Apple Inc. (NASDAQ:AAPL) – Stock analysts at Oppenheimer Holdings boosted their FY2017 EPS estimates for shares of Apple in a research note issued on Tuesday. Oppenheimer Holdings analyst A. Uerkwitz now forecasts that the iPhone maker will post earnings per share of $8.98 for the year, up from their prior estimate of $8.74. Oppenheimer Holdings has a “Outperform” rating on the stock.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. The firm had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.42 earnings per share.
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A number of other research firms have also recently commented on AAPL. Bank of America Corporation restated a “buy” rating and issued a $180.00 target price (up previously from $175.00) on shares of Apple in a research note on Wednesday. Argus restated an “outperform” rating and issued a $160.00 target price on shares of Apple in a research note on Monday, May 15th. Hilliard Lyons raised their target price on Apple from $147.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, May 15th. Canaccord Genuity restated a “buy” rating and issued a $180.00 target price (up previously from $165.00) on shares of Apple in a research note on Tuesday, May 16th. Finally, Morgan Stanley restated an “overweight” rating and issued a $182.00 target price on shares of Apple in a research note on Thursday. Twelve equities research analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has assigned a strong buy rating to the company. Apple presently has an average rating of “Buy” and a consensus target price of $167.57.
Shares of Apple (AAPL) opened at 156.39 on Thursday. The company has a market cap of $808.50 billion, a P/E ratio of 17.76 and a beta of 1.31. The stock’s 50 day moving average price is $147.04 and its 200 day moving average price is $142.60. Apple has a 12-month low of $102.53 and a 12-month high of $157.40.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Thursday, August 10th. Apple’s payout ratio is presently 28.64%.
Apple announced that its board has approved a stock buyback plan on Tuesday, May 2nd that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.
In other news, insider Angela J. Ahrendts sold 75,000 shares of Apple stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $147.98, for a total transaction of $11,098,500.00. Following the sale, the insider now owns 154,116 shares of the company’s stock, valued at approximately $22,806,085.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Luca Maestri sold 4,757 shares of Apple 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 sale, the insider now directly owns 3,414 shares in the company, valued at approximately $528,145.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 305,500 shares of company stock worth $46,455,746. Corporate insiders own 0.08% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Blue Sky Asset Management LLC purchased a new stake in Apple during the second quarter valued at approximately $108,000. Hefty Wealth Partners raised its stake in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares during the last quarter. American Beacon Advisors Inc. purchased a new stake in Apple during the first quarter valued at approximately $117,000. Private Vista LLC purchased a new stake in Apple during the second quarter valued at approximately $122,000. Finally, Glacier Peak Capital LLC purchased a new stake in Apple during the fourth quarter valued at approximately $127,000. 61.17% of the stock is currently owned by hedge funds and other 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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