UBS AG Reaffirms “Buy” Rating for Apple Inc. (AAPL)
UBS AG reaffirmed their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research note released on Friday morning, www.flashratings.com reports. UBS AG currently has a $170.00 target price on the iPhone maker’s stock.
A number of other brokerages have also recently commented on AAPL. Argus reissued an outperform rating and issued a $160.00 price objective on shares of Apple in a research note on Monday, May 15th. Hilliard Lyons increased their price objective on shares of Apple from $147.00 to $170.00 and gave the company a buy rating in a research note on Monday, May 15th. Canaccord Genuity reissued a buy rating and issued a $180.00 price objective (up from $165.00) on shares of Apple in a research note on Tuesday, May 16th. BMO Capital Markets reissued an outperform rating and issued a $170.00 price objective (up from $160.00) on shares of Apple in a research note on Wednesday, May 17th. Finally, Morgan Stanley reissued an overweight rating and issued a $177.00 price objective (up from $161.00) on shares of Apple in a research note on Wednesday, May 17th. Eleven analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $160.38.
Apple (NASDAQ AAPL) opened at 150.27 on Friday. The stock has a market capitalization of $783.48 billion, a P/E ratio of 17.63 and a beta of 1.31. Apple has a 1-year low of $96.42 and a 1-year high of $156.65. The stock has a 50 day moving average of $147.46 and a 200 day moving average of $140.51.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. Apple had a net margin of 20.74% and a return on equity of 35.09%. The business had revenue of $52.90 billion for the quarter, compared to analysts’ expectations of $52.61 billion. On average, analysts expect that Apple will post $8.91 earnings per share for the current year.
Apple announced that its Board of Directors has authorized a share repurchase plan on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Apple news, insider Angela J. Ahrendts sold 75,000 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $147.98, for a total value of $11,098,500.00. Following the sale, the insider now directly owns 154,116 shares in the company, valued at $22,806,085.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP D Bruce Sewell sold 67,500 shares of the company’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $148.76, for a total value of $10,041,300.00. Following the completion of the sale, the senior vice president now owns 141,325 shares in the company, valued at $21,023,507. The disclosure for this sale can be found here. Insiders sold 373,000 shares of company stock worth $56,497,046 over the last quarter. Company insiders own 0.08% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Apple during the fourth quarter worth $5,625,709,000. Asset Management One Co. Ltd. boosted its stake 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 worth $1,096,072,000 after buying an additional 8,571,027 shares during the period. Glenview Capital Management LLC bought a new stake in shares of Apple during the fourth quarter worth $365,191,000. Canada Pension Plan Investment Board boosted its stake 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 worth $1,334,527,000 after buying an additional 1,749,797 shares during the period. Finally, Flinton Capital Management LLC bought a new stake in shares of Apple during the fourth quarter worth $169,077,000. Hedge funds and other institutional investors own 61.23% 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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