Bank of America Corporation Reiterates Buy Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating restated by research analysts at Bank of America Corporation in a report released on Wednesday. They presently have a $180.00 price target on the iPhone maker’s stock. Bank of America Corporation’s price objective indicates a potential upside of 11.93% from the stock’s current price.
AAPL has been the topic of a number of other research reports. Keefe, Bruyette & Woods set a $170.00 price objective on Apple and gave the stock a “buy” rating in a research note on Monday, May 22nd. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $170.00 price target on shares of Apple in a research note on Wednesday, June 21st. Nomura reaffirmed a “buy” rating and issued a $165.00 price target on shares of Apple in a research note on Wednesday, July 5th. Morgan Stanley reaffirmed an “overweight” rating and issued a $177.00 price target (up previously from $161.00) on shares of Apple in a research note on Wednesday, May 17th. Finally, Maxim Group upped their price target on Apple from $171.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, June 19th. Eleven equities research analysts have rated the stock with a hold rating and forty-four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $169.52.
Shares of Apple (NASDAQ:AAPL) opened at 160.86 on Wednesday. Apple has a 12-month low of $104.08 and a 12-month high of $164.94. The stock has a market cap of $830.88 billion, a price-to-earnings ratio of 18.26 and a beta of 1.27. The company’s 50-day moving average price is $158.11 and its 200 day moving average price is $148.94.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. The company 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 firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 earnings per share. On average, equities analysts predict that Apple will post $9.02 earnings per share for the current year.
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In related news, CEO Timothy D. Cook sold 268,623 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $160.63, for a total value of $43,148,912.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 432,930 shares of company stock worth $69,008,577. Corporate insiders own 0.08% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Blue Sky Asset Management LLC bought a new stake in Apple in the second quarter valued at about $108,000. Hefty Wealth Partners increased its holdings in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares during the last quarter. FNY Managed Accounts LLC increased its holdings in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 716 shares during the last quarter. American Beacon Advisors Inc. bought a new stake in Apple in the first quarter valued at about $117,000. Finally, Private Vista LLC bought a new stake in Apple in the second quarter valued at about $122,000. 60.45% of the stock is owned by hedge funds and other 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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