Apple Inc. (NASDAQ:AAPL) Given “Market Perform” Rating at Wells Fargo & Company
Apple Inc. (NASDAQ:AAPL)‘s stock had its “market perform” rating reissued by equities research analysts at Wells Fargo & Company in a research report issued on Saturday. They currently have a $140.00 target price on the iPhone maker’s stock. Wells Fargo & Company’s target price would indicate a potential downside of 6.83% from the company’s current price.
AAPL has been the topic of several other reports. Keefe, Bruyette & Woods set a $170.00 price objective on shares of Apple and gave the stock a “buy” rating in a report on Monday, May 22nd. Goldman Sachs Group, Inc. (The) restated a “buy” rating and issued a $170.00 price objective on shares of Apple in a report on Wednesday, June 21st. Nomura restated a “buy” rating and issued a $165.00 price objective on shares of Apple in a report on Wednesday, July 5th. Barclays PLC set a $123.00 price objective on shares of Apple and gave the stock a “neutral” rating in a report on Wednesday, May 3rd. Finally, Morgan Stanley restated an “overweight” rating and issued a $177.00 price objective (up from $161.00) on shares of Apple in a report on Wednesday, May 17th. Eleven equities research analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $160.38.
Apple (AAPL) traded down 0.05% on Friday, hitting $150.27. The stock had a trading volume of 26,252,630 shares. Apple has a 1-year low of $96.42 and a 1-year high of $156.65. The stock has a 50 day moving average price of $147.46 and a 200 day moving average price of $140.51. The company has a market cap of $783.48 billion, a P/E ratio of 17.63 and a beta of 1.31.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.08. Apple had a net margin of 20.74% and a return on equity of 35.09%. The business had revenue of $52.90 billion during the quarter, compared to analysts’ expectations of $52.61 billion. On average, equities research analysts expect that Apple will post $8.91 EPS for the current fiscal year.
Apple announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
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In other Apple news, SVP D Bruce Sewell sold 67,500 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $148.76, for a total transaction of $10,041,300.00. Following the transaction, the senior vice president now owns 141,325 shares in the company, valued at $21,023,507. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 373,000 shares of company stock worth $56,497,046. 0.08% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of AAPL. Hefty Wealth Partners boosted its position in Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares during the period. American Beacon Advisors Inc. acquired a new position in Apple during the first quarter valued at $117,000. State of Alaska Department of Revenue acquired a new position in Apple during the second quarter valued at $149,000. Glacier Peak Capital LLC acquired a new position in Apple during the fourth quarter valued at $127,000. Finally, Portfolio Solutions LLC acquired a new position in Apple during the first quarter valued at $169,000. Hedge funds and other institutional investors own 61.21% of the company’s stock.
Apple Company Profile
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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