Apple Inc. (AAPL) Receives Outperform Rating from RBC Capital Markets
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reiterated by research analysts at RBC Capital Markets in a report issued on Monday. They currently have a $125.00 target price on the iPhone maker’s stock. RBC Capital Markets’ price objective suggests a potential upside of 6.27% from the stock’s previous close.
A number of other equities analysts have also weighed in on the company. Vetr upgraded Apple from a “buy” rating to a “strong-buy” rating and set a $107.09 price objective for the company in a research note on Monday, June 20th. Nomura reiterated a “buy” rating and set a $120.00 price objective on shares of Apple in a research note on Tuesday, June 21st. Mizuho reiterated a “buy” rating and set a $120.00 price objective on shares of Apple in a research note on Tuesday, June 21st. Cowen and Company reiterated an “outperform” rating and set a $125.00 price objective on shares of Apple in a research note on Wednesday, June 22nd. Finally, Canaccord Genuity reduced their price objective on Apple from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, June 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, forty-three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $126.74.
Apple (NASDAQ:AAPL) traded down 0.52% during trading on Monday, hitting $117.02. The stock had a trading volume of 13,860,889 shares. The company has a market cap of $630.56 billion, a price-to-earnings 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 firm’s 50-day moving average price is $111.56 and its 200-day moving average price 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 earnings per share (EPS) 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 return on equity of 37.89% and a net margin of 21.70%. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the business posted $1.85 EPS. Analysts predict that Apple will post $8.26 EPS for the current fiscal year.
In other Apple news, COO Jeffrey E. Williams sold 43,769 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $112.59, for a total value of $4,927,951.71. Following the completion of the sale, the chief operating officer now directly owns 90,657 shares of the company’s stock, valued at $10,207,071.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Angela J. Ahrendts sold 35,797 shares of the business’s stock in a transaction that occurred on Tuesday, July 19th. The stock was sold at an average price of $100.00, for a total transaction of $3,579,700.00. Following the completion of the sale, the senior vice president now directly owns 105,839 shares of the company’s stock, valued at $10,583,900. 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 have recently bought and sold shares of the company. Zurich Insurance Group Ltd FI increased its stake 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 valued at $94,754,000 after buying an additional 11,582 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in 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 in the last quarter. Roffman Miller Associates Inc. PA increased its stake in 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 in the last quarter. Capstone Asset Management Co. increased its stake in 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 in the last quarter. Finally, Prudential Financial Inc. increased its stake in 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 in the last quarter. 56.41% of the stock is owned by 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.
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