Canaccord Genuity Reaffirms Buy Rating for Apple (AAPL)

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Canaccord Genuity reiterated their buy rating on shares of Apple (NASDAQ:AAPL) in a report issued on Tuesday morning, MarketBeat.com reports. The firm currently has a $250.00 target price on the iPhone maker’s stock, up from their prior target price of $220.00.

AAPL has been the subject of several other reports. BidaskClub cut shares of Apple from a buy rating to a hold rating in a research report on Friday, June 8th. Wells Fargo & Co restated a neutral rating and issued a $210.00 price target on shares of Apple in a research report on Friday, August 10th. Morgan Stanley upped their price target on shares of Apple from $214.00 to $232.00 and gave the company an overweight rating in a research report on Tuesday, July 24th. BMO Capital Markets upped their price target on shares of Apple from $171.00 to $184.00 and gave the company a market perform rating in a research report on Monday, July 23rd. Finally, UBS Group restated a buy rating and issued a $210.00 price target on shares of Apple in a research report on Monday, July 30th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $225.02.

Shares of NASDAQ AAPL opened at $221.30 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.31 and a debt-to-equity ratio of 0.84. Apple has a 52-week low of $149.16 and a 52-week high of $229.67. The company has a market capitalization of $1,096.57 billion, a price-to-earnings ratio of 24.03, a price-to-earnings-growth ratio of 1.71 and a beta of 1.33.

Apple (NASDAQ:AAPL) last announced its quarterly 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. Apple had a net margin of 21.98% and a return on equity of 43.50%. The firm had revenue of $53.27 billion during the quarter, compared to analysts’ expectations of $52.43 billion. During the same period in the prior year, the company posted $1.67 EPS. The company’s revenue was up 17.3% on a year-over-year basis. research analysts expect that Apple will post 11.68 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 16th. Shareholders of record on Monday, August 13th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend was Friday, August 10th. Apple’s payout ratio is 31.70%.

In other Apple news, insider Johny Srouji sold 14,140 shares of the firm’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $214.98, for a total value of $3,039,817.20. Following the completion of the sale, the insider now directly owns 68,302 shares in the company, valued at $14,683,563.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy D. Cook sold 265,160 shares of the firm’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $217.79, for a total transaction of $57,749,196.40. The disclosure for this sale can be found here. Insiders sold 384,968 shares of company stock valued at $82,292,858 over the last 90 days. Corporate insiders own 0.08% of the company’s stock.

A number of large investors have recently bought and sold shares of AAPL. SP Asset Management bought a new position in shares of Apple in the second quarter valued at $6,307,000. HRT Financial LLC lifted its position in shares of Apple by 233.0% during the second quarter. HRT Financial LLC now owns 46,301 shares of the iPhone maker’s stock valued at $8,570,000 after purchasing an additional 32,395 shares in the last quarter. Planning Directions Inc. lifted its position in shares of Apple by 6.8% during the second quarter. Planning Directions Inc. now owns 18,512 shares of the iPhone maker’s stock valued at $3,427,000 after purchasing an additional 1,181 shares in the last quarter. LFA Lugano Financial Advisors SA bought a new position in shares of Apple during the second quarter valued at about $271,000. Finally, Chicago Partners Investment Group LLC lifted its position in shares of Apple by 12.1% during the second quarter. Chicago Partners Investment Group LLC now owns 39,984 shares of the iPhone maker’s stock valued at $7,402,000 after purchasing an additional 4,316 shares in the last quarter. Institutional investors and hedge funds own 58.61% of the company’s stock.

About Apple

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.

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