Apple Inc. (AAPL) Expected to Post Earnings of $1.86 Per Share
Brokerages expect that Apple Inc. (NASDAQ:AAPL) will post earnings of $1.86 per share for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Apple’s earnings, with the lowest EPS estimate coming in at $1.80 and the highest estimate coming in at $1.93. Apple posted earnings of $1.67 per share during the same quarter last year, which would indicate a positive year over year growth rate of 11.4%. The firm is expected to issue its next earnings report after the market closes on Thursday, November 2nd.
On average, analysts expect that Apple will report full year earnings of $9.01 per share for the current fiscal year, with EPS estimates ranging from $8.94 to $9.07. For the next year, analysts anticipate that the firm will post earnings of $10.97 per share, with EPS estimates ranging from $10.11 to $12.60. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that cover Apple.
Apple (NASDAQ:AAPL) last announced 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 for the quarter, compared to the consensus estimate of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.42 earnings per share.
AAPL has been the subject of several recent analyst reports. Morgan Stanley boosted their price objective on Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a report on Monday, July 17th. Needham & Company LLC reissued a “buy” rating and set a $175.00 price objective (up previously from $165.00) on shares of Apple in a report on Wednesday, August 2nd. They noted that the move was a valuation call. Cleveland Research raised Apple from a “neutral” rating to a “buy” rating and set a $197.00 price objective for the company in a report on Tuesday, August 29th. Bank of America Corporation reissued a “buy” rating and set a $180.00 price objective (up previously from $175.00) on shares of Apple in a report on Wednesday, August 2nd. Finally, Canaccord Genuity reissued a “buy” rating and set a $180.00 price objective on shares of Apple in a report on Monday, July 10th. Seven equities research analysts have rated the stock with a hold rating and forty-seven have assigned a buy rating to the company. Apple has a consensus rating of “Buy” and an average target price of $190.46.
Apple (AAPL) opened at 160.47 on Wednesday. The company has a market cap of $828.86 billion, a PE ratio of 18.22 and a beta of 1.27. Apple has a 12-month low of $104.08 and a 12-month high of $164.94. The stock has a 50 day moving average of $157.58 and a 200-day moving average of $151.69.
In related news, CEO Timothy D. Cook sold 268,623 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $160.63, for a total value of $43,148,912.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $157.58, for a total value of $5,515,300.00. Following the completion of the transaction, the director now owns 1,168,283 shares of the company’s stock, valued at $184,098,035.14. The disclosure for this sale can be found here. Insiders sold 541,177 shares of company stock valued at $85,864,804 over the last quarter. 0.08% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Saratoga Research & Investment Management grew its position in Apple by 0.6% in the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock worth $95,840,000 after acquiring an additional 4,137 shares during the period. Pinnacle Bank purchased a new position in Apple in the first quarter worth approximately $1,924,000. Green Square Capital LLC grew its position in Apple by 6.7% in the first quarter. Green Square Capital LLC now owns 87,456 shares of the iPhone maker’s stock worth $12,564,000 after acquiring an additional 5,491 shares during the period. Headinvest LLC grew its position in Apple by 2.5% in the second quarter. Headinvest LLC now owns 16,295 shares of the iPhone maker’s stock worth $2,347,000 after acquiring an additional 390 shares during the period. Finally, Nicolet Bankshares Inc. grew its position in Apple by 3.1% in the first quarter. Nicolet Bankshares Inc. now owns 27,684 shares of the iPhone maker’s stock worth $3,977,000 after acquiring an additional 844 shares during the period. Institutional investors own 60.33% of the company’s stock.
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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