Stifel Nicolaus Reaffirms “Hold” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “hold” rating reaffirmed by research analysts at Stifel Nicolaus in a research note issued to investors on Tuesday. They currently have a $150.00 target price on the iPhone maker’s stock. Stifel Nicolaus’ target price suggests a potential downside of 1.37% from the stock’s previous close.
Several other research firms have also recently weighed in on AAPL. Argus reiterated an “outperform” rating and set a $160.00 price objective on shares of Apple in a report on Monday, May 15th. Hilliard Lyons lifted their price objective on Apple from $147.00 to $170.00 and gave the company a “buy” rating in a report on Monday, May 15th. Canaccord Genuity reiterated a “buy” rating and set a $180.00 price objective (up previously from $165.00) on shares of Apple in a report on Tuesday, May 16th. BMO Capital Markets reiterated an “outperform” rating and set a $170.00 price objective (up previously from $160.00) on shares of Apple in a report on Wednesday, May 17th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $177.00 price objective (up previously 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-three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $159.22.
Shares of Apple (AAPL) traded up 0.62% during trading on Tuesday, hitting $153.04. The stock had a trading volume of 13,556,723 shares. The company has a market capitalization of $797.93 billion, a price-to-earnings ratio of 17.95 and a beta of 1.31. The firm has a 50 day moving average of $147.28 and a 200 day moving average of $141.20. Apple has a 1-year low of $96.42 and a 1-year high of $156.65.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, beating 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 business had revenue of $52.90 billion for the quarter, compared to analysts’ expectations of $52.61 billion. Analysts expect that Apple will post $8.90 EPS for the current fiscal year.
Apple declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 2nd that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
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In related news, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP D Bruce Sewell sold 67,500 shares of the business’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $148.76, for a total value of $10,041,300.00. Following the transaction, the senior vice president now owns 141,325 shares in the company, valued at approximately $21,023,507. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 373,000 shares of company stock worth $56,497,046. 0.08% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in AAPL. FC Advisory LLC increased its position in shares of Apple by 0.4% in the second quarter. FC Advisory LLC now owns 2,576 shares of the iPhone maker’s stock worth $371,000 after buying an additional 10 shares in the last quarter. Cordasco Financial Network increased its position in shares of Apple by 0.4% in the second quarter. Cordasco Financial Network now owns 3,353 shares of the iPhone maker’s stock worth $321,000 after buying an additional 12 shares in the last quarter. Lowe FS increased its position in shares of Apple by 0.6% in the third quarter. Lowe FS now owns 2,371 shares of the iPhone maker’s stock worth $261,000 after buying an additional 13 shares in the last quarter. Cidel Asset Management Inc. increased its position in shares of Apple by 0.3% in the second quarter. Cidel Asset Management Inc. now owns 4,186 shares of the iPhone maker’s stock worth $400,000 after buying an additional 13 shares in the last quarter. Finally, Boston Standard Wealth Management LLC increased its position in shares of Apple by 0.6% in the second quarter. Boston Standard Wealth Management LLC now owns 2,280 shares of the iPhone maker’s stock worth $218,000 after buying an additional 14 shares in the last quarter. 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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