Citigroup Inc Reiterates Buy Rating for Apple Inc. (AAPL)

Citigroup Inc reissued their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a report published on Thursday. The brokerage currently has a $160.00 price target on the iPhone maker’s stock.

A number of other equities research analysts have also issued reports on AAPL. Credit Suisse Group AG reissued an outperform rating and issued a $150.00 target price on shares of Apple in a research report on Wednesday, December 7th. OTR Global lowered Apple to a positive rating in a research report on Wednesday, December 7th. Rosenblatt Securities set a $102.00 target price on Apple and gave the company a hold rating in a research report on Wednesday, December 7th. Canaccord Genuity reissued a buy rating and issued a $140.00 target price on shares of Apple in a research report on Wednesday, December 7th. Finally, Drexel Hamilton reissued a buy rating and issued a $185.00 target price on shares of Apple in a research report on Thursday, December 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, forty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Apple currently has a consensus rating of Buy and an average target price of $147.25.

Shares of Apple (NASDAQ:AAPL) traded down 0.12% during midday trading on Thursday, reaching $142.27. 17,320,928 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $141.46 and a 200-day moving average of $124.59. Apple has a 1-year low of $89.47 and a 1-year high of $145.46. The company has a market capitalization of $746.43 billion, a PE ratio of 17.08 and a beta of 1.26.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, January 31st. The iPhone maker reported $3.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.22 by $0.14. Apple had a return on equity of 34.94% and a net margin of 20.73%. The business had revenue of $78.35 billion for the quarter, compared to analysts’ expectations of $77.37 billion. During the same quarter in the previous year, the business posted $3.28 EPS. Apple’s revenue for the quarter was up 3.3% on a year-over-year basis. Equities analysts expect that Apple will post $8.95 earnings per share for the current fiscal year.

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In other news, Director Albert Gore, Jr. sold 70,000 shares of Apple stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $128.35, for a total value of $8,984,500.00. Following the transaction, the director now owns 445,574 shares in the company, valued at $57,189,422.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Timothy D. Cook sold 30,000 shares of Apple stock in a transaction dated Tuesday, January 24th. The stock was sold at an average price of $120.14, for a total value of $3,604,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 442,952 shares of company stock valued at $58,188,991. Corporate insiders own 0.08% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Gillespie Robinson & Grimm Inc. increased its position in Apple by 150.9% in the third quarter. Gillespie Robinson & Grimm Inc. now owns 203,284 shares of the iPhone maker’s stock valued at $23,591,000 after buying an additional 122,266 shares in the last quarter. Reilly Herbert Faulkner III increased its position in Apple by 3.1% in the third quarter. Reilly Herbert Faulkner III now owns 34,644 shares of the iPhone maker’s stock valued at $3,917,000 after buying an additional 1,036 shares in the last quarter. Oakmont Partners LLC increased its position in Apple by 5.3% in the third quarter. Oakmont Partners LLC now owns 3,506 shares of the iPhone maker’s stock valued at $396,000 after buying an additional 175 shares in the last quarter. First Financial Bank N.A. Trust Division increased its position in Apple by 12.4% in the third quarter. First Financial Bank N.A. Trust Division now owns 59,909 shares of the iPhone maker’s stock valued at $6,773,000 after buying an additional 6,595 shares in the last quarter. Finally, Dynamic Advisors Solutions LLC increased its position in Apple by 12.3% in the third quarter. Dynamic Advisors Solutions LLC now owns 19,743 shares of the iPhone maker’s stock valued at $2,232,000 after buying an additional 2,170 shares in the last quarter. Hedge funds and other institutional investors own 58.76% of the company’s stock.

About Apple

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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