Apple’s (AAPL) “Buy” Rating Reiterated at Drexel Hamilton
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by equities researchers at Drexel Hamilton in a research report issued to clients and investors on Monday. They presently have a $185.00 target price on the iPhone maker’s stock. Drexel Hamilton’s price objective would suggest a potential upside of 57.27% from the stock’s current price.
AAPL has been the subject of several other reports. Piper Jaffray Cos. raised Apple to an “overweight” rating and set a $151.00 price objective for the company in a report on Friday, September 16th. Canaccord Genuity reaffirmed a “buy” rating and issued a $140.00 price objective (up from $120.00) on shares of Apple in a report on Monday, September 12th. Pacific Crest lifted their price target on Apple from $121.00 to $129.00 and gave the company an “overweight” rating in a research note on Thursday. Nomura lifted their price target on Apple from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, September 22nd. Finally, Mizuho reiterated a “buy” rating and issued a $120.00 price target on shares of Apple in a research note on Thursday, September 1st. Three investment 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. The stock has a consensus rating of “Buy” and an average price target of $126.74.
Shares of Apple (NASDAQ:AAPL) traded down 0.5210% during trading on Monday, hitting $117.0171. The stock had a trading volume of 13,527,503 shares. The stock has a 50 day moving average price of $111.56 and a 200-day moving average price of $103.65. Apple has a one year low of $89.47 and a one year high of $123.82. The stock has a market capitalization of $630.54 billion, a price-to-earnings ratio of 13.6447 and a beta of 1.22.
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/apples-aapl-buy-rating-reiterated-at-drexel-hamilton.html
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The firm earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.85 EPS. On average, equities research analysts predict that Apple will post $8.26 earnings per share for the current year.
In other news, SVP Angela J. Ahrendts sold 35,797 shares of the stock in a transaction that occurred on Tuesday, July 19th. The shares were sold at an average price of $100.00, for a total transaction of $3,579,700.00. Following the transaction, the senior vice president now directly owns 105,839 shares in the company, valued at $10,583,900. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Daniel J. Riccio sold 22,381 shares of the stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $113.06, for a total transaction of $2,530,395.86. Following the transaction, the insider now owns 47,043 shares in the company, valued at $5,318,681.58. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in AAPL. Cohen & Steers Inc. increased its position in Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock worth $999,482,000 after buying an additional 22,303,795 shares in the last quarter. Magellan Asset Management Ltd increased its position in Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares in the last quarter. Nordea Investment Management AB increased its position in Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new position in Apple during the first quarter worth about $325,287,000. Finally, Franklin Resources Inc. increased its position in Apple by 20.2% in the second quarter. Franklin Resources Inc. now owns 17,027,764 shares of the iPhone maker’s stock worth $1,627,849,000 after buying an additional 2,857,040 shares in the last quarter. Hedge funds and other institutional investors own 56.41% 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.