Rosenblatt Securities reiterated their neutral rating on shares of Apple Inc. (NASDAQ:AAPL) in a report published on Tuesday morning. Rosenblatt Securities currently has a $150.00 price target on the iPhone maker’s stock, up from their prior price target of $120.00.
A number of other equities research analysts also recently weighed in on the company. Vetr downgraded Apple from a buy rating to a hold rating and set a $164.42 target price for the company. in a research report on Monday, August 7th. KeyCorp restated an equal weight rating on shares of Apple in a research report on Friday, August 4th. Canaccord Genuity reiterated a buy rating and issued a $180.00 price objective on shares of Apple in a report on Thursday, August 3rd. Morgan Stanley reiterated an overweight rating and issued a $182.00 price objective on shares of Apple in a report on Thursday, August 3rd. Finally, FBN Securities reiterated a buy rating and issued a $180.00 price objective (up previously from $160.00) on shares of Apple in a report on Thursday, August 3rd. Twelve investment analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $167.35.
Apple (AAPL) opened at 157.48 on Tuesday. The firm has a market capitalization of $813.42 billion, a price-to-earnings ratio of 17.88 and a beta of 1.31. The stock’s 50 day moving average price is $149.92 and its 200-day moving average price is $144.27. Apple has a one year low of $102.53 and a one year high of $161.83.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. The company had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.42 earnings per share. On average, equities research analysts anticipate that Apple will post $9.02 earnings per share for the current fiscal year.
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Apple declared that its board has approved a stock repurchase plan on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Monday, August 14th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $2.52 annualized dividend and a yield of 1.60%. Apple’s payout ratio is 28.64%.
In related news, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Johny Srouji sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $153.20, for a total value of $1,532,000.00. Following the completion of the transaction, the senior vice president now owns 96,738 shares in the company, valued at approximately $14,820,261.60. 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.
A number of institutional investors have recently bought and sold shares of the stock. Global Financial Private Capital LLC increased its position in Apple by 3.8% in the second quarter. Global Financial Private Capital LLC now owns 15,919 shares of the iPhone maker’s stock valued at $2,293,000 after buying an additional 585 shares during the last quarter. B. Riley Financial Inc. increased its position in Apple by 6.4% in the second quarter. B. Riley Financial Inc. now owns 10,661 shares of the iPhone maker’s stock valued at $1,535,000 after buying an additional 645 shares during the last quarter. Veritable L.P. increased its position in Apple by 4.4% in the second quarter. Veritable L.P. now owns 275,890 shares of the iPhone maker’s stock valued at $39,734,000 after buying an additional 11,698 shares during the last quarter. Bancorpsouth Inc. boosted its stake in shares of Apple by 2.3% in the second quarter. Bancorpsouth Inc. now owns 51,595 shares of the iPhone maker’s stock worth $7,430,000 after buying an additional 1,184 shares during the last quarter. Finally, Waters Parkerson & CO. LLC boosted its stake in shares of Apple by 1.3% in the second quarter. Waters Parkerson & CO. LLC now owns 49,842 shares of the iPhone maker’s stock worth $7,178,000 after buying an additional 651 shares during the last quarter. Institutional investors and hedge funds own 61.13% 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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