Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating restated by investment analysts at Bank of America Corp. in a research report issued on Wednesday. They currently have a $125.00 target price on the iPhone maker’s stock. Bank of America Corp.’s target price would indicate a potential upside of 10.62% from the stock’s current price.
Several other equities research analysts have also weighed in on the company. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $153.00 target price on shares of Apple in a research report on Tuesday, July 26th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $150.00 target price on shares of Apple in a research report on Thursday, September 15th. Citigroup Inc. increased their target price on Apple from $120.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, September 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 target price on shares of Apple in a research report on Wednesday, July 20th. Finally, Vetr lowered Apple from a “hold” rating to a “sell” rating and set a $105.47 target price on the stock. in a research report on Monday, August 15th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating, forty-one have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $126.13.
Apple (NASDAQ:AAPL) traded up 0.05% during midday trading on Wednesday, hitting $113.06. 9,991,519 shares of the company traded hands. Apple has a 12-month low of $89.47 and a 12-month high of $123.82. The stock has a 50 day moving average of $109.98 and a 200 day moving average of $103.03. The stock has a market cap of $609.22 billion, a P/E ratio of 13.18 and a beta of 1.22.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The business had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The business’s revenue was down 14.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.85 EPS. Equities research analysts predict that Apple will post $8.26 EPS for the current fiscal year.
In related news, SVP Angela J. Ahrendts sold 35,797 shares of the stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $100.00, for a total value of $3,579,700.00. Following the completion of the transaction, the senior vice president now directly owns 105,839 shares of the company’s stock, valued at $10,583,900. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy D. Cook sold 334,000 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $107.23, for a total transaction of $35,814,820.00. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Cordasco Financial Network increased its position in Apple by 0.4% in the second quarter. Cordasco Financial Network now owns 3,353 shares of the iPhone maker’s stock worth $321,000 after buying an additional 12 shares during the last quarter. Cidel Asset Management Inc. increased its position in Apple by 0.3% in the second quarter. Cidel Asset Management Inc. now owns 4,186 shares of the iPhone maker’s stock worth $400,000 after buying an additional 13 shares during the last quarter. Boston Standard Wealth Management LLC increased its position in Apple by 0.6% in the second quarter. Boston Standard Wealth Management LLC now owns 2,280 shares of the iPhone maker’s stock worth $218,000 after buying an additional 14 shares during the last quarter. Lbmc Investment Advisors LLC increased its position in Apple by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 5,110 shares of the iPhone maker’s stock worth $489,000 after buying an additional 15 shares during the last quarter. Finally, Summit Financial Strategies Inc. increased its position in Apple by 0.3% in the second quarter. Summit Financial Strategies Inc. now owns 6,533 shares of the iPhone maker’s stock worth $625,000 after buying an additional 19 shares during the last quarter. 56.46% of the stock is owned by 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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