Apple Inc. (AAPL) Earns Buy Rating from Drexel Hamilton
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating restated by equities research analysts at Drexel Hamilton in a report issued on Monday. They presently have a $185.00 price objective on the iPhone maker’s stock. Drexel Hamilton’s price target would indicate a potential upside of 57.27% from the company’s previous close.
Several other research firms also recently issued reports on AAPL. Vetr upgraded shares of Apple and set a $100.00 price objective for the company in a research note on Thursday, July 14th. Mizuho restated a “buy” rating and issued a $120.00 price objective on shares of Apple in a research note on Tuesday, June 21st. Nomura restated a “buy” rating and issued a $120.00 price objective on shares of Apple in a research note on Tuesday, June 21st. Longbow Research began coverage on shares of Apple in a research note on Wednesday, July 6th. They issued a “buy” rating and a $125.00 price objective for the company. Finally, Citigroup Inc. restated a “buy” rating and issued a $115.00 price objective on shares of Apple in a research note on Wednesday, July 6th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, forty-three have given a buy rating and two have assigned a strong buy rating to the stock. Apple currently has an average rating of “Buy” and an average price target of $126.74.
Shares of Apple (NASDAQ:AAPL) traded down 0.52% during trading on Monday, hitting $117.02. The company had a trading volume of 13,860,889 shares. The firm has a market capitalization of $630.56 billion, a P/E ratio of 13.65 and a beta of 1.22. Apple has a 52-week low of $89.47 and a 52-week high of $123.82. The stock’s 50-day moving average is $111.56 and its 200 day moving average is $103.65.
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Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The firm earned $42.36 billion during the quarter, compared to the consensus estimate of $42.35 billion. Apple had a net margin of 21.70% and a return on equity of 37.89%. The company’s revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.85 earnings per share. Equities research analysts predict that Apple will post $8.26 earnings per share for the current fiscal year.
In related news, insider Daniel J. Riccio sold 22,381 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 47,043 shares of the company’s stock, valued at $5,318,681.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Johny Srouji sold 9,827 shares of the firm’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 completion of the transaction, the insider now directly owns 116,369 shares of the company’s stock, valued at $12,619,054.36. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC boosted its position in Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock valued at $103,000 after buying an additional 304 shares in the last quarter. Weaver C. Barksdale & Associates Inc. purchased a new position in Apple during the third quarter valued at $122,000. Delphi Private Advisors LLC boosted its position in Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock valued at $140,000 after buying an additional 69 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Apple during the second quarter valued at $143,000. Finally, River & Mercantile Asset Management LLP boosted its position in Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 334 shares in the last quarter. 56.41% of the stock is owned by institutional investors and hedge funds.
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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