RBC Capital Markets Reaffirms “Outperform” Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reiterated by investment analysts at RBC Capital Markets in a research report issued on Monday. They presently have a $125.00 price target on the iPhone maker’s stock. RBC Capital Markets’ target price indicates a potential upside of 9.59% from the stock’s previous close.
Other equities research analysts also recently issued reports about the stock. Raymond James Financial Inc. restated a “hold” rating on shares of Apple in a research note on Saturday, July 9th. Barclays PLC restated a “buy” rating on shares of Apple in a research note on Sunday, July 17th. Credit Suisse Group AG reiterated a “buy” rating and issued a $150.00 price objective on shares of Apple in a report on Sunday, July 17th. Brean Capital reiterated a “buy” rating and issued a $125.00 price objective on shares of Apple in a report on Wednesday, July 27th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Apple in a report on Thursday, August 11th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating, forty-one have issued a buy rating and two have issued a strong buy rating to the company. Apple currently has an average rating of “Buy” and a consensus price target of $126.13.
Shares of Apple (NASDAQ:AAPL) traded up 1.93% on Monday, reaching $116.26. 20,265,070 shares of the company were exchanged. The company has a market cap of $626.46 billion, a price-to-earnings ratio of 13.56 and a beta of 1.22. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The company’s 50-day moving average price is $110.36 and its 200 day moving average price is $103.24.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The company had revenue of $42.36 billion for the quarter, compared to the consensus estimate of $42.35 billion. During the same period last year, the company posted $1.85 EPS. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, equities research analysts expect 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 on 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 sale, the senior vice president now directly owns 105,839 shares in the company, valued at $10,583,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Timothy D. Cook sold 334,000 shares of the firm’s stock in a transaction on 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 company insiders.
Hedge funds have recently bought and sold shares of the stock. Jacobs & Co. CA boosted its stake in Apple by 1.2% in the first quarter. Jacobs & Co. CA now owns 103,817 shares of the iPhone maker’s stock worth $11,315,000 after buying an additional 1,241 shares during the period. Gierl Augustine Investment Management Inc boosted its stake in Apple by 27.5% in the first quarter. Gierl Augustine Investment Management Inc now owns 8,521 shares of the iPhone maker’s stock worth $929,000 after buying an additional 1,837 shares during the period. Burke & Herbert Bank & Trust Co. boosted its stake in Apple by 5.4% in the first quarter. Burke & Herbert Bank & Trust Co. now owns 20,175 shares of the iPhone maker’s stock worth $2,199,000 after buying an additional 1,034 shares during the period. Koshinski Asset Management Inc. boosted its stake in Apple by 16.2% in the first quarter. Koshinski Asset Management Inc. now owns 31,170 shares of the iPhone maker’s stock worth $3,397,000 after buying an additional 4,354 shares during the period. Finally, TNB Financial boosted its stake in Apple by 10.5% in the first quarter. TNB Financial now owns 98,185 shares of the iPhone maker’s stock worth $10,701,000 after buying an additional 9,326 shares during the period. Institutional investors own 56.46% of the company’s stock.
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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