Apple (AAPL) Earns Neutral Rating from Sanford C. Bernstein

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Sanford C. Bernstein reiterated their neutral rating on shares of Apple (NASDAQ:AAPL) in a research note published on Friday. The brokerage currently has a $210.00 target price on the iPhone maker’s stock.

AAPL has been the topic of several other reports. Loop Capital raised their price target on shares of Apple from $195.00 to $210.00 and gave the stock a buy rating in a research note on Friday, July 6th. BidaskClub cut shares of Apple from a strong-buy rating to a buy rating in a research note on Wednesday, September 12th. Morgan Stanley reaffirmed a buy rating and set a $247.00 price target on shares of Apple in a research note on Wednesday, September 26th. JPMorgan Chase & Co. reaffirmed a buy rating and set a $272.00 price target on shares of Apple in a research note on Wednesday, October 10th. Finally, Royal Bank of Canada reaffirmed a buy rating and set a $240.00 price target on shares of Apple in a research note on Tuesday, September 11th. Three equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and twenty-eight have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $223.60.

Apple stock opened at $201.59 on Friday. Apple has a 12-month low of $150.24 and a 12-month high of $233.47. The stock has a market cap of $1,019.79 billion, a price-to-earnings ratio of 17.48, a PEG ratio of 1.48 and a beta of 1.26. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.09 and a current ratio of 1.12.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.78 by $0.13. Apple had a net margin of 22.41% and a return on equity of 48.68%. The company had revenue of $62.90 billion for the quarter, compared to analysts’ expectations of $61.55 billion. During the same period last year, the company earned $2.07 EPS. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, equities research analysts expect that Apple will post 13.48 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 12th will be issued a $0.73 dividend. The ex-dividend date is Thursday, November 8th. This represents a $2.92 annualized dividend and a yield of 1.45%. Apple’s payout ratio is 24.52%.

In related news, SVP Angela J. Ahrendts sold 14,194 shares of the firm’s stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $227.96, for a total value of $3,235,664.24. Following the transaction, the senior vice president now owns 105,538 shares in the company, valued at $24,058,442.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jeffrey E. Williams sold 15,652 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $206.86, for a total transaction of $3,237,772.72. Following the completion of the transaction, the chief operating officer now owns 122,837 shares in the company, valued at approximately $25,410,061.82. The disclosure for this sale can be found here. Insiders sold 544,185 shares of company stock worth $120,312,613 in the last 90 days. 0.06% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Summit Trail Advisors LLC raised its stake in shares of Apple by 17,669.4% during the first quarter. Summit Trail Advisors LLC now owns 20,180,694 shares of the iPhone maker’s stock valued at $20,181,000 after purchasing an additional 20,067,124 shares during the period. Cornerstone Wealth Management LLC raised its stake in shares of Apple by 18,553.3% during the second quarter. Cornerstone Wealth Management LLC now owns 16,758,709 shares of the iPhone maker’s stock valued at $89,526,000 after purchasing an additional 16,668,866 shares during the period. Russell Investments Group Ltd. purchased a new stake in shares of Apple during the first quarter valued at approximately $830,026,000. Private Advisor Group LLC raised its stake in shares of Apple by 1,185.5% during the second quarter. Private Advisor Group LLC now owns 4,320,770 shares of the iPhone maker’s stock valued at $800,386,000 after purchasing an additional 3,984,643 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Apple during the second quarter valued at approximately $706,904,000. Hedge funds and other institutional investors own 58.44% of the company’s stock.

Apple Company Profile

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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