Apple (NASDAQ:AAPL) Raised to Buy at BidaskClub
Several other equities research analysts also recently issued reports on the company. Daiwa Capital Markets set a $223.00 target price on Apple and gave the stock a buy rating in a research report on Wednesday, August 7th. Wedbush restated an outperform rating and set a $200.48 target price (down previously from $245.00) on shares of Apple in a research report on Tuesday, August 13th. Argus increased their target price on Apple to $250.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Cascend Securities restated a buy rating and set a $240.00 target price (up previously from $210.00) on shares of Apple in a research report on Thursday, June 20th. Finally, HSBC set a $174.00 target price on Apple and gave the stock a sell rating in a research report on Monday, May 20th. 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 assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $216.11.
NASDAQ:AAPL opened at $206.50 on Wednesday. The company has a market cap of $933.21 billion, a P/E ratio of 17.34, a P/E/G ratio of 1.70 and a beta of 1.25. The stock’s fifty day moving average price is $203.83 and its two-hundred day moving average price is $191.72. Apple has a 1 year low of $142.00 and a 1 year high of $233.47. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.50 and a quick ratio of 1.47.
Apple announced that its board has authorized a share buyback plan on Tuesday, April 30th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.08 dividend on an annualized basis and a yield of 1.49%. Apple’s payout ratio is 25.86%.
In other Apple news, Director Arthur D. Levinson sold 17,500 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $201.69, for a total transaction of $3,529,575.00. Following the sale, the director now owns 1,150,783 shares in the company, valued at $232,101,423.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Kondo sold 4,376 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $217.47, for a total value of $951,648.72. The disclosure for this sale can be found here. Insiders have sold 39,376 shares of company stock worth $8,226,574 in the last 90 days. Company insiders own 0.05% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Apple by 145.6% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 10,105 shares of the iPhone maker’s stock valued at $2,000,000 after buying an additional 5,990 shares during the last quarter. Maverick Capital Ltd. grew its stake in shares of Apple by 48.2% during the second quarter. Maverick Capital Ltd. now owns 58,720 shares of the iPhone maker’s stock valued at $11,622,000 after buying an additional 19,110 shares during the last quarter. New World Advisors LLC grew its stake in shares of Apple by 7.5% during the second quarter. New World Advisors LLC now owns 6,230 shares of the iPhone maker’s stock valued at $1,233,000 after buying an additional 436 shares during the last quarter. NewDay Solutions LLC bought a new position in shares of Apple during the second quarter valued at about $2,267,000. Finally, One Wealth Advisors LLC grew its stake in shares of Apple by 523.5% during the second quarter. One Wealth Advisors LLC now owns 49,123 shares of the iPhone maker’s stock valued at $9,722,000 after buying an additional 41,244 shares during the last quarter. Institutional investors and hedge funds own 59.67% of the company’s stock.
Apple Company Profile
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.
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