Bank of America set a $230.00 price objective on Apple (NASDAQ:AAPL) in a research note issued to investors on Friday morning, TipRanks reports. The brokerage currently has a buy rating on the iPhone maker’s stock.
AAPL has been the topic of a number of other research reports. Robert W. Baird boosted their target price on shares of Thermo Fisher Scientific from $270.00 to $288.00 and gave the company an outperform rating in a report on Tuesday, March 26th. Piper Jaffray Companies boosted their target price on shares of DexCom to $173.00 and gave the company an overweight rating in a report on Wednesday, May 1st. Argus boosted their target price on shares of Apple to $250.00 and gave the company a buy rating in a report on Thursday, May 2nd. Canaccord Genuity boosted their target price on shares of from GBX 91 ($1.19) to GBX 109 ($1.42) and gave the company a hold rating in a report on Tuesday, June 4th. Finally, Wedbush set a $11.00 target price on shares of Sangamo Therapeutics and gave the company a hold rating in a report on Monday, July 8th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $211.22.
AAPL stock traded up $1.62 during midday trading on Friday, reaching $208.84. 17,179,038 shares of the company’s stock traded hands, compared to its average volume of 28,675,127. The firm has a 50-day moving average price of $198.69. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26. Apple has a 52 week low of $142.00 and a 52 week high of $233.47. The stock has a market capitalization of $932.13 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 1.72 and a beta of 1.23.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.09. Apple had a net margin of 22.12% and a return on equity of 51.29%. The business had revenue of $58.02 billion for the quarter, compared to analysts’ expectations of $57.40 billion. During the same quarter in the previous year, the firm posted $2.73 EPS. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, sell-side analysts forecast that Apple will post 11.47 EPS for the current fiscal year.
Apple declared that its Board of Directors has initiated a stock repurchase program on Tuesday, April 30th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In related news, Director Arthur D. Levinson sold 35,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $210.86, for a total value of $7,380,100.00. Following the completion of the transaction, the director now directly owns 1,168,283 shares in the company, valued at $246,344,153.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 56,411 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the completion of the transaction, the chief operating officer now owns 151,187 shares of the company’s stock, valued at $31,803,697.32. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Highwater Wealth Management LLC purchased a new stake in Apple during the fourth quarter valued at about $596,000. Webster Bank N. A. boosted its position in Apple by 0.5% during the fourth quarter. Webster Bank N. A. now owns 92,975 shares of the iPhone maker’s stock valued at $14,666,000 after buying an additional 487 shares during the period. Bainco International Investors boosted its position in Apple by 8.2% during the fourth quarter. Bainco International Investors now owns 148,025 shares of the iPhone maker’s stock valued at $23,349,000 after buying an additional 11,281 shares during the period. Arlington Partners LLC boosted its position in Apple by 18.4% during the fourth quarter. Arlington Partners LLC now owns 15,841 shares of the iPhone maker’s stock valued at $2,499,000 after buying an additional 2,466 shares during the period. Finally, Welch Group LLC boosted its position in Apple by 0.9% during the fourth quarter. Welch Group LLC now owns 24,019 shares of the iPhone maker’s stock valued at $3,789,000 after buying an additional 204 shares during the period. Institutional investors own 58.50% 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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