Apple Inc. (NASDAQ:AAPL) Stock Rating Reaffirmed by Drexel Hamilton
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by equities researchers at Drexel Hamilton in a report released on Thursday, July 6th. They presently have a $202.00 price target on the iPhone maker’s stock. Drexel Hamilton’s price target suggests a potential upside of 29.16% from the company’s previous close.
Other equities research analysts also recently issued reports about the company. UBS AG reissued a “buy” rating and set a $151.00 target price on shares of Apple in a research report on Saturday, March 11th. Raymond James Financial, Inc. reissued an “outperform” rating and set a $159.00 target price (up from $152.00) on shares of Apple in a research report on Monday, April 3rd. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $150.00 target price on shares of Apple in a research report on Wednesday, April 12th. Rosenblatt Securities reissued a “neutral” rating and set a $120.00 target price on shares of Apple in a research report on Monday, April 17th. Finally, FBN Securities lifted their target price on Apple from $155.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, May 4th. Twelve research analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $167.57.
Apple (AAPL) traded up 0.53% on Thursday, reaching $156.39. The company’s stock had a trading volume of 20,513,744 shares. Apple has a 52 week low of $102.53 and a 52 week high of $157.40. The stock’s 50 day moving average is $147.04 and its 200-day moving average is $142.60. The firm has a market capitalization of $808.50 billion, a PE ratio of 17.76 and a beta of 1.31.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The business had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same period last year, the business earned $1.42 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. Analysts predict that Apple will post $9.00 EPS for the current year.
Apple announced that its board has initiated a stock buyback 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 reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
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 value of $735,907.90. Following the sale, the insider now owns 3,414 shares in the company, valued at $528,145.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Angela J. Ahrendts sold 25,377 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $154.24, for a total transaction of $3,914,148.48. Following the completion of the sale, the insider now owns 81,936 shares in the company, valued at approximately $12,637,808.64. The disclosure for this sale can be found here. Insiders have sold a total of 305,500 shares of company stock worth $46,455,746 in the last quarter. 0.08% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of AAPL. Blue Sky Asset Management LLC bought a new stake in shares of Apple during the second quarter worth $108,000. Hefty Wealth Partners raised its stake in shares of 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. bought a new stake in shares of Apple during the first quarter worth $117,000. Glacier Peak Capital LLC bought a new stake in shares of Apple during the fourth quarter worth $127,000. Finally, Armbruster Capital Management Inc. raised its stake in shares of Apple by 9.4% in the second quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock worth $131,000 after buying an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 61.17% of the company’s stock.
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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