Apple’s (AAPL) “Outperform” Rating Reaffirmed at Royal Bank Of Canada
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank Of Canada in a report issued on Monday. They presently have a $176.00 target price on the iPhone maker’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 12.95% from the company’s current price.
A number of other research analysts have also issued reports on AAPL. Zacks Investment Research lowered Apple from a “buy” rating to a “hold” rating in a report on Monday, April 24th. UBS AG reiterated a “buy” rating and issued a $151.00 target price on shares of Apple in a report on Monday, April 24th. Needham & Company LLC reiterated a “buy” rating and issued a $165.00 target price on shares of Apple in a report on Tuesday, April 25th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $155.00 target price on shares of Apple in a report on Wednesday, April 26th. Finally, Wells Fargo & Company reiterated a “market perform” rating and issued a $140.00 target price on shares of Apple in a report on Friday, April 28th. Eleven equities research analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $167.73.
Shares of Apple (NASDAQ:AAPL) traded down 0.50% on Monday, reaching $156.72. The company’s stock had a trading volume of 18,662,449 shares. The firm has a 50 day moving average price of $151.99 and a 200-day moving average price of $145.63. Apple has a 12-month low of $102.53 and a 12-month high of $162.51. The stock has a market cap of $809.49 billion, a PE ratio of 17.79 and a beta of 1.31.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The firm had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. Apple’s revenue was up 7.2% compared to the same quarter last year. During the same period last year, the business posted $1.42 earnings per share. Equities research analysts expect that Apple will post $9.02 EPS for the current year.
Apple declared that its board has initiated a stock buyback program on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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In other Apple news, insider Craig Federighi sold 64,500 shares of Apple stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $153.62, for a total value of $9,908,490.00. Following the transaction, the insider now owns 447,151 shares in the company, valued at $68,691,336.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Chris Kondo sold 6,209 shares of Apple stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $161.96, for a total transaction of $1,005,609.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 249,640 shares of company stock worth $38,953,894. 0.08% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the company. Blue Sky Asset Management LLC purchased a new position in Apple during the second quarter worth approximately $108,000. 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 worth $115,000 after buying an additional 174 shares in the last quarter. FNY Managed Accounts LLC raised 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 in the last quarter. American Beacon Advisors Inc. purchased a new position in Apple during the first quarter worth approximately $117,000. Finally, Private Vista LLC purchased a new position in Apple during the second quarter worth approximately $122,000. 61.50% of the stock is owned by hedge funds and other institutional investors.
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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