Apple Inc. (AAPL) Upgraded to Buy at Cleveland Research
Cleveland Research upgraded shares of Apple Inc. (NASDAQ:AAPL) from a neutral rating to a buy rating in a research report report published on Tuesday morning, Marketbeat reports. They currently have $197.00 target price on the iPhone maker’s stock.
AAPL has been the topic of several other reports. UBS AG set a $165.00 price objective on Apple and gave the company a buy rating in a research report on Wednesday, May 3rd. Royal Bank Of Canada reiterated an outperform rating and set a $160.08 price objective (down from $176.00) on shares of Apple in a research report on Wednesday, August 9th. Longbow Research reiterated a buy rating and set a $173.00 price objective on shares of Apple in a research report on Friday, August 11th. Instinet reiterated a buy rating and set a $175.00 price objective (up from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. Finally, KeyCorp reiterated an equal weight rating on shares of Apple in a research report on Friday, August 4th. Eleven analysts have rated the stock with a hold rating, forty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $168.67.
Apple (NASDAQ:AAPL) opened at 164.05 on Tuesday. The firm has a 50-day moving average price of $156.36 and a 200-day moving average price of $147.86. The company has a market cap of $847.36 billion, a PE ratio of 18.63 and a beta of 1.27. Apple has a 52-week low of $102.53 and a 52-week high of $164.94.
Apple (NASDAQ:AAPL) last announced 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. The business had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 EPS. On average, analysts forecast that Apple will post $9.02 EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Thursday, August 10th. Apple’s dividend payout ratio is presently 28.64%.
In related news, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $155.32, for a total value of $1,855,918.68. Following the transaction, the insider now directly owns 13,049 shares of the company’s stock, valued at approximately $2,026,770.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP D Bruce Sewell sold 31,625 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $158.13, for a total transaction of $5,000,861.25. Following the completion of the transaction, the senior vice president now directly owns 112,430 shares in the company, valued at $17,778,555.90. The disclosure for this sale can be found here. Insiders sold a total of 444,879 shares of company stock worth $70,864,495 over the last ninety days. 0.08% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Sky Asset Management LLC acquired a new position in Apple during the second quarter worth $108,000. Hefty Wealth Partners raised its position in 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 during the period. FNY Managed Accounts LLC raised its position in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after buying an additional 716 shares during the period. American Beacon Advisors Inc. acquired a new position in Apple during the first quarter worth $117,000. Finally, Private Vista LLC acquired a new position in Apple during the second quarter worth $122,000. 60.43% of the stock is currently owned by institutional investors and hedge funds.
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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