Apple Inc. (AAPL) Rating Reiterated by Morgan Stanley
Apple Inc. (NASDAQ:AAPL)‘s stock had its “overweight” rating reaffirmed by equities research analysts at Morgan Stanley in a research note issued to investors on Friday. They presently have a $124.00 price target on the iPhone maker’s stock. Morgan Stanley’s price objective would suggest a potential upside of 5.49% from the company’s current price.
AAPL has been the topic of a number of other reports. Drexel Hamilton reiterated a “buy” rating and issued a $185.00 price objective on shares of Apple in a research note on Wednesday, September 14th. Piper Jaffray Cos. upgraded Apple to an “overweight” rating and set a $151.00 price objective on the stock in a research note on Friday, September 16th. Canaccord Genuity reiterated a “buy” rating and issued a $140.00 price objective (up from $120.00) on shares of Apple in a research note on Monday, September 12th. Pacific Crest lifted their price objective on Apple from $121.00 to $129.00 and gave the stock an “overweight” rating in a research note on Thursday, October 13th. Finally, Nomura lifted their price objective on Apple from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 22nd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, forty-three have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $126.74.
Shares of Apple (NASDAQ:AAPL) opened at 117.55 on Friday. The firm has a market capitalization of $633.41 billion, a PE ratio of 13.71 and a beta of 1.22. Apple has a 12 month low of $89.47 and a 12 month high of $123.82. The stock’s 50 day moving average price is $111.86 and its 200-day moving average price is $103.64.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.04. The business had revenue of $42.36 billion for the quarter, compared to analyst estimates of $42.35 billion. Apple had a return on equity of 37.89% and a net margin of 21.70%. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.85 earnings per share. On average, equities analysts anticipate that Apple will post $8.26 earnings per share for the current fiscal year.
In related news, CEO Timothy D. Cook sold 334,000 shares of the business’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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Arthur D. Levinson sold 70,000 shares of the business’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $108.68, for a total transaction of $7,607,600.00. Following the completion of the sale, the director now owns 1,203,283 shares in the company, valued at approximately $130,772,796.44. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the company. Cordasco Financial Network boosted its stake in shares of Apple by 0.4% in the second quarter. Cordasco Financial Network now owns 3,353 shares of the iPhone maker’s stock valued at $321,000 after buying an additional 12 shares in the last quarter. Cidel Asset Management Inc. boosted its stake in shares of Apple by 0.3% in the second quarter. Cidel Asset Management Inc. now owns 4,186 shares of the iPhone maker’s stock valued at $400,000 after buying an additional 13 shares in the last quarter. Boston Standard Wealth Management LLC boosted its stake in shares of Apple by 0.6% in the second quarter. Boston Standard Wealth Management LLC now owns 2,280 shares of the iPhone maker’s stock valued at $218,000 after buying an additional 14 shares in the last quarter. Lbmc Investment Advisors LLC boosted its stake in shares of Apple by 0.3% in the second quarter. Lbmc Investment Advisors LLC now owns 5,110 shares of the iPhone maker’s stock valued at $489,000 after buying an additional 15 shares in the last quarter. Finally, Summit Financial Strategies Inc. boosted its stake in shares of Apple by 0.3% in the second quarter. Summit Financial Strategies Inc. now owns 6,533 shares of the iPhone maker’s stock valued at $625,000 after buying an additional 19 shares in the last quarter. Institutional investors own 56.41% 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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