Apple’s (AAPL) “Buy” Rating Reaffirmed at Bank of America Corporation
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating restated by investment analysts at Bank of America Corporation in a research report issued on Thursday. They presently have a $180.00 price objective on the iPhone maker’s stock. Bank of America Corporation’s price target would indicate a potential upside of 13.02% from the stock’s previous close.
A number of other analysts have also recently weighed in on AAPL. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $155.00 target price on shares of Apple in a research note on Wednesday, April 26th. Wells Fargo & Company reaffirmed a “market perform” rating and set a $140.00 target price on shares of Apple in a research note on Friday, April 28th. Cowen and Company reaffirmed an “outperform” rating and set a $160.00 target price (up previously from $155.00) on shares of Apple in a research note on Monday, May 1st. Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Apple in a research note on Monday, May 1st. Finally, Drexel Hamilton reaffirmed a “buy” rating and set a $185.00 target price on shares of Apple in a research note on Tuesday, May 2nd. Eleven research analysts have rated the stock with a hold rating, forty-three have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $167.73.
Shares of Apple (NASDAQ:AAPL) traded down 0.44% during mid-day trading on Thursday, reaching $159.27. The company’s stock had a trading volume of 19,818,918 shares. The company has a 50 day moving average of $153.45 and a 200-day moving average of $146.55. Apple has a 12 month low of $102.53 and a 12 month high of $162.51. The firm has a market capitalization of $822.67 billion, a P/E ratio of 18.08 and a beta of 1.31.
Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. The firm had revenue of $45.41 billion for the quarter, compared to analysts’ expectations of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Equities research analysts forecast that Apple will post $9.02 EPS for the current year.
Apple declared that its board has approved a stock repurchase program on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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In other news, SVP Johny Srouji sold 10,469 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $162.20, for a total value of $1,698,071.80. Following the transaction, the senior vice president now owns 76,250 shares of the company’s stock, valued at $12,367,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the insider now directly owns 3,414 shares in the company, valued at approximately $528,145.80. The disclosure for this sale can be found here. Insiders sold 185,140 shares of company stock worth $29,045,404 in the last three months. Insiders own 0.08% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Apple during the fourth quarter valued at approximately $5,625,709,000. Janus Henderson Group PLC increased its stake in Apple by 301.3% in the second quarter. Janus Henderson Group PLC now owns 20,003,587 shares of the iPhone maker’s stock worth $2,880,992,000 after buying an additional 15,018,790 shares during the last quarter. Harbour Capital Advisors LLC increased its stake in Apple by 14,030.2% in the second quarter. Harbour Capital Advisors LLC now owns 4,515,315 shares of the iPhone maker’s stock worth $31,352,000 after buying an additional 4,483,360 shares during the last quarter. Capital Research Global Investors increased its stake in Apple by 15.0% in the second quarter. Capital Research Global Investors now owns 29,449,961 shares of the iPhone maker’s stock worth $4,241,383,000 after buying an additional 3,845,363 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Apple by 200.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,765,574 shares of the iPhone maker’s stock worth $686,338,000 after buying an additional 3,178,809 shares during the last quarter. 61.50% of the stock is currently 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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