Macquarie Reaffirms “Outperform” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reiterated by research analysts at Macquarie in a research report issued to clients and investors on Monday. They currently have a $170.00 price target on the iPhone maker’s stock. Macquarie’s price target would suggest a potential upside of 16.98% from the company’s previous close.
A number of other analysts have also weighed in on the stock. Citigroup Inc. reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Apple in a research note on Monday. Mizuho lowered shares of Apple from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $160.00 to $150.00 in a research note on Monday. Raymond James Financial, Inc. reaffirmed an “outperform” rating on shares of Apple in a research note on Wednesday, June 7th. Argus upped their price objective on shares of Apple from $160.00 to $175.00 and gave the stock a “buy” rating in a research note on Wednesday, June 7th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $130.00 price objective on shares of Apple in a research note on Tuesday, June 6th. Nine research analysts have rated the stock with a hold rating, forty-one have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $160.05.
Apple (AAPL) traded down 2.39% during midday trading on Monday, hitting $145.42. 72,164,042 shares of the stock traded hands. Apple has a 52-week low of $91.50 and a 52-week high of $156.65. The firm’s 50-day moving average is $151.05 and its 200-day moving average is $134.13. The company has a market cap of $758.20 billion, a price-to-earnings ratio of 17.06 and a beta of 1.28.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.08. The firm had revenue of $52.90 billion during the quarter, compared to analyst estimates of $52.61 billion. Apple had a net margin of 20.74% and a return on equity of 35.09%. Analysts predict that Apple will post $8.94 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were paid a $0.63 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Thursday, May 11th. Apple’s dividend payout ratio is presently 29.47%.
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In related news, insider Luca Maestri sold 6,308 shares of the company’s stock in a transaction on Thursday, April 20th. The stock was sold at an average price of $141.83, for a total value of $894,663.64. Following the completion of the transaction, the insider now directly owns 2,665 shares in the company, valued at $377,976.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $155.32, for a total value of $1,855,918.68. Following the completion of the transaction, the insider now owns 13,049 shares of the company’s stock, valued at $2,026,770.68. The disclosure for this sale can be found here. Insiders sold 447,411 shares of company stock valued at $67,200,745 over the last quarter. Insiders own 0.08% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Stanford Investment Group Inc. raised its stake in shares of Apple by 25.9% in the fourth quarter. Stanford Investment Group Inc. now owns 98,014 shares of the iPhone maker’s stock valued at $11,352,000 after buying an additional 20,176 shares in the last quarter. Fairview Capital Investment Management LLC raised its stake in shares of Apple by 2.7% in the fourth quarter. Fairview Capital Investment Management LLC now owns 13,481 shares of the iPhone maker’s stock valued at $1,561,000 after buying an additional 350 shares in the last quarter. Norges Bank purchased a new stake in shares of Apple during the fourth quarter valued at approximately $5,625,709,000. IFM Investors Pty Ltd purchased a new stake in shares of Apple during the fourth quarter valued at approximately $7,910,000. Finally, Perigon Wealth Management LLC raised its stake in shares of Apple by 5.9% in the fourth quarter. Perigon Wealth Management LLC now owns 147,469 shares of the iPhone maker’s stock valued at $20,613,000 after buying an additional 8,233 shares in the last quarter. Institutional investors own 62.06% 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.
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