Apple Inc. (AAPL) Stock Rating Reaffirmed by Drexel Hamilton
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by equities researchers at Drexel Hamilton in a research report issued to clients and investors on Thursday. They presently have a $208.00 price objective on the iPhone maker’s stock. Drexel Hamilton’s price target suggests a potential upside of 30.11% from the company’s previous close.
A number of other equities analysts have also recently issued reports on AAPL. Keefe, Bruyette & Woods set a $170.00 price objective on Apple and gave the stock a “buy” rating in a report on Monday, May 22nd. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $170.00 price objective on shares of Apple in a report on Wednesday, June 21st. Nomura reiterated a “buy” rating and issued a $165.00 price objective on shares of Apple in a report on Wednesday, July 5th. Barclays PLC set a $123.00 price objective on Apple and gave the stock a “neutral” rating in a report on Wednesday, May 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $177.00 price objective (up from $161.00) on shares of Apple in a report on Wednesday, May 17th. Eleven analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $167.73.
Apple (NASDAQ:AAPL) opened at 159.86 on Thursday. Apple has a 12 month low of $102.53 and a 12 month high of $162.51. The company has a market capitalization of $825.71 billion, a PE ratio of 18.15 and a beta of 1.31. The company has a 50-day moving average price of $153.93 and a 200 day moving average price of $146.76.
Apple (NASDAQ:AAPL) last posted its earnings results 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 return on equity of 35.40% and a net margin of 20.87%. The business had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same period in the previous year, the business earned $1.42 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, equities research analysts forecast that Apple will post $9.02 EPS for the current fiscal year.
Apple announced that its Board of Directors has approved a stock buyback program on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $157.58, for a total transaction of $5,515,300.00. Following the transaction, the director now directly owns 1,168,283 shares of the company’s stock, valued at approximately $184,098,035.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction 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 185,140 shares of company stock worth $29,045,404 over the last quarter. 0.08% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Saratoga Research & Investment Management increased its position in shares of Apple by 0.6% in the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock valued at $95,840,000 after buying an additional 4,137 shares during the last quarter. Pinnacle Bank purchased a new stake in shares of Apple during the first quarter valued at $1,924,000. Green Square Capital LLC increased its stake in shares of Apple by 6.7% in the first quarter. Green Square Capital LLC now owns 87,456 shares of the iPhone maker’s stock valued at $12,564,000 after buying an additional 5,491 shares during the last quarter. Headinvest LLC increased its stake in shares of Apple by 2.5% in the second quarter. Headinvest LLC now owns 16,295 shares of the iPhone maker’s stock valued at $2,347,000 after buying an additional 390 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Apple during the fourth quarter valued at $5,625,709,000. 61.50% of the stock is currently 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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