Apple Inc. (AAPL) Given “Buy” Rating at Instinet
Instinet reissued their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note released on Wednesday. Instinet currently has a $185.00 price target on the iPhone maker’s stock, up from their prior price target of $175.00.
Several other research firms have also commented on AAPL. Barclays PLC reaffirmed a hold rating and set a $146.00 price target on shares of Apple in a research report on Monday. Piper Jaffray Companies reaffirmed an overweight rating and set a $190.00 price target on shares of Apple in a research report on Tuesday. Robert W. Baird reaffirmed a buy rating and set a $172.00 price target on shares of Apple in a research report on Tuesday. Royal Bank Of Canada upped their price target on shares of Apple from $176.00 to $180.00 and gave the company an outperform rating in a research report on Friday, September 1st. Finally, Sanford C. Bernstein reaffirmed an outperform rating and set a $175.00 price target on shares of Apple in a research report on Wednesday. Eleven analysts have rated the stock with a hold rating, forty-four have given a buy rating and one has issued a strong buy rating to the company. Apple presently has a consensus rating of Buy and an average price target of $168.89.
Apple (NASDAQ:AAPL) opened at 162.07 on Wednesday. The company’s 50 day moving average is $157.26 and its 200-day moving average is $148.43. The company has a market capitalization of $837.13 billion, a price-to-earnings ratio of 18.40 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 released its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities analysts anticipate that Apple will post $9.02 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 14th were issued a $0.63 dividend. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $2.52 annualized dividend and a dividend yield of 1.56%. Apple’s dividend payout ratio is currently 28.64%.
In other news, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy D. Cook sold 268,623 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $160.63, for a total value of $43,148,912.49. The disclosure for this sale can be found here. Insiders sold a total of 432,930 shares of company stock valued at $69,008,577 over the last three months. Insiders own 0.08% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of AAPL. Clough Capital Partners L P lifted its holdings in shares of Apple by 275.9% in the 4th quarter. Clough Capital Partners L P now owns 373,300 shares of the iPhone maker’s stock valued at $43,236,000 after buying an additional 274,000 shares during the period. ARS Investment Partners LLC acquired a new stake in shares of Apple in the 4th quarter valued at approximately $25,990,000. Capital Guardian Trust Co. lifted its holdings in shares of Apple by 3.5% in the 4th quarter. Capital Guardian Trust Co. now owns 1,798,987 shares of the iPhone maker’s stock valued at $208,359,000 after buying an additional 61,142 shares during the period. Empire Life Investments Inc. acquired a new stake in shares of Apple in the 4th quarter valued at approximately $14,736,000. Finally, Narus Financial Partners LLC acquired a new stake in shares of Apple in the 4th quarter valued at approximately $777,000. 60.44% 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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