RBC Capital Markets Reaffirms “Outperform” Rating for Apple Inc. (AAPL)
RBC Capital Markets restated their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a report released on Friday morning. RBC Capital Markets currently has a $120.00 target price on the iPhone maker’s stock, up from their prior target price of $117.00.
Several other equities research analysts also recently issued reports on the company. Credit Agricole SA boosted their price objective on Apple from $120.00 to $130.00 and gave the company a buy rating in a report on Friday, September 16th. Canaccord Genuity boosted their price objective on Apple from $120.00 to $140.00 and gave the company a buy rating in a report on Friday, September 16th. Credit Suisse Group AG restated an outperform rating and set a $150.00 price target on shares of Apple in a report on Thursday, September 15th. BTIG Research upped their price target on Apple from $124.00 to $133.00 and gave the stock a buy rating in a report on Thursday, September 15th. Finally, Vetr downgraded Apple from a buy rating to a hold rating and set a $112.95 price target on the stock. in a report on Wednesday, September 14th. Four analysts have rated the stock with a sell rating, ten have given a hold rating, forty-two have assigned a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $126.34.
Apple (NASDAQ:AAPL) opened at 113.57 on Friday. Apple has a 52 week low of $89.47 and a 52 week high of $123.82. The stock has a market capitalization of $611.97 billion, a PE ratio of 13.24 and a beta of 1.14. The stock has a 50 day moving average price of $108.35 and a 200 day moving average price of $102.31.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.04. The firm had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.85 EPS. Equities analysts forecast that Apple will post $8.26 EPS for the current year.
In other Apple news, SVP Angela J. Ahrendts sold 25,000 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $100.00, for a total value of $2,500,000.00. Following the transaction, the senior vice president now directly owns 105,839 shares of the company’s stock, valued at $10,583,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Angela J. Ahrendts sold 35,797 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 105,839 shares in the company, valued at $10,583,900. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Apple during the fourth quarter valued at approximately $5,068,068,000. Cohen & Steers Inc. raised its stake in shares of Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock worth $999,482,000 after buying an additional 22,303,795 shares during the last quarter. Magellan Asset Management Ltd raised its stake in shares of Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares during the last quarter. Nordea Investment Management AB raised its stake in shares of Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in shares of Apple during the first quarter worth about $325,287,000. 56.45% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Apple Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple Inc. and related companies with MarketBeat.com's FREE daily email newsletter.