Drexel Hamilton reiterated their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report released on Wednesday morning. They currently have a $202.00 price objective on the iPhone maker’s stock.
Several other research firms have also recently issued reports on AAPL. Argus reiterated an outperform rating and issued a $160.00 target price on shares of Apple in a research note on Monday, May 15th. Hilliard Lyons increased their target price on shares of Apple from $147.00 to $170.00 and gave the stock a buy rating in a research note on Monday, May 15th. Canaccord Genuity reiterated a buy rating and issued a $180.00 target price (up from $165.00) on shares of Apple in a research note on Tuesday, May 16th. BMO Capital Markets reiterated an outperform rating and issued a $170.00 target price (up from $160.00) on shares of Apple in a research note on Wednesday, May 17th. Finally, Morgan Stanley reiterated an overweight rating and issued a $177.00 target price (up from $161.00) on shares of Apple in a research note on Wednesday, May 17th. Twelve equities research analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $167.57.
Shares of Apple (NASDAQ:AAPL) traded up 0.53% on Wednesday, reaching $156.39. 20,559,852 shares of the company’s stock traded hands. Apple has a one year low of $102.53 and a one year high of $157.40. The firm has a market cap of $808.50 billion, a P/E ratio of 17.76 and a beta of 1.31. The company’s 50-day moving average price is $147.04 and its 200 day moving average price is $142.60.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same period last year, the firm earned $1.42 EPS. Apple’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities analysts forecast that Apple will post $9.00 EPS for the current fiscal year.
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Apple declared that its board has initiated a share repurchase program on Tuesday, May 2nd that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 14th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Thursday, August 10th. Apple’s dividend payout ratio is presently 28.64%.
In other Apple news, insider Luca Maestri sold 4,757 shares of the firm’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 transaction of $735,907.90. Following the completion of the transaction, 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 accessible through this link. Also, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The stock was 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 a total of 305,500 shares of company stock valued at $46,455,746 over the last three months. 0.08% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the company. Blue Sky Asset Management LLC acquired a new position in Apple during the second quarter worth about $108,000. Hefty Wealth Partners raised its position in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after buying an additional 174 shares in the last quarter. American Beacon Advisors Inc. acquired a new position in Apple during the first quarter worth about $117,000. Private Vista LLC acquired a new position in Apple during the second quarter worth about $122,000. Finally, Glacier Peak Capital LLC acquired a new position in Apple during the fourth quarter worth about $127,000. 61.17% of the stock is owned by institutional investors.
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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