Apple’s (AAPL) Buy Rating Reiterated at Bank of America Corporation
Bank of America Corporation reissued their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report released on Thursday. The brokerage currently has a $180.00 price target on the iPhone maker’s stock.
AAPL has been the topic of a number of other reports. Keefe, Bruyette & Woods set a $170.00 target price on Apple and gave the stock a buy rating in a research report on Monday, May 22nd. Goldman Sachs Group, Inc. (The) reiterated a buy rating and issued a $170.00 price target on shares of Apple in a research note on Wednesday, June 21st. Nomura reiterated a buy rating and issued a $165.00 price target on shares of Apple in a research note on Wednesday, July 5th. Barclays PLC set a $123.00 price target on Apple and gave the stock a neutral rating in a research note on Wednesday, May 3rd. Finally, Morgan Stanley reiterated an overweight rating and issued a $177.00 price target (up from $161.00) on shares of Apple in a research note on Wednesday, May 17th. Eleven research analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has given a strong buy rating to the company. Apple presently has an average rating of Buy and an average price target of $167.73.
Apple (NASDAQ AAPL) opened at 159.86 on Thursday. The company has a market cap of $825.71 billion, a P/E ratio of 18.15 and a beta of 1.31. The firm has a 50-day moving average price of $153.93 and a 200 day moving average price of $146.76. Apple has a 12 month low of $102.53 and a 12 month high of $162.51.
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 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 company had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. During the same period last year, the company posted $1.42 earnings per share. The firm’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts predict that Apple will post $9.02 EPS for the current year.
Apple announced that its Board of Directors has approved a share repurchase 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 typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were issued a dividend of $0.63 per share. The ex-dividend date was Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.58%. Apple’s payout ratio is 28.64%.
In related news, SVP Johny Srouji sold 10,469 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $162.20, for a total value of $1,698,071.80. Following the completion of the transaction, the senior vice president now owns 76,250 shares of the company’s stock, valued at $12,367,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Luca Maestri sold 4,757 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 3,414 shares of the company’s stock, valued at approximately $528,145.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,140 shares of company stock worth $29,045,404. 0.08% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Seven Eight Capital LP acquired a new position in Apple during the fourth quarter worth $3,787,000. Avenir Corp acquired a new position in Apple during the fourth quarter worth $9,693,000. STA Wealth Management LLC increased its position in Apple by 3.3% in the fourth quarter. STA Wealth Management LLC now owns 6,940 shares of the iPhone maker’s stock worth $804,000 after buying an additional 223 shares during the period. Glenview Capital Management LLC acquired a new position in Apple during the fourth quarter worth $365,191,000. Finally, Pacific Global Investment Management CO increased its position in Apple by 0.6% in the fourth quarter. Pacific Global Investment Management CO now owns 72,866 shares of the iPhone maker’s stock worth $8,439,000 after buying an additional 415 shares during the period. 60.43% of the stock is owned by institutional investors and hedge funds.
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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