Apple Inc. (AAPL) Given “Hold” Rating at Barclays PLC
Apple Inc. (NASDAQ:AAPL)‘s stock had its “hold” rating reaffirmed by equities researchers at Barclays PLC in a research report issued to clients and investors on Tuesday. They presently have a $146.00 target price on the iPhone maker’s stock. Barclays PLC’s target price points to a potential downside of 9.65% from the stock’s current price.
AAPL has been the topic of several other reports. Keefe, Bruyette & Woods set a $170.00 price objective on shares of Apple and gave the company a “buy” rating in a report on Monday, May 22nd. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and set a $170.00 price objective on shares of Apple in a report on Wednesday, June 21st. Nomura reissued a “buy” rating and set a $165.00 price objective on shares of Apple in a report on Wednesday, July 5th. Morgan Stanley reissued an “overweight” rating and set a $177.00 price objective (up from $161.00) on shares of Apple in a report on Wednesday, May 17th. Finally, Maxim Group lifted their price objective on shares of Apple from $171.00 to $180.00 and gave the company a “buy” rating in a report on Monday, June 19th. Thirteen investment analysts have rated the stock with a hold rating, forty-one have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $167.33.
Apple (NASDAQ:AAPL) traded up 1.09% during mid-day trading on Tuesday, hitting $161.60. The company had a trading volume of 29,459,593 shares. The firm has a market capitalization of $834.70 billion, a PE ratio of 18.35 and a beta of 1.31. The company has a 50 day moving average of $150.31 and a 200 day moving average of $144.88. Apple has a 1-year low of $102.53 and a 1-year high of $162.20.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 was up 7.2% compared to the same quarter last year. During the same period last year, the company posted $1.42 earnings per share. Analysts predict that Apple will post $9.02 earnings per share for the current fiscal year.
Apple announced that its board has initiated a stock repurchase program on Tuesday, May 2nd that allows the company to buyback $50.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In other Apple news, insider Craig Federighi sold 64,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $153.62, for a total transaction of $9,908,490.00. Following the completion of the sale, the insider now directly owns 447,151 shares in the company, valued at $68,691,336.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Johny Srouji sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $153.20, for a total transaction of $1,532,000.00. Following the sale, the senior vice president now owns 96,738 shares of the company’s stock, valued at $14,820,261.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 287,962 shares of company stock valued at $44,702,313. 0.08% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of AAPL. Blue Sky Asset Management LLC purchased a new position in Apple during the second quarter worth approximately $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 worth $115,000 after buying an additional 174 shares during the last quarter. FNY Managed Accounts LLC boosted its position in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock worth $115,000 after buying an additional 716 shares during the last quarter. Armbruster Capital Management Inc. boosted its position in Apple by 35.1% in the third quarter. Armbruster Capital Management Inc. now owns 1,024 shares of the iPhone maker’s stock worth $116,000 after buying an additional 266 shares during the last quarter. Finally, American Beacon Advisors Inc. purchased a new position in Apple during the first quarter worth approximately $117,000. 61.50% of the stock is currently owned by institutional investors and hedge funds.
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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