Apple Inc. (AAPL) PT Set at $170.00 by Sanford C. Bernstein
Apple Inc. (NASDAQ:AAPL) has been assigned a $170.00 price objective by research analysts at Sanford C. Bernstein in a research report issued to clients and investors on Tuesday. The brokerage presently has a “buy” rating on the iPhone maker’s stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 11.78% from the stock’s previous close.
Several other equities analysts have also issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $170.00 target price on shares of Apple in a report on Tuesday. Credit Suisse Group reiterated an “outperform” rating and set a $96.42 target price (down from $170.00) on shares of Apple in a report on Tuesday. Royal Bank Of Canada reiterated an “outperform” rating and set a $168.00 target price on shares of Apple in a report on Monday. Loop Capital assumed coverage on shares of Apple in a report on Monday. They set a “buy” rating and a $172.00 target price for the company. Finally, Wells Fargo & Company reiterated a “market perform” rating and set a $140.00 target price on shares of Apple in a report on Saturday. Eleven equities research analysts have rated the stock with a hold rating, forty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $159.22.
Shares of Apple (AAPL) traded up 0.86% during mid-day trading on Tuesday, hitting $153.40. The stock had a trading volume of 10,499,022 shares. The stock has a 50 day moving average price of $147.28 and a 200 day moving average price of $141.20. The firm has a market cap of $799.80 billion, a PE ratio of 18.00 and a beta of 1.31. Apple has a 52 week low of $96.42 and a 52 week high of $156.65.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. Apple had a net margin of 20.74% and a return on equity of 35.09%. The firm had revenue of $52.90 billion during the quarter, compared to analyst estimates of $52.61 billion. Equities research analysts expect that Apple will post $8.90 EPS for the current fiscal year.
Apple announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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In other Apple news, insider Angela J. Ahrendts sold 75,000 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $147.98, for a total value of $11,098,500.00. Following the sale, the insider now directly owns 154,116 shares in the company, valued at $22,806,085.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. Over 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.
Large investors have recently modified their holdings of the company. Hunter Associates Investment Management LLC increased its stake in Apple by 2.1% in the fourth quarter. Hunter Associates Investment Management LLC now owns 46,827 shares of the iPhone maker’s stock valued at $5,423,000 after buying an additional 965 shares during the last quarter. CWA Asset Management Group LLC increased its stake in Apple by 10.7% in the fourth quarter. CWA Asset Management Group LLC now owns 71,110 shares of the iPhone maker’s stock valued at $8,236,000 after buying an additional 6,852 shares during the last quarter. Twin Focus Capital Partners LLC increased its stake in Apple by 245.5% in the fourth quarter. Twin Focus Capital Partners LLC now owns 13,818 shares of the iPhone maker’s stock valued at $1,600,000 after buying an additional 9,818 shares during the last quarter. GFI Investment Counsel Ltd. bought a new stake in Apple during the fourth quarter valued at about $817,000. Finally, Hemenway Trust Co LLC increased its stake in Apple by 0.3% in the fourth quarter. Hemenway Trust Co LLC now owns 124,252 shares of the iPhone maker’s stock valued at $14,391,000 after buying an additional 337 shares during the last quarter. Hedge funds and other institutional investors own 61.23% 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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