Apple’s (AAPL) “Outperform” Rating Reiterated at Credit Suisse Group
Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reaffirmed by investment analysts at Credit Suisse Group in a research note issued on Tuesday. They presently have a $96.42 price target on the iPhone maker’s stock, down from their prior price target of $170.00. Credit Suisse Group’s price objective suggests a potential downside of 36.60% from the stock’s previous close.
A number of other research analysts also recently issued reports on the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $168.00 target price on shares of Apple in a report on Monday. Loop Capital began coverage on Apple in a report on Monday. They set a “buy” rating and a $172.00 target price on the stock. Wells Fargo & Company reiterated a “market perform” rating and set a $140.00 target price on shares of Apple in a report on Saturday. Guggenheim reiterated a “buy” rating and set a $180.00 target price on shares of Apple in a report on Friday. Finally, UBS AG reiterated a “buy” rating and set a $170.00 target price on shares of Apple in a report on Friday. Eleven analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $159.00.
Apple (AAPL) opened at 152.37 on Tuesday. The company has a 50-day moving average price of $147.28 and a 200 day moving average price of $141.20. The company has a market capitalization of $794.43 billion, a PE ratio of 17.88 and a beta of 1.31. Apple has a 12 month low of $96.42 and a 12 month high of $156.65.
Apple (NASDAQ:AAPL) last released its earnings results on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.08. Apple had a return on equity of 35.09% and a net margin of 20.74%. The company had revenue of $52.90 billion during the quarter, compared to analyst estimates of $52.61 billion. On average, equities research analysts forecast that Apple will post $8.91 EPS for the current fiscal year.
Apple announced that its board has initiated a share buyback program on Tuesday, May 2nd that allows the company to buyback $50.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, insider Luca Maestri sold 4,757 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $154.70, for a total value of $735,907.90. Following the transaction, the insider now directly owns 3,414 shares of the company’s stock, valued at approximately $528,145.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel J. Riccio sold 11,949 shares of the stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 373,000 shares of company stock worth $56,497,046. Insiders own 0.08% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of AAPL. Norges Bank acquired a new position in shares of Apple during the fourth quarter valued at about $5,625,709,000. Asset Management One Co. Ltd. increased 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 during the last quarter. Glenview Capital Management LLC acquired a new position in shares of Apple during the fourth quarter valued at about $365,191,000. Canada Pension Plan Investment Board increased 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 during the last quarter. Finally, Flinton Capital Management LLC acquired a new position in shares of Apple during the fourth quarter valued at about $169,077,000. 61.23% of the stock is currently owned by hedge funds and other institutional investors.
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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