Apple Inc. (AAPL) Given “Neutral” Rating at Mizuho
Apple Inc. (NASDAQ:AAPL)‘s stock had its “neutral” rating restated by stock analysts at Mizuho in a research note issued on Wednesday. They presently have a $150.00 price objective on the iPhone maker’s stock. Mizuho’s price objective indicates a potential downside of 1.79% from the company’s current price.
AAPL has been the topic of a number of other reports. UBS AG boosted their target price on Apple from $165.00 to $200.00 in a report on Sunday, April 2nd. Bank of America Corporation reissued a “buy” rating and set a $180.00 target price (up from $155.00) on shares of Apple in a report on Friday, May 12th. Wells Fargo & Company reissued a “market perform” rating and set a $140.00 target price on shares of Apple in a report on Saturday. Goldman Sachs Group, Inc. (The) set a $170.00 target price on Apple and gave the stock a “buy” rating in a report on Saturday, May 20th. Finally, Morgan Stanley reissued an “overweight” rating and set a $177.00 target price on shares of Apple in a report on Friday, June 16th. Twelve analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and a consensus target price of $159.22.
Shares of Apple (NASDAQ AAPL) traded up 0.72% during trading on Wednesday, reaching $153.84. The company’s stock had a trading volume of 3,681,741 shares. The stock’s 50 day moving average price is $147.28 and its 200 day moving average price is $141.20. Apple has a 52 week low of $96.42 and a 52 week high of $156.65. The company has a market cap of $802.10 billion, a PE ratio of 18.05 and a beta of 1.31.
Apple (NASDAQ:AAPL) last posted its quarterly 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. The firm had revenue of $52.90 billion for the quarter, compared to analyst estimates of $52.61 billion. Apple had a return on equity of 35.09% and a net margin of 20.74%. Equities research analysts predict that Apple will post $8.89 EPS for the current year.
Apple declared that its board has approved a stock buyback program on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In related news, insider Angela J. Ahrendts sold 75,000 shares of Apple stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $147.98, for a total value of $11,098,500.00. Following the completion of the transaction, the insider now owns 154,116 shares in the company, valued at $22,806,085.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of Apple 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 valued at $56,497,046. 0.08% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Hefty Wealth Partners raised 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 in the last quarter. American Beacon Advisors Inc. bought a new position in Apple during the first quarter valued at approximately $117,000. State of Alaska Department of Revenue bought a new position in Apple during the second quarter valued at approximately $149,000. Glacier Peak Capital LLC bought a new position in Apple during the fourth quarter valued at approximately $127,000. Finally, Portfolio Solutions LLC bought a new position in Apple during the first quarter valued at approximately $169,000. 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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