Apple Inc. (AAPL) Earns “Outperform” Rating from RBC Capital Markets
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reiterated by equities research analysts at RBC Capital Markets in a research note issued to investors on Monday. They presently have a $125.00 price target on the iPhone maker’s stock. RBC Capital Markets’ target price suggests a potential upside of 6.27% from the company’s previous close.
Several other equities research analysts also recently weighed in on AAPL. Vetr raised shares of Apple from a “buy” rating to a “strong-buy” rating and set a $107.09 target price on the stock in a research note on Monday, June 20th. Nomura reiterated a “buy” rating and set a $120.00 price target on shares of Apple in a report on Tuesday, June 21st. Mizuho reiterated a “buy” rating and set a $120.00 price target on shares of Apple in a report on Tuesday, June 21st. Cowen and Company reiterated an “outperform” rating and set a $125.00 price target on shares of Apple in a report on Wednesday, June 22nd. Finally, Canaccord Genuity lowered their price target on shares of Apple from $130.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, June 23rd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, forty-three have issued a buy rating and two have given a strong buy rating to the company. Apple presently has an average rating of “Buy” and an average price target of $126.74.
Apple (NASDAQ:AAPL) traded down 0.506% on Monday, hitting $117.035. 13,528,434 shares of the company’s stock were exchanged. The company has a market cap of $630.64 billion, a PE ratio of 13.647 and a beta of 1.22. Apple has a 12-month low of $89.47 and a 12-month high of $123.82. The company’s 50-day moving average price is $111.56 and its 200-day moving average price is $103.65.
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/2016/10/17/apple-inc-aapl-earns-outperform-rating-from-rbc-capital-markets.html
Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. The business had revenue of $42.36 billion for 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 business’s revenue was down 14.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.85 EPS. Analysts forecast that Apple will post $8.26 earnings per share for the current year.
In other Apple news, CEO Timothy D. Cook sold 334,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel J. Riccio sold 22,381 shares of the 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 completion of the transaction, the insider now directly owns 47,043 shares in the company, valued at approximately $5,318,681.58. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Cordasco Financial Network raised its stake in Apple by 0.4% in the second quarter. Cordasco Financial Network now owns 3,353 shares of the iPhone maker’s stock worth $321,000 after buying an additional 12 shares in the last quarter. Cidel Asset Management Inc. raised its stake in Apple by 0.3% in the second quarter. Cidel Asset Management Inc. now owns 4,186 shares of the iPhone maker’s stock worth $400,000 after buying an additional 13 shares in the last quarter. Boston Standard Wealth Management LLC raised its stake in Apple by 0.6% in the second quarter. Boston Standard Wealth Management LLC now owns 2,280 shares of the iPhone maker’s stock worth $218,000 after buying an additional 14 shares in the last quarter. Lbmc Investment Advisors LLC raised its stake in Apple by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 5,110 shares of the iPhone maker’s stock worth $489,000 after buying an additional 15 shares in the last quarter. Finally, Summit Financial Strategies Inc. raised its stake in Apple by 0.3% in the second quarter. Summit Financial Strategies Inc. now owns 6,533 shares of the iPhone maker’s stock worth $625,000 after buying an additional 19 shares in the last quarter. 56.41% of the stock is currently owned by hedge funds and other institutional investors.
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.