Bank of America reissued their buy rating on shares of Apple (NASDAQ:AAPL) in a research report sent to investors on Tuesday, Marketbeat.com reports. They currently have a $250.00 price target on the iPhone maker’s stock, up from their previous price target of $230.00.
Other research analysts have also recently issued research reports about the company. DA Davidson initiated coverage on Apple in a research report on Monday, April 30th. They set a buy rating and a $220.00 target price on the stock. UBS Group set a $190.00 target price on Apple and gave the company a buy rating in a research report on Tuesday, April 24th. ValuEngine raised Apple from a hold rating to a buy rating in a research report on Wednesday, May 2nd. Macquarie reaffirmed a buy rating and set a $197.00 target price on shares of Apple in a research report on Wednesday, May 2nd. Finally, HSBC reaffirmed a buy rating and set a $205.00 target price on shares of Apple in a research report on Wednesday, May 2nd. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $219.97.
Shares of NASDAQ:AAPL opened at $215.04 on Tuesday. The company has a market cap of $1,069.44 billion, a P/E ratio of 19.73, a P/E/G ratio of 1.72 and a beta of 1.16. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.24 and a current ratio of 1.31. Apple has a 12-month low of $149.16 and a 12-month high of $219.18.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 31st. The iPhone maker reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.18 by $0.16. The company had revenue of $53.27 billion for the quarter, compared to analysts’ expectations of $52.43 billion. Apple had a return on equity of 43.50% and a net margin of 21.98%. Apple’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.67 earnings per share. research analysts predict that Apple will post 11.68 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 16th. Shareholders of record on Monday, August 13th were paid a $0.73 dividend. The ex-dividend date was Friday, August 10th. This represents a $2.92 annualized dividend and a dividend yield of 1.36%. Apple’s payout ratio is presently 31.70%.
Apple announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 11.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Apple news, insider Luca Maestri sold 4,769 shares of the business’s stock in a transaction on Friday, June 1st. The stock was sold at an average price of $189.54, for a total value of $903,916.26. Following the sale, the insider now directly owns 68,044 shares in the company, valued at $12,897,059.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Angela J. Ahrendts sold 6,568 shares of the business’s stock in a transaction on Friday, June 15th. The shares were sold at an average price of $188.81, for a total value of $1,240,104.08. Following the completion of the sale, the insider now owns 79,476 shares in the company, valued at $15,005,863.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 140,230 shares of company stock worth $28,436,361. Corporate insiders own 0.06% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. PICTET BANK & TRUST Ltd grew its position in Apple by 0.5% during the second quarter. PICTET BANK & TRUST Ltd now owns 45,134 shares of the iPhone maker’s stock worth $8,355,000 after buying an additional 240 shares in the last quarter. Somerset Group LLC grew its position in Apple by 2.4% during the second quarter. Somerset Group LLC now owns 10,683 shares of the iPhone maker’s stock worth $1,978,000 after buying an additional 249 shares in the last quarter. Wsfs Capital Management LLC grew its position in Apple by 2.0% during the second quarter. Wsfs Capital Management LLC now owns 13,051 shares of the iPhone maker’s stock worth $2,416,000 after buying an additional 260 shares in the last quarter. Investment Partners LTD. grew its position in Apple by 4.9% during the second quarter. Investment Partners LTD. now owns 5,594 shares of the iPhone maker’s stock worth $1,036,000 after buying an additional 263 shares in the last quarter. Finally, Keating Investment Counselors Inc. grew its position in Apple by 8.2% during the second quarter. Keating Investment Counselors Inc. now owns 3,511 shares of the iPhone maker’s stock worth $650,000 after buying an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 59.61% of the company’s stock.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
See Also: Price to Earnings Ratio (PE)
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