Apple Inc. (AAPL) Given “Buy” Rating at Drexel Hamilton
Drexel Hamilton restated their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note released on Wednesday. The brokerage currently has a $185.00 target price on the iPhone maker’s stock.
AAPL has been the subject of a number of other research reports. Canaccord Genuity reaffirmed a buy rating and issued a $140.00 price objective (up previously from $120.00) on shares of Apple in a research note on Monday, September 12th. Mizuho reaffirmed a buy rating and issued a $120.00 price objective on shares of Apple in a research note on Thursday, September 1st. Wells Fargo & Co. reaffirmed a market perform rating on shares of Apple in a research note on Friday, September 9th. Nomura reiterated a buy rating on shares of Apple in a research report on Thursday, August 25th. Finally, Bank of America Corp. reiterated a buy rating and issued a $120.00 target price on shares of Apple in a research report on Tuesday, August 30th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating, forty-two have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $126.49.
Shares of Apple (NASDAQ:AAPL) opened at 113.58 on Wednesday. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The company’s 50-day moving average is $108.13 and its 200-day moving average is $102.24. The stock has a market capitalization of $612.02 billion, a PE ratio of 13.24 and a beta of 1.14.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The firm earned $42.36 billion during the quarter, compared to analyst estimates of $42.35 billion. During the same quarter last year, the business posted $1.85 EPS. The company’s revenue was down 14.6% on a year-over-year basis. Equities research analysts expect that Apple will post $8.26 earnings per share for the current fiscal year.
In related news, SVP Angela J. Ahrendts sold 35,797 shares of the stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $100.00, for a total transaction of $3,579,700.00. Following the sale, the senior vice president now directly owns 105,839 shares of the company’s stock, valued at $10,583,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy D. Cook sold 334,000 shares of the stock in a transaction on Friday, August 26th. The shares were sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.
Several large investors have recently added to or reduced their stakes in AAPL. Penserra Capital Management LLC boosted its stake in Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock valued at $103,000 after buying an additional 304 shares during the period. Delphi Private Advisors LLC boosted its stake in Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock valued at $140,000 after buying an additional 69 shares during the period. Hussman Strategic Advisors Inc. acquired a new stake in Apple during the second quarter valued at approximately $143,000. River & Mercantile Asset Management LLP boosted its stake in Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 334 shares during the period. Finally, Roble Belko & Company Inc boosted its stake in Apple by 60.6% in the second quarter. Roble Belko & Company Inc now owns 1,803 shares of the iPhone maker’s stock valued at $172,000 after buying an additional 680 shares during the period. 56.52% of the stock is currently owned by institutional investors.
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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