Apple’s (AAPL) “Outperform” Rating Reaffirmed at RBC Capital Markets
RBC Capital Markets reissued their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report released on Friday morning. RBC Capital Markets currently has a $120.00 price target on the iPhone maker’s stock, up from their previous price target of $117.00.
Several other research firms have also recently weighed in on AAPL. Citigroup Inc. reissued a buy rating and issued a $115.00 price objective on shares of Apple in a research report on Wednesday, July 6th. Piper Jaffray Cos. restated an overweight rating and issued a $153.00 target price on shares of Apple in a research note on Tuesday, July 26th. Cowen and Company restated an outperform rating and issued a $125.00 target price on shares of Apple in a research note on Thursday, July 28th. BTIG Research upped their target price on Apple from $124.00 to $133.00 and gave the company a buy rating in a research note on Thursday. Finally, Sanford C. Bernstein restated a buy rating and issued a $135.00 target price on shares of Apple in a research note on Tuesday, June 14th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, forty-two have given a buy rating and two have given a strong buy rating to the company’s stock. Apple has an average rating of Buy and an average target price of $126.49.
Shares of Apple (NASDAQ:AAPL) opened at 114.92 on Friday. Apple has a 1-year low of $89.47 and a 1-year high of $123.82. The stock’s 50 day moving average is $106.77 and its 200-day moving average is $101.83. The stock has a market cap of $619.24 billion, a price-to-earnings ratio of 13.40 and a beta of 1.14.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The firm earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The company’s revenue was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.85 earnings per share. On average, analysts anticipate that Apple will post $8.26 EPS for the current year.
In other Apple news, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction on Monday, July 18th. The shares were sold at an average price of $100.00, for a total value of $2,500,000.00. Following the completion of the transaction, the senior vice president now owns 105,839 shares of the company’s stock, valued at $10,583,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP D Bruce Sewell sold 23,305 shares of Apple stock in a transaction on Friday, August 5th. The shares were sold at an average price of $107.49, for a total transaction of $2,505,054.45. Following the completion of the transaction, the senior vice president now directly owns 239,329 shares of the company’s stock, valued at approximately $25,725,474.21. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC boosted its position in Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock worth $103,000 after buying an additional 304 shares during the last quarter. 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 worth $140,000 after buying an additional 69 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new stake in Apple during the second quarter worth 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 worth $172,000 after buying an additional 334 shares in the last quarter. 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 worth $172,000 after buying an additional 680 shares in the last quarter. 56.52% of the stock is 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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