BMO Capital Markets restated their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a report published on Tuesday, July 25th. They currently have a $170.00 target price on the iPhone maker’s stock.
AAPL has been the subject of several other reports. Keefe, Bruyette & Woods set a $170.00 price objective on shares of Apple and gave the stock a buy rating in a research report on Monday, May 22nd. Goldman Sachs Group, Inc. (The) restated a buy rating and set a $170.00 price objective on shares of Apple in a research report on Wednesday, June 21st. Nomura restated a buy rating and set a $165.00 price objective on shares of Apple in a research report on Wednesday, July 5th. Barclays PLC set a $123.00 price objective on shares of Apple and gave the stock a neutral rating in a research report on Wednesday, May 3rd. Finally, Morgan Stanley restated an overweight rating and set a $177.00 price objective (up from $161.00) on shares of Apple in a research report on Wednesday, May 17th. Twelve equities research analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Apple currently has a consensus rating of Buy and an average target price of $167.57.
Apple (AAPL) opened at 156.39 on Tuesday. The stock has a market capitalization of $808.50 billion, a PE ratio of 17.76 and a beta of 1.31. Apple has a 1-year low of $102.53 and a 1-year high of $157.40. The company’s 50 day moving average is $147.04 and its 200-day moving average is $142.60.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same period last year, the business earned $1.42 earnings per share. Apple’s revenue was up 7.2% compared to the same quarter last year. Analysts forecast that Apple will post $9.00 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 14th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Thursday, August 10th. Apple’s dividend payout ratio is currently 28.64%.
Apple declared that its board has approved a share repurchase program on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other Apple news, SVP Johny Srouji sold 10,000 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $153.20, for a total value of $1,532,000.00. Following the transaction, the senior vice president now owns 96,738 shares of the company’s stock, valued at $14,820,261.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $155.32, for a total value of $1,855,918.68. Following the completion of the transaction, the insider now directly owns 13,049 shares in the company, valued at approximately $2,026,770.68. The disclosure for this sale can be found here. In the last three months, insiders sold 305,500 shares of company stock worth $46,455,746. Insiders own 0.08% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Blue Sky Asset Management LLC purchased a new stake in Apple during the second quarter worth $108,000. 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 last quarter. American Beacon Advisors Inc. purchased a new stake in Apple during the first quarter worth $117,000. Private Vista LLC purchased a new stake in Apple during the second quarter worth $122,000. Finally, Glacier Peak Capital LLC purchased a new stake in Apple during the fourth quarter worth $127,000. Institutional investors own 61.17% 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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