Apple Inc. (NASDAQ:AAPL) Receives Outperform Rating from Royal Bank Of Canada
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reissued by Royal Bank Of Canada in a note issued to investors on Monday. They currently have a $168.00 price target on the iPhone maker’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 10.46% from the company’s current price.
AAPL has been the topic of several other reports. UBS AG increased their target price on Apple from $165.00 to $200.00 in a research report on Sunday, April 2nd. Bank of America Corporation reiterated a “buy” rating and set a $180.00 target price (up from $155.00) on shares of Apple in a research report on Friday, May 12th. Wells Fargo & Company reiterated a “market perform” rating and set a $140.00 target price on shares of Apple in a research report on Saturday. Mizuho reiterated a “buy” rating and set a $150.00 target price on shares of Apple in a research report on Wednesday, May 3rd. Finally, Goldman Sachs Group, Inc. (The) set a $170.00 price objective on Apple and gave the stock a “buy” rating in a report on Saturday, May 20th. Eleven investment analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $160.38.
Shares of Apple (NASDAQ:AAPL) traded up 1.21% during midday trading on Monday, hitting $152.09. 21,469,191 shares of the stock were exchanged. The company has a market cap of $792.97 billion, a price-to-earnings ratio of 17.84 and a beta of 1.31. Apple has a one year low of $96.42 and a one year high of $156.65. The firm has a 50 day moving average of $147.46 and a 200-day moving average of $140.51.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. Apple had a return on equity of 35.09% and a net margin of 20.74%. The firm had revenue of $52.90 billion for the quarter, compared to the consensus estimate of $52.61 billion. Equities analysts expect that Apple will post $8.91 EPS for the current year.
Apple declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 2nd that authorizes the company to buyback $50.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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In other news, Director Arthur D. Levinson sold 35,000 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $153.88, for a total transaction of $5,385,800.00. Following the transaction, the director now owns 1,168,283 shares in the company, valued at $179,775,388.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Luca Maestri sold 4,757 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $154.70, for a total transaction of $735,907.90. Following the transaction, the insider now owns 3,414 shares in the company, valued at approximately $528,145.80. The disclosure for this sale can be found here. Insiders have sold 373,000 shares of company stock worth $56,497,046 in the last quarter. Company insiders own 0.08% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Apple during the fourth quarter valued at $5,625,709,000. Asset Management One Co. Ltd. raised its position in shares of Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock valued at $1,096,072,000 after buying an additional 8,571,027 shares in the last quarter. Glenview Capital Management LLC bought a new position in shares of Apple during the fourth quarter valued at $365,191,000. Canada Pension Plan Investment Board raised its position in shares of Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock valued at $1,334,527,000 after buying an additional 1,749,797 shares in the last quarter. Finally, Flinton Capital Management LLC bought a new position in shares of Apple during the fourth quarter valued at $169,077,000. Hedge funds and other institutional investors own 61.23% 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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