Apple Inc. (NASDAQ:AAPL)‘s stock had its “buy” rating reiterated by research analysts at UBS AG in a research note issued on Friday, July 21st, www.boersen-zeitung.de reports. They presently have a $170.00 target price on the iPhone maker’s stock. UBS AG’s target price suggests a potential upside of 5.55% from the company’s current price.
AAPL has been the subject of several other research reports. Keefe, Bruyette & Woods set a $170.00 target price on Apple and gave the stock a “buy” rating in a research report on Monday, May 22nd. Goldman Sachs Group, Inc. (The) reissued a “buy” rating and issued a $170.00 price target on shares of Apple in a report on Wednesday, June 21st. Nomura reissued a “buy” rating and issued a $165.00 price target on shares of Apple in a report on Wednesday, July 5th. Barclays PLC set a $123.00 price objective on Apple and gave the company a “neutral” rating in a research note on Wednesday, May 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and set a $177.00 price target (up from $161.00) on shares of Apple in a research report on Wednesday, May 17th. Thirteen research analysts have rated the stock with a hold rating, forty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $167.32.
Apple (NASDAQ:AAPL) opened at 161.06 on Friday. Apple has a one year low of $102.53 and a one year high of $161.83. The firm has a 50-day moving average of $149.31 and a 200-day moving average of $143.92. The company has a market capitalization of $832.65 billion, a P/E ratio of 18.29 and a beta of 1.31. Apple also was the recipient of some unusual options trading on Tuesday. Traders purchased 139,415 put options on the company. This is an increase of approximately 119% compared to the average daily volume of 63,733 put options.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The company had revenue of $45.41 billion during the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The company’s revenue was up 7.2% compared to the same quarter last year. On average, analysts anticipate that Apple will post $9.02 earnings per share for the current year.
Apple declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 2nd that permits the company to buyback $50.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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In other news, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $155.27, for a total value of $1,855,321.23. Following the completion of the sale, the insider now owns 23,998 shares of the company’s stock, valued at $3,726,169.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Arthur D. Levinson sold 35,000 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $157.58, for a total value of $5,515,300.00. Following the completion of the transaction, the director now directly owns 1,168,283 shares of the company’s stock, valued at approximately $184,098,035.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 299,911 shares of company stock valued at $46,557,634. 0.08% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dearborn Partners LLC increased its position in shares of Apple by 1.1% in the second quarter. Dearborn Partners LLC now owns 222,413 shares of the iPhone maker’s stock worth $32,032,000 after buying an additional 2,327 shares in the last quarter. LSV Asset Management boosted its stake in shares of Apple by 7.3% in the second quarter. LSV Asset Management now owns 1,613,592 shares of the iPhone maker’s stock valued at $232,389,000 after buying an additional 110,100 shares during the last quarter. Polaris Greystone Financial Group LLC boosted its stake in shares of Apple by 18.7% in the second quarter. Polaris Greystone Financial Group LLC now owns 29,449 shares of the iPhone maker’s stock valued at $4,241,000 after buying an additional 4,629 shares during the last quarter. Manchester Capital Management LLC boosted its stake in shares of Apple by 0.3% in the second quarter. Manchester Capital Management LLC now owns 54,422 shares of the iPhone maker’s stock valued at $7,838,000 after buying an additional 151 shares during the last quarter. Finally, Ffcm LLC boosted its stake in shares of Apple by 6.9% in the second quarter. Ffcm LLC now owns 147,350 shares of the iPhone maker’s stock valued at $21,221,000 after buying an additional 9,530 shares during the last quarter. 61.13% of the stock is 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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