Apple (AAPL) Coverage Initiated at JPMorgan Chase & Co.
Analysts at JPMorgan Chase & Co. began coverage on shares of Apple (NASDAQ:AAPL) in a note issued to investors on Thursday, MarketBeat reports. The brokerage set an “overweight” rating and a $272.00 price target on the iPhone maker’s stock. JPMorgan Chase & Co.’s price objective indicates a potential upside of 20.70% from the company’s previous close.
A number of other equities analysts have also issued reports on the company. Morgan Stanley reaffirmed a “buy” rating and set a $247.00 price target on shares of Apple in a research note on Wednesday. Cleveland Research reaffirmed a “buy” rating on shares of Apple in a research note on Wednesday. Royal Bank of Canada raised their price objective on Apple to $250.00 and gave the stock an “average” rating in a research note on Wednesday. Rosenblatt Securities reissued a “buy” rating and set a $200.00 price objective on shares of Apple in a research note on Monday. Finally, Robert W. Baird reissued a “buy” rating and set a $235.00 price objective on shares of Apple in a research note on Monday. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and thirty have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $220.66.
NASDAQ AAPL traded up $4.93 on Thursday, reaching $225.35. 295,845 shares of the stock traded hands, compared to its average volume of 36,063,280. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.24 and a current ratio of 1.31. The firm has a market cap of $1,092.09 billion, a P/E ratio of 24.47, a PEG ratio of 1.95 and a beta of 1.33. Apple has a 12 month low of $150.24 and a 12 month high of $229.67.
In other news, insider Johny Srouji sold 14,140 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $214.98, for a total value of $3,039,817.20. Following the completion of the sale, the insider now owns 68,302 shares in the company, valued at $14,683,563.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy D. Cook sold 265,160 shares of the stock in a transaction on Monday, August 27th. The shares were sold at an average price of $217.79, for a total value of $57,749,196.40. The disclosure for this sale can be found here. Insiders sold 378,400 shares of company stock valued at $81,052,754 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in AAPL. Calton & Associates Inc. purchased a new stake in shares of Apple during the fourth quarter worth $6,161,000. Alps Advisors Inc. raised its holdings in shares of Apple by 14.7% during the fourth quarter. Alps Advisors Inc. now owns 30,943 shares of the iPhone maker’s stock worth $5,236,000 after acquiring an additional 3,969 shares in the last quarter. Jackson Wealth Management LLC raised its holdings in shares of Apple by 4.0% during the fourth quarter. Jackson Wealth Management LLC now owns 54,931 shares of the iPhone maker’s stock worth $9,576,000 after acquiring an additional 2,121 shares in the last quarter. Main Street Research LLC raised its holdings in shares of Apple by 1.4% during the fourth quarter. Main Street Research LLC now owns 111,648 shares of the iPhone maker’s stock worth $18,894,000 after acquiring an additional 1,507 shares in the last quarter. Finally, TrueNorth Inc. raised its holdings in shares of Apple by 4.1% during the fourth quarter. TrueNorth Inc. now owns 13,252 shares of the iPhone maker’s stock worth $2,243,000 after acquiring an additional 516 shares in the last quarter. Institutional investors own 58.54% of the company’s stock.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
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