Investors Buy Shares of Apple Inc. (AAPL) on Weakness
Traders bought shares of Apple Inc. (NASDAQ:AAPL) on weakness during trading hours on Wednesday. $972.24 million flowed into the stock on the tick-up and $775.39 million flowed out of the stock on the tick-down, for a money net flow of $196.85 million into the stock. Of all stocks tracked, Apple had the highest net in-flow for the day. Apple traded down ($0.02) for the day and closed at $113.55
AAPL has been the topic of several research reports. Vetr upgraded Apple and set a $100.00 target price on the stock in a research note on Thursday, July 14th. Morgan Stanley set a $120.00 target price on Apple and gave the company a “buy” rating in a research note on Wednesday, May 25th. Citigroup Inc. restated a “buy” rating on shares of Apple in a research note on Tuesday, May 31st. XYZ Research initiated coverage on Apple in a research note on Sunday, May 29th. They issued a “buy” rating and a $110.00 target price on the stock. Finally, B. Riley restated a “buy” rating on shares of Apple in a research note on Thursday, May 26th. Four analysts have rated the stock with a sell rating, ten have given a hold rating, forty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. Apple presently has an average rating of “Buy” and an average target price of $126.34.
The firm has a market capitalization of $611.86 billion, a price-to-earnings ratio of 13.24 and a beta of 1.14. The stock has a 50 day moving average price of $108.61 and a 200 day moving average price of $102.39.
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Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The firm had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. Apple had a net margin of 21.70% and a return on equity of 37.89%. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.85 earnings per share. Equities research analysts expect that Apple Inc. will post $8.26 earnings per share for the current fiscal year.
In other news, CEO Timothy D. Cook sold 334,000 shares of the business’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $107.23, for a total transaction of $35,814,820.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Johny Srouji sold 9,827 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $108.44, for a total transaction of $1,065,639.88. Following the sale, the insider now directly owns 116,369 shares in the company, valued at $12,619,054.36. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Carnick & Kubik Group LLC bought a new stake in shares of Apple during the second quarter worth $1,471,000. Williams Jones & Associates LLC raised its stake in shares of Apple by 14.4% in the second quarter. Williams Jones & Associates LLC now owns 768,506 shares of the iPhone maker’s stock worth $73,469,000 after buying an additional 96,464 shares during the period. Springowl Associates LLC bought a new stake in shares of Apple during the second quarter worth $860,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Apple during the second quarter worth $21,143,000. Finally, Kentucky Retirement Systems bought a new stake in shares of Apple during the second quarter worth $44,529,000. 56.45% of the stock is currently 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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