J P Morgan Chase & Co Reaffirms “Buy” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reaffirmed by investment analysts at J P Morgan Chase & Co in a note issued to investors on Monday.
A number of other analysts also recently issued reports on the company. Royal Bank Of Canada raised their price objective on Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a research report on Monday, May 22nd. Morgan Stanley raised their price objective on Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a research report on Monday, July 17th. Needham & Company LLC reissued a “buy” rating and set a $175.00 price objective (up from $165.00) on shares of Apple in a research report on Wednesday, August 2nd. They noted that the move was a valuation call. Bank of America Corporation reissued a “buy” rating and set a $180.00 price objective (up from $175.00) on shares of Apple in a research report on Wednesday, August 2nd. Finally, Cleveland Research raised Apple from a “neutral” rating to a “buy” rating and set a $197.00 price objective for the company in a research report on Tuesday, August 29th. Eleven research analysts have rated the stock with a hold rating and forty-four have issued a buy rating to the company. Apple presently has a consensus rating of “Buy” and an average price target of $168.89.
Shares of Apple (NASDAQ:AAPL) traded up 1.77% during mid-day trading on Monday, hitting $161.43. 14,460,678 shares of the stock were exchanged. The company has a 50-day moving average price of $158.01 and a 200-day moving average price of $148.76. Apple has a 12 month low of $102.53 and a 12 month high of $164.94. The stock has a market cap of $833.82 billion, a price-to-earnings ratio of 18.33 and a beta of 1.27.
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, topping analysts’ consensus estimates of $1.57 by $0.10. The firm had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $1.42 EPS. Equities analysts expect that Apple will post $9.02 earnings per share for the current year.
In other news, insider Daniel J. Riccio sold 11,949 shares of the firm’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Craig Federighi sold 63,163 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $158.07, for a total value of $9,984,175.41. Following the completion of the sale, the insider now directly owns 359,988 shares of the company’s stock, valued at approximately $56,903,303.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 432,930 shares of company stock valued at $69,008,577. 0.08% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. acquired a new stake in shares of Apple in the second quarter worth $400,000. Blue Sky Asset Management LLC acquired a new stake in shares of Apple in the second quarter worth $108,000. FNY Managed Accounts LLC boosted its position in shares of 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 period. Hefty Wealth Partners boosted its position in shares of 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 period. Finally, American Beacon Advisors Inc. acquired a new stake in shares of Apple in the first quarter worth $117,000. 60.45% of the stock is owned by institutional investors and hedge funds.
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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