UBS AG Reiterates “Buy” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by equities researchers at UBS AG in a report released on Tuesday.
Several other research firms have also recently weighed in on AAPL. Rosenblatt Securities restated a “neutral” rating and issued a $150.00 price target (up previously from $120.00) on shares of Apple in a research note on Tuesday. Vetr cut Apple from a “buy” rating to a “hold” rating and set a $164.42 price target for the company. in a research note on Monday. Bank of America Corporation restated a “buy” rating and issued a $180.00 price target (up previously from $175.00) on shares of Apple in a research note on Wednesday, August 2nd. Argus reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of Apple in a report on Monday, May 15th. Finally, Hilliard Lyons lifted their price objective on Apple from $147.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, May 15th. Thirteen investment analysts have rated the stock with a hold rating, forty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $167.54.
Shares of Apple (NASDAQ AAPL) traded up 0.80% on Tuesday, reaching $160.08. The company’s stock had a trading volume of 36,205,896 shares. Apple has a 52-week low of $102.53 and a 52-week high of $161.83. The company has a market cap of $827.58 billion, a price-to-earnings ratio of 18.17 and a beta of 1.31. The stock has a 50-day moving average of $148.46 and a 200 day moving average of $143.51.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same quarter in the previous year, the business earned $1.42 earnings per share. The company’s revenue was up 7.2% on a year-over-year basis. On average, equities research analysts forecast that Apple will post $9.00 earnings per share for the current year.
Apple declared that its Board of Directors has approved a share repurchase program on Tuesday, May 2nd that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
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In related news, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction on Thursday, July 6th. The shares were 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Luca Maestri sold 4,757 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was 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 of the company’s stock, valued at approximately $528,145.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,500 shares of company stock valued at $29,971,446. Insiders own 0.08% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Noven Financial Group Inc. increased its position in Apple by 0.3% in the fourth quarter. Noven Financial Group Inc. now owns 7,396 shares of the iPhone maker’s stock valued at $857,000 after buying an additional 22 shares in the last quarter. Mayo Investment Advisers LLC increased its position in Apple by 4.8% in the fourth quarter. Mayo Investment Advisers LLC now owns 155,725 shares of the iPhone maker’s stock valued at $18,036,000 after buying an additional 7,100 shares in the last quarter. Bank of Nova Scotia Trust Co. increased its position in Apple by 3.5% in the fourth quarter. Bank of Nova Scotia Trust Co. now owns 54,889 shares of the iPhone maker’s stock valued at $6,357,000 after buying an additional 1,839 shares in the last quarter. Lyell Wealth Management LP bought a new position in Apple during the fourth quarter valued at about $2,616,000. Finally, Meridian Wealth Management LLC bought a new position in Apple during the fourth quarter valued at about $1,504,000. Institutional investors 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.
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