Apple Inc. (AAPL) Given “Buy” Rating at UBS AG
UBS AG reissued their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report sent to investors on Tuesday morning. UBS AG currently has a $180.00 price objective on the iPhone maker’s stock.
A number of other research analysts also recently issued reports on the stock. Cleveland Research upgraded shares of Apple from a neutral rating to a buy rating and set a $197.00 price target for the company in a research note on Tuesday. Bank of America Corporation reiterated a buy rating and issued a $180.00 price target on shares of Apple in a research note on Thursday, August 24th. Barclays PLC reiterated an equal weight rating on shares of Apple in a research note on Thursday, August 24th. Drexel Hamilton reiterated a buy rating and issued a $208.00 price target on shares of Apple in a research note on Thursday, August 24th. Finally, Canaccord Genuity reiterated a buy rating and issued a $180.00 price target on shares of Apple in a research note on Tuesday, August 22nd. Eleven research analysts have rated the stock with a hold rating, forty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $168.59.
Apple (NASDAQ AAPL) opened at 162.91 on Tuesday. The firm’s 50 day moving average is $153.93 and its 200-day moving average is $146.76. The company has a market cap of $841.47 billion, a P/E ratio of 18.50 and a beta of 1.31. Apple has a 52 week low of $102.53 and a 52 week high of $163.12.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results 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. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter in the previous year, the firm earned $1.42 earnings per share. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. On average, analysts predict that Apple will post $9.02 earnings per share for the current fiscal year.
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Apple declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 2nd that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 6.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 14th were paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Thursday, August 10th. Apple’s dividend payout ratio (DPR) is presently 28.64%.
In other news, insider Luca Maestri sold 4,757 shares of the company’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $154.70, for a total transaction of $735,907.90. Following the transaction, the insider now owns 3,414 shares of the company’s stock, valued at $528,145.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur D. Levinson sold 35,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $157.58, for a total value of $5,515,300.00. Following the transaction, the director now directly owns 1,168,283 shares in the company, valued at approximately $184,098,035.14. The disclosure for this sale can be found here. Insiders have sold 443,744 shares of company stock worth $70,651,791 in the last ninety days. 0.08% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Seven Eight Capital LP bought a new stake in Apple during the fourth quarter worth approximately $3,787,000. Glacier Peak Capital LLC bought a new stake in Apple during the fourth quarter worth approximately $127,000. Ancora Advisors LLC increased its stake in Apple by 107.0% in the fourth quarter. Ancora Advisors LLC now owns 144,925 shares of the iPhone maker’s stock worth $16,785,000 after buying an additional 74,901 shares in the last quarter. Foresters Asset Management Inc. increased its stake in Apple by 4.4% in the fourth quarter. Foresters Asset Management Inc. now owns 33,500 shares of the iPhone maker’s stock worth $3,880,000 after buying an additional 1,400 shares in the last quarter. Finally, Focused Wealth Management Inc increased its stake in Apple by 2.7% in the fourth quarter. Focused Wealth Management Inc now owns 30,594 shares of the iPhone maker’s stock worth $3,543,000 after buying an additional 795 shares in the last quarter. Institutional investors and hedge funds own 60.43% 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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