Guggenheim Reaffirms Buy Rating for Apple Inc. (AAPL)
Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by stock analysts at Guggenheim in a research report issued to clients and investors on Friday. They currently have a $180.00 price target on the iPhone maker’s stock. Guggenheim’s target price points to a potential upside of 19.73% from the company’s previous close.
AAPL has been the subject of a number of other research reports. UBS AG reiterated a “buy” rating and issued a $175.00 price objective (down previously from $200.00) on shares of Apple in a report on Tuesday, March 28th. Deutsche Bank AG reiterated a “hold” rating on shares of Apple in a report on Wednesday, July 12th. Eleven analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $160.38.
Apple (NASDAQ:AAPL) traded down 0.34% on Friday, reaching $149.83. The company had a trading volume of 12,875,538 shares. Apple has a 12 month low of $96.42 and a 12 month high of $156.65. The company has a market capitalization of $781.19 billion, a price-to-earnings ratio of 17.58 and a beta of 1.31. The company’s 50 day moving average price is $147.46 and its 200-day moving average price is $140.51.
Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.08. Apple had a return on equity of 35.09% and a net margin of 20.74%. The business had revenue of $52.90 billion for the quarter, compared to analyst estimates of $52.61 billion. On average, equities analysts predict that Apple will post $8.91 earnings per share for the current fiscal year.
Apple announced that its board has approved a share repurchase program on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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In other Apple news, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $142.86, for a total value of $1,707,034.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Luca Maestri sold 4,757 shares of Apple stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $154.70, for a total transaction of $735,907.90. Following the completion of the sale, the insider now directly owns 3,414 shares of the company’s stock, valued at approximately $528,145.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 373,000 shares of company stock valued at $56,497,046. 0.08% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of AAPL. Norges Bank acquired a new position in shares of Apple during the fourth quarter valued at $5,625,709,000. Asset Management One Co. Ltd. boosted its position in shares of Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock valued at $1,096,072,000 after buying an additional 8,571,027 shares in the last quarter. Glenview Capital Management LLC acquired a new position in shares of Apple during the fourth quarter valued at $365,191,000. Canada Pension Plan Investment Board boosted its position in shares of Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock valued at $1,334,527,000 after buying an additional 1,749,797 shares in the last quarter. Finally, Flinton Capital Management LLC acquired a new position in shares of Apple during the fourth quarter valued at $169,077,000. Institutional investors and hedge funds own 61.21% 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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