Traders Buy Apple Inc. (AAPL) on Weakness
Investors bought shares of Apple Inc. (NASDAQ:AAPL) on weakness during trading hours on Tuesday. $669.67 million flowed into the stock on the tick-up and $592.69 million flowed out of the stock on the tick-down, for a money net flow of $76.98 million into the stock. Of all equities tracked, Apple had the 3rd highest net in-flow for the day. Apple traded down ($1.57) for the day and closed at $104.48
Several analysts have recently issued reports on the stock. S&P Equity Research reissued a “buy” rating on shares of Apple in a research note on Saturday, April 23rd. FBN Securities lowered their price objective on shares of Apple from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday, April 27th. Credit Suisse Group AG cut shares of Apple to a “buy” rating in a research note on Wednesday, April 27th. Bank of America Corp. set a $120.00 price objective on shares of Apple and gave the company a “buy” rating in a research note on Thursday, April 28th. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of Apple in a research note on Monday, May 2nd. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating, forty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Apple has a consensus rating of “Buy” and a consensus target price of $124.77.
The company has a market cap of $562.98 billion and a PE ratio of 12.18. The firm’s 50-day moving average price is $97.74 and its 200 day moving average price is $99.47.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The company had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. During the same period in the prior year, the firm posted $1.85 EPS. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. On average, equities research analysts expect that Apple Inc. will post $8.27 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Thursday, August 4th.
In related news, SVP Angela J. Ahrendts sold 50,000 shares of the business’s stock in a transaction on Friday, May 27th. The stock was sold at an average price of $100.00, for a total transaction of $5,000,000.00. Following the completion of the transaction, the senior vice president now owns 147,971 shares in the company, valued at approximately $14,797,100. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Angela J. Ahrendts sold 35,797 shares of the business’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $100.00, for a total value of $3,579,700.00. Following the transaction, the senior vice president now owns 105,839 shares of the company’s stock, valued at approximately $10,583,900. The disclosure for this sale can be found here.
Several large investors have recently modified their holdings of AAPL. Park National boosted its stake in shares of Apple by 2.4% in the fourth quarter. Park National now owns 217,154 shares of the iPhone maker’s stock valued at $22,858,000 after buying an additional 5,098 shares in the last quarter. Strategic Advisors LLC boosted its stake in shares of Apple by 3.5% in the fourth quarter. Strategic Advisors LLC now owns 43,521 shares of the iPhone maker’s stock valued at $4,581,000 after buying an additional 1,481 shares in the last quarter. Triangle Securities Wealth Management boosted its stake in shares of Apple by 18.0% in the fourth quarter. Triangle Securities Wealth Management now owns 15,756 shares of the iPhone maker’s stock valued at $1,658,000 after buying an additional 2,405 shares in the last quarter. Hexavest Inc. boosted its stake in shares of Apple by 8.2% in the fourth quarter. Hexavest Inc. now owns 861,320 shares of the iPhone maker’s stock valued at $90,663,000 after buying an additional 65,136 shares in the last quarter. Finally, Riverbridge Partners LLC boosted its stake in shares of Apple by 0.3% in the fourth quarter. Riverbridge Partners LLC now owns 42,782 shares of the iPhone maker’s stock valued at $4,503,000 after buying an additional 140 shares in the last quarter.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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