Bank of America Corp. restated their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a report released on Tuesday morning. They currently have a $125.00 price objective on the iPhone maker’s stock.
AAPL has been the topic of several other research reports. Robert W. Baird reaffirmed a buy rating on shares of Apple in a research note on Thursday, June 2nd. Piper Jaffray Cos. reaffirmed a buy rating and issued a $153.00 price target on shares of Apple in a research note on Wednesday, June 8th. RBC Capital Markets reissued an outperform rating and set a $115.00 target price on shares of Apple in a research note on Friday, August 5th. Vetr lowered Apple from a hold rating to a sell rating and set a $103.98 target price on the stock. in a research note on Monday, August 8th. Finally, Wells Fargo & Co. reissued a market perform rating on shares of Apple in a research note on Friday, September 9th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-one have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $126.13.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. Apple had a return on equity of 37.89% and a net margin of 21.70%. The business had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. During the same quarter in the prior year, the company posted $1.85 EPS. The company’s quarterly revenue was down 14.6% on a year-over-year basis.
In other Apple news, SVP Angela J. Ahrendts sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $100.00, for a total value of $2,500,000.00. Following the completion of the transaction, the senior vice president now directly owns 105,839 shares in the company, valued at approximately $10,583,900. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Daniel J. Riccio sold 22,381 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $113.06, for a total transaction of $2,530,395.86. Following the completion of the transaction, the insider now owns 47,043 shares of the company’s stock, valued at $5,318,681.58. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Cohen & Steers Inc. boosted its position in shares of Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock valued at $999,482,000 after buying an additional 22,303,795 shares during the period. Magellan Asset Management Ltd boosted its position in shares of Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock valued at $1,462,120,000 after buying an additional 5,543,465 shares during the period. Nordea Investment Management AB boosted its position in shares of Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock valued at $974,714,000 after buying an additional 4,755,361 shares during the period. NN Investment Partners Holdings N.V. acquired a new position in shares of Apple during the first quarter valued at about $325,287,000. Finally, Franklin Resources Inc. boosted its position in shares of Apple by 20.2% in the second quarter. Franklin Resources Inc. now owns 17,027,764 shares of the iPhone maker’s stock valued at $1,627,849,000 after buying an additional 2,857,040 shares during the period. Hedge funds and other institutional investors own 56.46% of the company’s stock.
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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