Apple Inc. (NASDAQ:AAPL) Lowered to Hold at Vetr Inc.
Apple Inc. (NASDAQ:AAPL) was downgraded by analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday. They currently have a $164.42 price target on the iPhone maker’s stock. Vetr‘s price objective points to a potential upside of 3.68% from the stock’s current price.
Other research analysts have also issued research reports about the stock. UBS AG reiterated a “buy” rating and issued a $170.00 price target on shares of Apple in a research note on Monday, July 31st. Bank of America Corporation reiterated a “buy” rating and issued a $180.00 price target (up previously from $155.00) on shares of Apple in a research note on Friday, May 12th. Wells Fargo & Company reiterated a “market perform” rating and issued a $140.00 price target on shares of Apple in a research note on Saturday, July 22nd. Mizuho reiterated a “buy” rating and issued a $150.00 price target on shares of Apple in a research note on Wednesday, May 3rd. Finally, Goldman Sachs Group, Inc. (The) set a $170.00 price target on shares of Apple and gave the company a “buy” rating in a research note on Saturday, May 20th. Thirteen analysts have rated the stock with a hold rating, forty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $167.54.
Shares of Apple (AAPL) traded up 1.55% during midday trading on Monday, hitting $158.81. The stock had a trading volume of 21,870,321 shares. The company’s 50 day moving average price is $147.04 and its 200-day moving average price is $142.60. Apple has a 1-year low of $102.53 and a 1-year high of $158.92. The firm has a market capitalization of $821.01 billion, a PE ratio of 18.03 and a beta of 1.31.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.10. The company had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. Apple’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.42 EPS. Equities analysts predict that Apple will post $9.00 earnings per share for the current year.
Apple declared that its board has initiated a stock buyback 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 often a sign that the company’s board believes its shares are undervalued.
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In other Apple 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 approximately $179,775,388.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $155.32, for a total transaction of $1,855,918.68. Following the transaction, the insider now owns 13,049 shares in the company, valued at approximately $2,026,770.68. The disclosure for this sale can be found here. Insiders have sold a total of 230,500 shares of company stock worth $35,357,246 in the last 90 days. Company insiders own 0.08% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Blue Sky Asset Management LLC bought a new position in Apple during the second quarter valued at about $108,000. 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 in the last quarter. American Beacon Advisors Inc. bought a new position in Apple during the first quarter valued at about $117,000. Armbruster Capital Management Inc. boosted its position in Apple by 9.4% in the second quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock valued at $131,000 after buying an additional 78 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in Apple during the second quarter valued at about $149,000. Institutional investors and hedge funds own 61.13% 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.
To view Vetr’s full report, visit Vetr’s official website.
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