Personal Financial Services increased its stake in Apple by 20.7% in the second quarter. First Personal Financial Services now owns 34,543 shares of the iPhone maker’s stock worth $4,975,000 after buying an additional 5,928 shares during the period. 61.17% of the stock is currently owned by institutional investors and hedge funds.
Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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