Apple Inc. (AAPL) Given Buy Rating at Drexel Hamilton
Drexel Hamilton reaffirmed their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note issued to investors on Tuesday morning. Drexel Hamilton currently has a $185.00 target price on the iPhone maker’s stock.
Several other research firms have also recently issued reports on AAPL. Canaccord Genuity upped their target price on shares of Apple from $120.00 to $140.00 and gave the company a buy rating in a research note on Friday, September 16th. Stifel Nicolaus restated a buy rating and set a $120.00 target price on shares of Apple in a research note on Friday, September 16th. Piper Jaffray Cos. upgraded shares of Apple to an overweight rating and set a $151.00 target price on the stock in a research note on Friday, September 16th. Credit Agricole SA upped their target price on shares of Apple from $120.00 to $130.00 and gave the company a buy rating in a research note on Friday, September 16th. Finally, RBC Capital Markets restated an outperform rating and set a $120.00 target price (up previously from $117.00) on shares of Apple in a research note on Friday, September 16th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating, forty-two have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $126.34.
Apple (NASDAQ:AAPL) opened at 113.37 on Tuesday. The stock has a market cap of $610.89 billion, a P/E ratio of 13.22 and a beta of 1.14. The stock has a 50 day moving average of $108.35 and a 200 day moving average of $102.31. Apple has a 1-year low of $89.47 and a 1-year high of $123.82.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.04. The company had revenue of $42.36 billion for the quarter, compared to analysts’ expectations of $42.35 billion. Apple had a net margin of 21.70% and a return on equity of 37.89%. Apple’s revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.85 EPS. Equities analysts anticipate that Apple will post $8.26 EPS for the current fiscal year.
In other Apple news, insider Johny Srouji sold 9,827 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $108.44, for a total transaction of $1,065,639.88. Following the completion of the transaction, the insider now owns 116,369 shares in the company, valued at $12,619,054.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Daniel J. Riccio sold 49,996 shares of the firm’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $105.95, for a total transaction of $5,297,076.20. Following the transaction, the senior vice president now owns 67,143 shares of the company’s stock, valued at approximately $7,113,800.85. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Carnick & Kubik Group LLC acquired a new position in shares of Apple during the second quarter worth approximately $1,471,000. Williams Jones & Associates LLC boosted its position in shares of Apple by 14.4% in the second quarter. Williams Jones & Associates LLC now owns 768,506 shares of the iPhone maker’s stock worth $73,469,000 after buying an additional 96,464 shares in the last quarter. Springowl Associates LLC acquired a new position in shares of Apple during the second quarter worth approximately $860,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Apple during the second quarter worth approximately $21,143,000. Finally, Kentucky Retirement Systems acquired a new position in shares of Apple during the second quarter worth approximately $44,529,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.
Apple Company Profile
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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