Drexel Hamilton Reaffirms “Buy” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating restated by equities research analysts at Drexel Hamilton in a report issued on Wednesday. They presently have a $208.00 target price on the iPhone maker’s stock. Drexel Hamilton’s target price points to a potential upside of 29.14% from the stock’s current price.
A number of other brokerages also recently issued reports on AAPL. Instinet restated a “buy” rating and set a $165.00 price objective on shares of Apple in a research report on Wednesday, July 5th. Royal Bank Of Canada restated an “outperform” rating and set a $168.00 price objective on shares of Apple in a research report on Tuesday, June 6th. Credit Suisse Group restated an “outperform” rating and set a $170.00 price objective on shares of Apple in a research report on Tuesday, July 25th. Macquarie upped their price objective on Apple from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, August 2nd. Finally, Atlantic Securities set a $175.00 price objective on Apple and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Thirteen 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 presently has an average rating of “Buy” and a consensus price target of $167.32.
Shares of Apple (NASDAQ AAPL) traded up 0.61% during trading on Wednesday, hitting $161.06. The company had a trading volume of 26,131,530 shares. Apple has a 52 week low of $102.53 and a 52 week high of $161.83. The firm’s 50 day moving average is $148.85 and its 200-day moving average is $143.79. The stock has a market capitalization of $832.65 billion, a P/E ratio of 18.29 and a beta of 1.31. Apple also was the target of some unusual options trading on Tuesday. Stock investors purchased 139,415 put options on the company. This represents an increase of 119% compared to the average volume of 63,733 put options.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The business had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same period in the prior year, the business posted $1.42 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts anticipate that Apple will post $9.02 EPS for the current fiscal year.
Apple declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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In other Apple news, insider Craig Federighi sold 64,500 shares of Apple stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $153.62, for a total value of $9,908,490.00. Following the transaction, the insider now owns 447,151 shares in the company, valued at approximately $68,691,336.62. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $155.27, for a total transaction of $1,855,321.23. Following the completion of the transaction, the insider now owns 23,998 shares in the company, valued at approximately $3,726,169.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 299,911 shares of company stock worth $46,557,634. 0.08% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Cpcm LLC bought a new position in shares of Apple during the fourth quarter worth $9,341,000. Flinton Capital Management LLC bought a new position in shares of Apple during the fourth quarter worth $169,077,000. Marietta Wealth Management LLC bought a new position in shares of Apple during the fourth quarter worth $3,826,000. Azimuth Capital Management LLC raised its position in shares of Apple by 55.3% in the fourth quarter. Azimuth Capital Management LLC now owns 149,560 shares of the iPhone maker’s stock worth $17,322,000 after buying an additional 53,239 shares during the period. Finally, Noven Financial Group Inc. raised its position in shares of Apple by 0.3% in the fourth quarter. Noven Financial Group Inc. now owns 7,396 shares of the iPhone maker’s stock worth $857,000 after buying an additional 22 shares during the period. Institutional investors own 61.13% of the company’s stock.
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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