Apple’s (AAPL) Buy Rating Reaffirmed at Drexel Hamilton
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by investment analysts at Drexel Hamilton in a research note issued on Monday. They currently have a $185.00 target price on the iPhone maker’s stock. Drexel Hamilton’s target price would suggest a potential upside of 62.20% from the company’s current price.
Several other equities analysts also recently commented on the company. Piper Jaffray Cos. restated an “overweight” rating and set a $153.00 target price on shares of Apple in a research report on Tuesday, July 26th. Credit Suisse Group AG restated an “outperform” rating and set a $150.00 target price on shares of Apple in a research report on Thursday, September 15th. Citigroup Inc. raised 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 restated a “buy” rating and set a $150.00 target price on shares of Apple in a research report on Wednesday, July 20th. Finally, Vetr downgraded Apple from a “hold” rating to a “sell” rating and set a $105.47 target price for the company. in a research report on Monday, August 15th. Four analysts have rated the stock with a sell rating, nine have given a hold rating, forty-one have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $126.13.
Shares of Apple (NASDAQ:AAPL) traded up 1.9425% on Monday, reaching $116.2756. The company had a trading volume of 19,784,873 shares. Apple has a one year low of $89.47 and a one year high of $123.82. The company has a 50-day moving average price of $110.36 and a 200-day moving average price of $103.24. The firm has a market cap of $626.54 billion, a P/E ratio of 13.5583 and a beta of 1.22.
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Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The business earned $42.36 billion during 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%. Apple’s revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the company earned $1.85 EPS. On average, analysts expect that Apple will post $8.26 earnings per share for the current fiscal year.
In related news, SVP Angela J. Ahrendts sold 25,000 shares of the stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $100.00, for a total transaction of $2,500,000.00. Following the transaction, the senior vice president now owns 105,839 shares in the company, valued at $10,583,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 334,000 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of AAPL. Jacobs & Co. CA increased its position in shares of Apple by 1.2% in the first quarter. Jacobs & Co. CA now owns 103,817 shares of the iPhone maker’s stock worth $11,315,000 after buying an additional 1,241 shares during the period. Gierl Augustine Investment Management Inc increased its position in Apple by 27.5% in the first quarter. Gierl Augustine Investment Management Inc now owns 8,521 shares of the iPhone maker’s stock valued at $929,000 after buying an additional 1,837 shares during the last quarter. Burke & Herbert Bank & Trust Co. increased its position in Apple by 5.4% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 20,175 shares of the iPhone maker’s stock valued at $2,199,000 after buying an additional 1,034 shares during the last quarter. Koshinski Asset Management Inc. increased its position in Apple by 16.2% in the first quarter. Koshinski Asset Management Inc. now owns 31,170 shares of the iPhone maker’s stock valued at $3,397,000 after buying an additional 4,354 shares during the last quarter. Finally, TNB Financial increased its position in Apple by 10.5% in the first quarter. TNB Financial now owns 98,185 shares of the iPhone maker’s stock valued at $10,701,000 after buying an additional 9,326 shares during the last quarter. 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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