BidaskClub upgraded shares of Apple (NASDAQ:AAPL) from a hold rating to a buy rating in a research report released on Wednesday, BidAskClub reports.
A number of other equities analysts have also weighed in on AAPL. Canaccord Genuity restated a buy rating and issued a $240.00 price objective (up from $202.00) on shares of Apple in a report on Wednesday, July 31st. Sanford C. Bernstein restated a neutral rating and issued a $205.00 price objective on shares of Apple in a report on Wednesday, July 31st. Goldman Sachs Group restated a neutral rating and issued a $189.00 price objective on shares of Apple in a report on Friday, August 2nd. Bank of America lifted their target price on shares of Apple from $230.00 to $240.00 and gave the stock a buy rating in a research report on Wednesday, July 31st. Finally, Deutsche Bank lifted their target price on shares of Apple from $205.00 to $210.00 and gave the stock a hold rating in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $216.11.
Shares of NASDAQ AAPL opened at $206.50 on Wednesday. Apple has a twelve month low of $142.00 and a twelve month high of $233.47. The firm has a market cap of $933.21 billion, a P/E ratio of 17.34, a PEG ratio of 1.70 and a beta of 1.25. The company has a 50 day moving average of $203.83 and a 200 day moving average of $191.72. The company has a quick ratio of 1.47, a current ratio of 1.50 and a debt-to-equity ratio of 0.88.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.08. Apple had a net margin of 21.50% and a return on equity of 52.13%. The company had revenue of $53.81 billion during the quarter, compared to analyst estimates of $53.39 billion. During the same period in the previous year, the business earned $2.34 EPS. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities analysts expect that Apple will post 11.58 earnings per share for the current fiscal year.
Apple announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 30th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, August 9th. Apple’s payout ratio is 25.86%.
In other news, Director Arthur D. Levinson sold 17,500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the completion of the sale, the director now owns 1,150,783 shares of the company’s stock, valued at approximately $232,101,423.27. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Chris Kondo sold 4,376 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $217.47, for a total transaction of $951,648.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,376 shares of company stock valued at $8,226,574. Insiders own 0.05% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Invesco Ltd. boosted its holdings in Apple by 2.6% in the 2nd quarter. Invesco Ltd. now owns 46,879,136 shares of the iPhone maker’s stock worth $9,278,319,000 after buying an additional 1,203,705 shares during the period. Morgan Stanley boosted its holdings in Apple by 5.8% in the 2nd quarter. Morgan Stanley now owns 36,261,306 shares of the iPhone maker’s stock worth $7,176,836,000 after buying an additional 1,996,126 shares during the period. Nuveen Asset Management LLC boosted its holdings in Apple by 2,874.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 35,914,893 shares of the iPhone maker’s stock worth $7,108,275,000 after buying an additional 34,707,634 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Apple by 0.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 20,240,790 shares of the iPhone maker’s stock worth $4,006,058,000 after buying an additional 161,912 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its holdings in Apple by 1.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 13,752,244 shares of the iPhone maker’s stock worth $2,721,844,000 after buying an additional 214,362 shares during the period. 59.67% of the stock is owned by hedge funds and other institutional investors.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
Recommended Story: How much money do you need to begin day trading?
Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.