Apple Inc. (AAPL) Receives “Buy” Rating from Bank of America Corp.
Bank of America Corp. reissued their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note issued to investors on Tuesday morning. Bank of America Corp. currently has a $125.00 target price on the iPhone maker’s stock.
Other equities analysts have also issued research reports about the company. Raymond James Financial Inc. reiterated a hold rating on shares of Apple in a research note on Saturday, July 9th. Barclays PLC reiterated a buy rating on shares of Apple in a research note on Sunday, July 17th. Credit Suisse Group AG reiterated a buy rating and set a $150.00 target price on shares of Apple in a research note on Sunday, July 17th. Brean Capital reiterated a buy rating and set a $125.00 target price on shares of Apple in a research note on Wednesday, July 27th. Finally, Oppenheimer Holdings Inc. reiterated a market perform rating on shares of Apple in a research note on Thursday, August 11th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, forty-two have assigned a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $126.54.
Apple (NASDAQ:AAPL) traded up 0.9425% during mid-day trading on Tuesday, reaching $114.1559. The company’s stock had a trading volume of 8,196,499 shares. The stock has a market cap of $615.12 billion, a PE ratio of 13.3111 and a beta of 1.14. Apple has a 52-week low of $89.47 and a 52-week high of $123.82. The company has a 50 day moving average of $109.35 and a 200-day moving average of $102.74.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. The company had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.85 earnings per share. Equities analysts forecast that Apple will post $8.26 earnings per share for the current year.
In other news, CEO Timothy D. Cook sold 334,000 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $107.23, for a total transaction of $35,814,820.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Angela J. Ahrendts sold 25,000 shares of the stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $100.00, for a total value of $2,500,000.00. Following the transaction, the senior vice president now owns 105,839 shares in the company, valued at approximately $10,583,900. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Carnick & Kubik Group LLC bought a new stake in shares of Apple during the second quarter worth about $1,471,000. Williams Jones & Associates LLC increased its stake in shares of Apple by 14.4% in the second quarter. Williams Jones & Associates LLC now owns 768,506 shares of the iPhone maker’s stock worth $73,469,000 after buying an additional 96,464 shares in the last quarter. Springowl Associates LLC bought a new stake in shares of Apple during the second quarter worth about $860,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Apple during the second quarter worth about $21,143,000. Finally, Kentucky Retirement Systems bought a new stake in shares of Apple during the second quarter worth about $44,529,000. Institutional investors own 56.46% of the company’s stock.
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.
Receive News & Stock Ratings for Apple Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple Inc. and related stocks with our FREE daily email newsletter.