Apple’s (NASDAQ:AAPL) Buy Rating Reiterated at Canaccord Genuity
Canaccord Genuity reiterated their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report sent to investors on Friday, November 3rd. The brokerage currently has a $195.00 price objective on the iPhone maker’s stock, up from their previous price objective of $180.00.
A number of other analysts have also weighed in on AAPL. Raymond James Financial, Inc. reiterated an outperform rating and set a $163.00 target price on shares of Apple in a report on Thursday, July 6th. Drexel Hamilton restated a buy rating and issued a $202.00 price objective on shares of Apple in a report on Thursday, July 6th. Credit Suisse Group reaffirmed a buy rating and set a $170.00 target price on shares of Apple in a research note on Sunday, July 9th. Deutsche Bank AG reaffirmed a hold rating and set a $132.00 target price (up previously from $130.00) on shares of Apple in a research note on Tuesday, July 11th. Finally, KeyCorp reaffirmed a hold rating on shares of Apple in a research note on Monday, July 10th. Seven investment analysts have rated the stock with a hold rating and forty-six have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $200.24.
Apple (AAPL) opened at $170.15 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.28 and a quick ratio of 1.23. Apple has a 12 month low of $108.25 and a 12 month high of $176.24. The company has a market capitalization of $878,480.00, a price-to-earnings ratio of 18.62, a P/E/G ratio of 1.38 and a beta of 1.25.
Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.20. Apple had a net margin of 21.09% and a return on equity of 36.29%. The business had revenue of $52.58 billion during the quarter, compared to analyst estimates of $50.71 billion. During the same period in the prior year, the business posted $1.50 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. equities analysts forecast that Apple will post 11.15 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Investors of record on Monday, November 13th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend was Friday, November 10th. Apple’s payout ratio is currently 27.42%.
In other Apple news, insider Daniel J. Riccio sold 15,641 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $172.35, for a total transaction of $2,695,726.35. Following the completion of the sale, the insider now directly owns 39,682 shares in the company, valued at approximately $6,839,192.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy D. Cook sold 268,623 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $160.63, for a total value of $43,148,912.49. The disclosure for this sale can be found here. Insiders sold a total of 410,352 shares of company stock valued at $65,356,512 in the last quarter. 0.08% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in AAPL. Vantage Financial Partners Ltd. Inc. bought a new position in shares of Apple in the 2nd quarter valued at approximately $400,000. Blue Sky Asset Management LLC bought a new position in shares of Apple in the 2nd quarter valued at approximately $108,000. FNY Managed Accounts LLC raised its stake in shares of Apple by 852.4% in the 2nd quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after acquiring an additional 716 shares in the last quarter. Hefty Wealth Partners raised its stake in shares of Apple by 27.6% in the 2nd quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after acquiring an additional 174 shares in the last quarter. Finally, American Beacon Advisors Inc. bought a new position in shares of Apple in the 1st quarter valued at approximately $117,000. Hedge funds and other institutional investors own 60.38% of the company’s stock.
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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