Sanford C. Bernstein Reiterates “Outperform” Rating for Apple Inc. (NASDAQ:AAPL)
Sanford C. Bernstein restated their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a report issued on Tuesday morning. They currently have a $170.00 price objective on the iPhone maker’s stock, up from their previous price objective of $160.00.
A number of other research firms have also issued reports on AAPL. Drexel Hamilton reaffirmed a buy rating and issued a $202.00 price target on shares of Apple in a research report on Thursday, July 6th. Instinet reaffirmed a buy rating and issued a $165.00 price target on shares of Apple in a research report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed an outperform rating and issued a $168.00 price target on shares of Apple in a research report on Tuesday, June 6th. Credit Suisse Group reissued an outperform rating and set a $170.00 target price on shares of Apple in a research report on Tuesday. Finally, Citigroup Inc. reissued a buy rating and set a $160.00 target price on shares of Apple in a research report on Thursday, April 6th. Twelve analysts have rated the stock with a hold rating, forty-one have issued a buy rating and one has given a strong buy rating to the company. Apple currently has a consensus rating of Buy and a consensus target price of $161.67.
Shares of Apple (AAPL) traded down 0.70% during midday trading on Tuesday, hitting $149.50. The stock had a trading volume of 17,213,653 shares. The stock has a market cap of $779.47 billion, a PE ratio of 17.54 and a beta of 1.31. Apple has a one year low of $96.42 and a one year high of $156.65. The firm has a 50 day moving average price of $146.92 and a 200 day moving average price of $141.83.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.08. The company had revenue of $52.90 billion for the quarter, compared to analyst estimates of $52.61 billion. Apple had a return on equity of 35.09% and a net margin of 20.74%. On average, equities analysts forecast that Apple will post $8.87 earnings per share for the current fiscal year.
Apple announced that its board has authorized a share repurchase program on Tuesday, May 2nd that permits the company to buyback $50.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, SVP D Bruce Sewell sold 67,500 shares of Apple stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $148.76, for a total transaction of $10,041,300.00. Following the sale, the senior vice president now directly owns 141,325 shares of the company’s stock, valued at $21,023,507. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 373,000 shares of company stock worth $56,497,046. 0.08% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the company. Hefty Wealth Partners increased its stake in 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 during the period. American Beacon Advisors Inc. purchased a new stake in Apple during the first quarter worth $117,000. State of Alaska Department of Revenue purchased a new stake in Apple during the second quarter worth $149,000. Glacier Peak Capital LLC purchased a new stake in Apple during the fourth quarter worth $127,000. Finally, Portfolio Solutions LLC purchased a new stake in Apple during the first quarter worth $169,000. 61.23% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Apple Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.