Wedbush Reiterates “Outperform” Rating for Apple (NASDAQ:AAPL)

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Wedbush reaffirmed their outperform rating on shares of Apple (NASDAQ:AAPL) in a report published on Tuesday morning, 24/7 WallStreet reports. They currently have a $200.48 price objective on the iPhone maker’s stock, down from their prior price objective of $245.00.

A number of other equities analysts have also recently commented on the company. Bank of America lifted their price target on Apple from $230.00 to $240.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. Citigroup lifted their price target on Apple from $205.00 to $250.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. BidaskClub cut Apple from a buy rating to a hold rating in a research note on Tuesday, August 6th. ValuEngine cut Apple from a buy rating to a hold rating in a research note on Tuesday, August 6th. Finally, Maxim Group decreased their price target on Apple to $211.00 and set a hold rating on the stock in a research note on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, twenty have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Apple presently has a consensus rating of Hold and an average target price of $216.11.

Shares of Apple stock opened at $206.50 on Tuesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.50 and a quick ratio of 1.47. The business’s 50 day simple moving average is $203.83 and its two-hundred day simple moving average is $191.72. The stock has a market capitalization of $933.21 billion, a P/E ratio of 17.34, a price-to-earnings-growth ratio of 1.70 and a beta of 1.25. Apple has a one year low of $142.00 and a one year high of $233.47.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, topping the Zacks’ consensus estimate of $2.10 by $0.08. The business had revenue of $53.81 billion for the quarter, compared to analysts’ expectations of $53.39 billion. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.34 EPS. Sell-side analysts expect that Apple will post 11.58 earnings per share for the current fiscal year.

Apple announced that its board has authorized a stock buyback plan on Tuesday, April 30th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.08 annualized dividend and a dividend yield of 1.49%. Apple’s dividend payout ratio is presently 25.86%.

In related news, Director Arthur D. Levinson sold 17,500 shares of Apple stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the sale, the director now directly owns 1,150,783 shares in the company, valued at $232,101,423.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Kondo sold 4,376 shares of Apple stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $217.47, for a total value of $951,648.72. The disclosure for this sale can be found here. Insiders have sold 39,376 shares of company stock worth $8,226,574 over the last 90 days. 0.05% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. boosted its holdings in Apple by 17.9% in the first quarter. Centaurus Financial Inc. now owns 8,318 shares of the iPhone maker’s stock worth $44,000 after acquiring an additional 1,262 shares in the last quarter. Semmax Financial Advisors Inc. bought a new stake in Apple in the fourth quarter worth $50,000. Avondale Wealth Management boosted its holdings in Apple by 25.4% in the second quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock worth $63,000 after acquiring an additional 64 shares in the last quarter. NuWave Investment Management LLC boosted its holdings in Apple by 2,245.0% in the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock worth $93,000 after acquiring an additional 449 shares in the last quarter. Finally, Horan Securities Inc. boosted its holdings in Apple by 64.2% in the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock worth $112,000 after acquiring an additional 221 shares in the last quarter. Institutional investors own 59.67% of the company’s stock.

About Apple

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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