Apple Inc. (AAPL) Stock Rating Reaffirmed by Wells Fargo & Co.
Apple Inc. (NASDAQ:AAPL)‘s stock had its “market perform” rating restated by Wells Fargo & Co. in a research note issued to investors on Friday. They currently have a $112.50 price objective on the iPhone maker’s stock. Wells Fargo & Co.’s price target suggests a potential downside of 0.02% from the stock’s current price.
AAPL has been the subject of several other reports. Drexel Hamilton restated a “buy” rating and issued a $185.00 price objective on shares of Apple in a report on Wednesday, September 14th. Piper Jaffray Cos. raised shares of Apple to an “overweight” rating and set a $151.00 target price on the stock in a research report on Friday, September 16th. Canaccord Genuity reaffirmed a “buy” rating and issued a $140.00 target price (up from $120.00) on shares of Apple in a research report on Monday, September 12th. Nomura upped their target price on shares of Apple from $120.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, September 22nd. Finally, Mizuho reaffirmed a “buy” rating and issued a $120.00 target price on shares of Apple in a research report on Thursday, September 1st. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating, forty-one have assigned a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $126.13.
Shares of Apple (NASDAQ:AAPL) opened at 112.52 on Friday. The firm has a 50-day moving average of $109.88 and a 200 day moving average of $102.98. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The company has a market cap of $606.31 billion, a price-to-earnings ratio of 13.12 and a beta of 1.22.
Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The business earned $42.36 billion during the quarter, compared to analyst estimates of $42.35 billion. During the same period in the prior year, the business earned $1.85 EPS. The company’s revenue for the quarter was down 14.6% on a year-over-year basis. On average, analysts expect that Apple will post $8.26 earnings per share for the current year.
In related news, insider Johny Srouji sold 9,827 shares of Apple stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $108.44, for a total value of $1,065,639.88. Following the completion of the sale, the insider now directly owns 116,369 shares in the company, valued at $12,619,054.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 334,000 shares of Apple stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $107.23, for a total value of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. LVM Capital Management Ltd. MI increased its stake in Apple by 2.3% in the third quarter. LVM Capital Management Ltd. MI now owns 169,298 shares of the iPhone maker’s stock valued at $15,733,000 after buying an additional 3,850 shares during the last quarter. Bath Savings Trust Co increased its stake in Apple by 0.4% in the third quarter. Bath Savings Trust Co now owns 125,702 shares of the iPhone maker’s stock valued at $14,210,000 after buying an additional 547 shares during the last quarter. Cullinan Associates Inc. increased its stake in Apple by 0.6% in the third quarter. Cullinan Associates Inc. now owns 196,464 shares of the iPhone maker’s stock valued at $22,210,000 after buying an additional 1,231 shares during the last quarter. Cacti Asset Management LLC increased its stake in Apple by 4.2% in the third quarter. Cacti Asset Management LLC now owns 358,798 shares of the iPhone maker’s stock valued at $40,562,000 after buying an additional 14,443 shares during the last quarter. Finally, Carnick & Kubik Group LLC purchased a new stake in Apple during the second quarter valued at $1,471,000. Hedge funds and other institutional investors own 56.46% of the company’s stock.
Apple Company Profile
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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