Apple Inc. (NASDAQ:AAPL) Receives “Neutral” Rating from Mizuho
Mizuho restated their neutral rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note issued to investors on Wednesday morning. The brokerage currently has a $150.00 target price on the iPhone maker’s stock.
AAPL has been the topic of a number of other reports. UBS AG lifted their price target on Apple from $165.00 to $200.00 in a report on Sunday, April 2nd. Bank of America Corporation reiterated a buy rating and issued a $180.00 price target (up from $155.00) on shares of Apple in a report on Friday, May 12th. Wells Fargo & Company reiterated a market perform rating and issued a $140.00 price target on shares of Apple in a report on Saturday, July 22nd. Goldman Sachs Group, Inc. (The) set a $170.00 price target on Apple and gave the company a buy rating in a report on Saturday, May 20th. Finally, Morgan Stanley reiterated an overweight rating and issued a $177.00 price target on shares of Apple in a report on Friday, June 16th. Twelve equities research analysts have rated the stock with a hold rating, forty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $161.67.
Shares of Apple (NASDAQ AAPL) opened at 149.50 on Wednesday. The stock has a 50 day moving average price of $146.92 and a 200-day moving average price of $141.83. Apple has a 1-year low of $102.53 and a 1-year high of $156.65. The stock has a market capitalization of $779.47 billion, a PE ratio of 17.54 and a beta of 1.31.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.08. Apple had a return on equity of 35.09% and a net margin of 20.74%. The business had revenue of $52.90 billion for the quarter, compared to the consensus estimate of $52.61 billion. On average, analysts forecast that Apple will post $8.87 earnings per share for the current year.
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Apple declared that its board has authorized a stock buyback plan on Tuesday, May 2nd that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, insider Luca Maestri sold 4,757 shares of Apple stock in a transaction on Friday, June 2nd. The shares were 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 in the company, valued at approximately $528,145.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $155.32, for a total transaction of $1,855,918.68. Following the transaction, the insider now owns 13,049 shares in the company, valued at approximately $2,026,770.68. The disclosure for this sale can be found here. Insiders have sold a total of 373,000 shares of company stock worth $56,497,046 in the last 90 days. Company insiders own 0.08% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Hefty Wealth Partners raised its position in shares of Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock worth $115,000 after buying an additional 174 shares in the last quarter. American Beacon Advisors Inc. purchased a new position in shares of Apple during the first quarter worth approximately $117,000. State of Alaska Department of Revenue purchased a new position in shares of Apple during the second quarter worth approximately $149,000. Glacier Peak Capital LLC purchased a new position in shares of Apple during the fourth quarter worth approximately $127,000. Finally, Portfolio Solutions LLC purchased a new position in shares of Apple during the first quarter worth approximately $169,000. Institutional investors and hedge funds own 61.23% 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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