Apple Inc. (AAPL) Receives “Buy” Rating from Drexel Hamilton
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating restated by equities researchers at Drexel Hamilton in a research note issued on Wednesday. They presently have a $208.00 price objective on the iPhone maker’s stock. Drexel Hamilton’s price objective suggests a potential upside of 29.14% from the company’s current price.
Several other equities analysts have also commented on the stock. Royal Bank Of Canada increased their price objective on shares of Apple from $157.00 to $168.00 and gave the company an “outperform” rating in a research report on Monday, May 22nd. Rosenblatt Securities set a $120.00 price objective on shares of Apple and gave the company a “hold” rating in a research report on Wednesday, May 3rd. Canaccord Genuity reiterated a “buy” rating and set a $180.00 price objective on shares of Apple in a research report on Monday, July 10th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $170.00 price objective (up previously from $164.00) on shares of Apple in a research report on Friday, May 12th. Finally, Morgan Stanley increased their price objective on shares of Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a research report on Monday, July 17th. Thirteen research analysts have rated the stock with a hold rating, forty-one have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $167.32.
Apple (NASDAQ:AAPL) traded up 0.61% during mid-day trading on Wednesday, hitting $161.06. 26,131,530 shares of the stock were exchanged. The company has a 50-day moving average of $148.85 and a 200-day moving average of $143.79. The stock has a market capitalization of $832.65 billion, a PE ratio of 18.29 and a beta of 1.31. Apple has a 52 week low of $102.53 and a 52 week high of $161.83. Apple also was the recipient of unusually large options trading activity on Tuesday. Stock investors acquired 139,415 put options on the company. This represents an increase of approximately 119% compared to the typical volume of 63,733 put options.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same quarter last year, the business earned $1.42 earnings per share. Apple’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities analysts predict that Apple will post $9.02 EPS for the current fiscal year.
Apple announced that its board has approved a stock repurchase plan on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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In other Apple news, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Luca Maestri sold 4,757 shares of Apple stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $154.70, for a total value of $735,907.90. Following the completion of the sale, 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. Insiders sold a total of 299,911 shares of company stock valued at $46,557,634 in the last 90 days. 0.08% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Blue Sky Asset Management LLC acquired a new stake in Apple during the second quarter valued at approximately $108,000. Hefty Wealth Partners boosted its stake 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 during the period. Armbruster Capital Management Inc. boosted its stake in Apple by 35.1% in the third quarter. Armbruster Capital Management Inc. now owns 1,024 shares of the iPhone maker’s stock valued at $116,000 after buying an additional 266 shares during the period. American Beacon Advisors Inc. acquired a new stake in Apple during the first quarter valued at approximately $117,000. Finally, Weaver C. Barksdale & Associates Inc. acquired a new stake in Apple during the third quarter valued at approximately $122,000. 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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