Apple Inc. (AAPL) Given Overweight Rating at Morgan Stanley
Morgan Stanley reaffirmed their overweight rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report report published on Friday morning. The firm currently has a $124.00 price objective on the iPhone maker’s stock.
Several other brokerages have also recently issued reports on AAPL. Pacific Crest boosted their price target on Apple from $121.00 to $129.00 and gave the company an overweight rating in a research report on Thursday. Sanford C. Bernstein restated an outperform rating and issued a $135.00 price target (up previously from $125.00) on shares of Apple in a research report on Thursday. Credit Suisse Group AG restated an outperform rating and issued a $150.00 price target on shares of Apple in a research report on Thursday. Goldman Sachs Group Inc. restated a buy rating and issued a $124.00 price target on shares of Apple in a research report on Wednesday, October 12th. Finally, Mizuho boosted their price target on Apple from $120.00 to $130.00 and gave the company a buy rating in a research report on Wednesday, October 12th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, forty-three have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $126.74.
Shares of Apple (NASDAQ:AAPL) traded down 0.32% during midday trading on Friday, hitting $117.25. The company’s stock had a trading volume of 11,679,861 shares. Apple has a 12-month low of $89.47 and a 12-month high of $123.82. The firm has a 50-day moving average of $111.56 and a 200 day moving average of $103.65. The firm has a market cap of $631.79 billion, a price-to-earnings ratio of 13.67 and a beta of 1.22.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The firm had revenue of $42.36 billion for the quarter, compared to analysts’ expectations of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.85 EPS. On average, equities research analysts predict that Apple will post $8.26 EPS for the current fiscal year.
In other news, COO Jeffrey E. Williams sold 43,769 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $112.59, for a total transaction of $4,927,951.71. Following the transaction, the chief operating officer now owns 90,657 shares of the company’s stock, valued at approximately $10,207,071.63. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 334,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Weaver C. Barksdale & Associates Inc. bought a new position in Apple during the third quarter valued at $122,000. Penserra Capital Management LLC increased its position in Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock valued at $103,000 after buying an additional 304 shares in the last quarter. Delphi Private Advisors LLC increased its position in Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock valued at $140,000 after buying an additional 69 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in Apple during the second quarter valued at $143,000. Finally, River & Mercantile Asset Management LLP increased its position in Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 334 shares in the last quarter. 56.41% 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.
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.