BMO Capital Markets reissued their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report sent to investors on Monday morning. The firm currently has a $140.00 target price on the iPhone maker’s stock, up from their prior target price of $116.00.
Several other equities research analysts also recently weighed in on AAPL. Raymond James Financial Inc. restated a hold rating on shares of Apple in a report on Saturday, July 9th. Barclays PLC restated a buy rating on shares of Apple in a report on Sunday, July 17th. Credit Suisse Group AG restated a buy rating and set a $150.00 price target on shares of Apple in a report on Sunday, July 17th. Royal Bank Of Canada restated an outperform rating and set a $120.00 price target on shares of Apple in a report on Friday, June 3rd. Finally, Piper Jaffray Cos. restated a buy rating and set a $153.00 price target on shares of Apple in a report on Sunday, May 22nd. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating, forty-two have assigned a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $126.49.
Apple (NASDAQ:AAPL) opened at 113.58 on Monday. The stock’s 50 day moving average price is $108.13 and its 200-day moving average price is $102.24. The company has a market capitalization of $612.02 billion, a P/E ratio of 13.24 and a beta of 1.14. Apple has a 52-week low of $89.47 and a 52-week high of $123.82.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data 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 firm had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.85 EPS. Analysts predict that Apple will post $8.26 earnings per share for the current fiscal year.
In other Apple news, CEO Timothy D. Cook sold 334,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $107.23, for a total value of $35,814,820.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Angela J. Ahrendts sold 35,797 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The stock was 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 in the company, valued at $10,583,900. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Apple during the fourth quarter valued at about $5,068,068,000. Cohen & Steers Inc. boosted its position in Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock worth $999,482,000 after buying an additional 22,303,795 shares during the last quarter. Magellan Asset Management Ltd boosted its position in Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares during the last quarter. Nordea Investment Management AB boosted its position in Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new position in Apple during the first quarter worth $325,287,000. 56.52% 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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