Apple (NASDAQ:AAPL) Earns Outperform Rating from Wedbush

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Wedbush restated their outperform rating on shares of Apple (NASDAQ:AAPL) in a research note published on Monday morning, LiveTradingNews reports. The firm currently has a $235.00 target price on the iPhone maker’s stock.

Other equities analysts have also recently issued reports about the company. Maxim Group reiterated a buy rating on shares of Abeona Therapeutics in a report on Wednesday, May 1st. Needham & Company LLC reiterated a hold rating on shares of Micron Technology in a report on Thursday, March 21st. Cowen set a $63.00 price objective on TJX Companies and gave the stock a buy rating in a report on Tuesday, June 4th. Nomura cut their price objective on Apple from $180.00 to $175.00 and set a neutral rating for the company in a report on Friday, May 17th. Finally, HSBC initiated coverage on Canada Goose in a report on Monday, May 20th. They issued a buy rating and a $48.32 price objective for the company. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $209.27.

AAPL opened at $201.75 on Monday. The business has a 50-day moving average price of $192.27. Apple has a 12-month low of $142.00 and a 12-month high of $233.47. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26. The stock has a market cap of $924.31 billion, a PE ratio of 16.94, a P/E/G ratio of 1.73 and a beta of 1.23.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.37 by $0.09. Apple had a return on equity of 51.29% and a net margin of 22.12%. The firm had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $57.40 billion. During the same period in the prior year, the business earned $2.73 EPS. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. Research analysts expect that Apple will post 11.47 EPS for the current fiscal year.

Apple announced that its board has authorized a stock repurchase program on Tuesday, April 30th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

In other Apple news, COO Jeffrey E. Williams sold 56,411 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total value of $11,866,617.96. Following the completion of the sale, the chief operating officer now owns 151,187 shares in the company, valued at approximately $31,803,697.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $210.86, for a total value of $7,380,100.00. Following the completion of the sale, the director now owns 1,168,283 shares of the company’s stock, valued at approximately $246,344,153.38. The disclosure for this sale can be found here. Company insiders own 0.05% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Semmax Financial Advisors Inc. bought a new position in shares of Apple in the 4th quarter worth approximately $50,000. Contravisory Investment Management Inc. raised its position in shares of Apple by 30.6% in the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after acquiring an additional 144 shares in the last quarter. INR Advisory Services LLC bought a new position in shares of Apple in the 4th quarter worth approximately $124,000. CKW Financial Group raised its position in shares of Apple by 15.0% in the 4th quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock worth $127,000 after acquiring an additional 105 shares in the last quarter. Finally, Denali Advisors LLC raised its position in shares of Apple by 12.5% in the 2nd quarter. Denali Advisors LLC now owns 900 shares of the iPhone maker’s stock worth $178,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds own 58.54% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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