Sanford C. Bernstein Reaffirms Buy Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reissued by analysts at Sanford C. Bernstein in a research report issued to clients and investors on Wednesday. They presently have a $175.00 price objective on the iPhone maker’s stock. Sanford C. Bernstein’s price target would indicate a potential upside of 9.61% from the company’s current price.
A number of other brokerages also recently commented on AAPL. Drexel Hamilton reaffirmed a “buy” rating and issued a $202.00 price objective on shares of Apple in a research report on Thursday, July 6th. Barclays PLC reaffirmed a “hold” rating and issued a $146.00 price objective on shares of Apple in a research report on Monday, September 4th. Instinet reiterated a “buy” rating and issued a $165.00 target price on shares of Apple in a report on Wednesday, July 5th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $180.00 target price on shares of Apple in a report on Monday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $182.00 target price on shares of Apple in a report on Tuesday. Eleven investment analysts have rated the stock with a hold rating and forty-four have given a buy rating to the stock. Apple has a consensus rating of “Buy” and an average target price of $187.63.
Shares of Apple (NASDAQ AAPL) traded down 0.56% during mid-day trading on Wednesday, reaching $158.75. The company’s stock had a trading volume of 14,425,321 shares. The company’s 50-day moving average is $158.37 and its 200 day moving average is $149.12. Apple has a 1-year low of $104.08 and a 1-year high of $164.94. The firm has a market capitalization of $819.98 billion, a P/E ratio of 18.02 and a beta of 1.27.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. The business 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 business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 earnings per share. On average, analysts expect that Apple will post $9.01 earnings per share for the current year.
In other news, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $142.86, for a total transaction of $1,707,034.14. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy D. Cook sold 268,623 shares of Apple stock in a transaction on Monday, August 28th. The stock was sold at an average price of $160.63, for a total transaction of $43,148,912.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 432,930 shares of company stock worth $69,008,577. Insiders own 0.08% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Berkshire Hathaway Inc. lifted its position in Apple by 0.6% in the 2nd quarter. Berkshire Hathaway Inc. now owns 130,191,960 shares of the iPhone maker’s stock valued at $18,750,246,000 after acquiring an additional 834,854 shares in the last quarter. Norges Bank bought a new stake in Apple in the 4th quarter valued at $5,625,709,000. Capital Research Global Investors lifted its position in Apple by 15.0% in the 2nd quarter. Capital Research Global Investors now owns 29,449,961 shares of the iPhone maker’s stock valued at $4,241,383,000 after acquiring an additional 3,845,363 shares in the last quarter. Legal & General Group Plc lifted its position in Apple by 3.0% in the 2nd quarter. Legal & General Group Plc now owns 26,106,175 shares of the iPhone maker’s stock valued at $3,759,849,000 after acquiring an additional 771,046 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in Apple by 301.3% in the 2nd quarter. Janus Henderson Group PLC now owns 20,003,587 shares of the iPhone maker’s stock valued at $2,880,992,000 after acquiring an additional 15,018,790 shares in the last quarter. 60.45% of the stock is currently 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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