Apple’s (AAPL) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of Apple (NASDAQ:AAPL) in a report released on Tuesday, 24/7 WallStreet reports. The firm currently has a $200.48 target price on the iPhone maker’s stock, down from their prior target price of $245.00.

AAPL has been the subject of several other research reports. JPMorgan Chase & Co. upped their target price on shares of Apple from $239.00 to $243.00 in a report on Wednesday, July 31st. Credit Suisse Group set a $209.00 target price on shares of Apple and gave the stock a neutral rating in a report on Wednesday, July 31st. Cascend Securities reaffirmed a buy rating and issued a $240.00 target price (up previously from $210.00) on shares of Apple in a report on Thursday, June 20th. Loop Capital upped their target price on shares of Apple to $200.00 and gave the stock a hold rating in a report on Wednesday, July 31st. Finally, Citigroup upped their target price on shares of Apple from $205.00 to $250.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, twenty have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $216.11.

Shares of Apple stock opened at $201.74 on Tuesday. The company has a market capitalization of $944.37 billion, a P/E ratio of 17.82, a P/E/G ratio of 1.76 and a beta of 1.25. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.47 and a current ratio of 1.50. The company has a fifty day moving average of $203.69 and a 200 day moving average of $191.64. Apple has a fifty-two week low of $142.00 and a fifty-two week high of $233.47.

Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.08. The company had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. Apple had a net margin of 21.50% and a return on equity of 52.13%. Apple’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.34 EPS. Analysts forecast that Apple will post 11.58 EPS for the current year.

The firm also recently announced 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 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, August 9th. Apple’s dividend payout ratio is 25.86%.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 30th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

In other news, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $214.02, for a total transaction of $3,745,350.00. Following the sale, the director now directly owns 1,150,783 shares in the company, valued at approximately $246,290,577.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chris Kondo sold 4,376 shares of the company’s stock in a transaction dated 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. Insiders have sold a total of 39,376 shares of company stock worth $8,226,574 over the last 90 days. Corporate insiders own 0.05% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Founders Capital Management LLC boosted its stake in Apple by 164.2% in the 4th quarter. Founders Capital Management LLC now owns 15,120 shares of the iPhone maker’s stock valued at $2,385,000 after purchasing an additional 9,396 shares during the period. Gibraltar Capital Management Inc. boosted its stake in Apple by 1.2% in the 4th quarter. Gibraltar Capital Management Inc. now owns 60,217 shares of the iPhone maker’s stock valued at $9,499,000 after purchasing an additional 700 shares during the period. BLB&B Advisors LLC boosted its stake in Apple by 7.9% in the 4th quarter. BLB&B Advisors LLC now owns 75,527 shares of the iPhone maker’s stock valued at $11,914,000 after purchasing an additional 5,502 shares during the period. JGP Wealth Management LLC boosted its stake in Apple by 63.0% in the 4th quarter. JGP Wealth Management LLC now owns 47,158 shares of the iPhone maker’s stock valued at $7,439,000 after purchasing an additional 18,230 shares during the period. Finally, Oak Asset Management LLC boosted its stake in Apple by 1.3% in the 4th quarter. Oak Asset Management LLC now owns 53,769 shares of the iPhone maker’s stock valued at $8,482,000 after purchasing an additional 665 shares during the period. Hedge funds and other institutional investors 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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Analyst Recommendations for Apple (NASDAQ:AAPL)

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