Apple’s (AAPL) Outperform Rating Reiterated at RBC Capital Markets
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reissued by research analysts at RBC Capital Markets in a report issued on Monday. They currently have a $125.00 price objective on the iPhone maker’s stock. RBC Capital Markets’ price target suggests a potential upside of 9.59% from the company’s current price.
A number of other analysts have also weighed in on the stock. Drexel Hamilton reiterated a “buy” rating and set a $185.00 target price on shares of Apple in a report on Monday. William Blair reiterated an “outperform” rating on shares of Apple in a report on Monday. Canaccord Genuity restated a “buy” rating and issued a $140.00 price objective on shares of Apple in a report on Saturday. Bank of America Corp. restated a “buy” rating and issued a $125.00 price objective on shares of Apple in a report on Wednesday, October 5th. Finally, Pacific Crest restated an “overweight” rating and issued a $121.00 price objective on shares of Apple in a report on Wednesday, October 5th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, forty-one have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $126.13.
Shares of Apple (NASDAQ:AAPL) traded up 1.889% during mid-day trading on Monday, reaching $116.215. The company’s stock had a trading volume of 21,081,484 shares. The company has a 50-day moving average of $110.36 and a 200-day moving average of $103.24. The company has a market cap of $626.22 billion, a P/E ratio of 13.551 and a beta of 1.22. Apple has a 12 month low of $89.47 and a 12 month high of $123.82.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/10/apples-aapl-outperform-rating-reiterated-at-rbc-capital-markets-2.html
Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. The company earned $42.36 billion during 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%. Apple’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.85 earnings per share. Equities research analysts forecast that Apple will post $8.26 earnings per share for the current fiscal year.
In other Apple news, insider Daniel J. Riccio sold 22,381 shares of the company’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $113.06, for a total value of $2,530,395.86. Following the transaction, the insider now directly owns 47,043 shares in the company, valued at approximately $5,318,681.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 43,769 shares of the company’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $112.59, for a total transaction of $4,927,951.71. Following the completion of the transaction, the chief operating officer now owns 90,657 shares in the company, valued at $10,207,071.63. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Zurich Insurance Group Ltd FI raised its position in Apple by 1.4% in the first quarter. Zurich Insurance Group Ltd FI now owns 869,381 shares of the iPhone maker’s stock worth $94,754,000 after buying an additional 11,582 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Apple by 34.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,887,600 shares of the iPhone maker’s stock valued at $562,855,000 after buying an additional 1,521,440 shares during the last quarter. Roffman Miller Associates Inc. PA raised its position in shares of Apple by 25.0% in the second quarter. Roffman Miller Associates Inc. PA now owns 139,953 shares of the iPhone maker’s stock valued at $13,380,000 after buying an additional 28,020 shares during the last quarter. Capstone Asset Management Co. raised its position in shares of Apple by 19.1% in the second quarter. Capstone Asset Management Co. now owns 550,349 shares of the iPhone maker’s stock valued at $52,613,000 after buying an additional 88,106 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Apple by 1.0% in the first quarter. Prudential Financial Inc. now owns 12,655,593 shares of the iPhone maker’s stock valued at $1,379,333,000 after buying an additional 127,360 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.
Receive News & Ratings for Apple Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple Inc. and related companies with MarketBeat.com's FREE daily email newsletter.