Apple Inc. (AAPL) Receives “Outperform” Rating from Royal Bank Of Canada
Royal Bank Of Canada reissued their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note published on Tuesday morning. Royal Bank Of Canada currently has a $180.00 price objective on the iPhone maker’s stock.
Several other equities research analysts have also recently issued reports on the stock. Piper Jaffray Companies reaffirmed an overweight rating and set a $190.00 target price on shares of Apple in a research note on Tuesday, September 5th. Robert W. Baird reiterated a buy rating and issued a $172.00 target price on shares of Apple in a research report on Tuesday, September 5th. Barclays PLC reissued a hold rating and issued a $146.00 price target on shares of Apple in a research note on Monday, September 4th. Sanford C. Bernstein reissued an outperform rating and issued a $175.00 price target on shares of Apple in a research note on Wednesday, September 6th. Finally, Instinet restated a buy rating and set a $185.00 price target (up from $175.00) on shares of Apple in a research report on Wednesday, September 6th. Ten research analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $188.98.
Shares of Apple (NASDAQ:AAPL) traded down 0.774% during midday trading on Tuesday, reaching $153.285. 15,679,253 shares of the company’s stock were exchanged. The stock has a market cap of $791.75 billion, a P/E ratio of 17.403 and a beta of 1.27. Apple has a one year low of $104.08 and a one year high of $164.94. The company’s 50-day moving average is $158.46 and its 200-day moving average is $150.88.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $44.94 billion. During the same quarter in the prior year, the business posted $1.42 earnings per share. Apple’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities analysts expect that Apple will post $9.01 earnings per share for the current fiscal year.
In other news, Director Arthur D. Levinson sold 35,000 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $157.58, for a total value of $5,515,300.00. Following the completion of the transaction, the director now owns 1,168,283 shares of the company’s stock, valued at approximately $184,098,035.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Johny Srouji sold 10,469 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $162.20, for a total transaction of $1,698,071.80. Following the completion of the transaction, the senior vice president now directly owns 76,250 shares of the company’s stock, valued at approximately $12,367,750. The disclosure for this sale can be found here. Insiders have sold a total of 432,930 shares of company stock valued at $69,008,577 over the last 90 days. Corporate insiders own 0.08% of the company’s stock.
A number of institutional investors have recently modified their holdings of AAPL. Vantage Financial Partners Ltd. Inc. bought a new stake in shares of Apple in the second quarter worth about $400,000. Blue Sky Asset Management LLC acquired a new stake in shares of Apple during the second quarter worth about $108,000. FNY Managed Accounts LLC raised its position in shares of Apple by 852.4% during the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after purchasing an additional 716 shares during the period. Hefty Wealth Partners raised its position in shares of Apple by 27.6% during the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after purchasing an additional 174 shares during the period. Finally, American Beacon Advisors Inc. acquired a new stake in shares of Apple during the first quarter worth about $117,000. 60.36% of the stock is currently 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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