Apple (NASDAQ:AAPL) Earns Outperform Rating from Wedbush

Wedbush restated their outperform rating on shares of Apple (NASDAQ:AAPL) in a report issued on Monday morning, LiveTradingNews reports. Wedbush currently has a $235.00 target price on the iPhone maker’s stock.

A number of other equities analysts also recently issued reports on AAPL. Rosenblatt Securities restated a sell rating and issued a $150.00 price target on shares of Apple in a research note on Monday. BTIG Research raised their price target on Apple to $234.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. Canaccord Genuity raised their price target on from GBX 91 ($1.19) to GBX 109 ($1.42) and gave the stock a hold rating in a research note on Tuesday, June 4th. Cowen set a $63.00 target price on TJX Companies and gave the company a buy rating in a research report on Tuesday, June 4th. Finally, Evercore ISI started coverage on Helmerich & Payne in a research report on Thursday, June 6th. They set an outperform rating on the stock. Four analysts have rated the stock with a sell rating, nineteen have given 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 an average rating of Hold and an average target price of $209.27.

AAPL stock opened at $201.75 on Monday. The stock has a market cap of $924.31 billion, a P/E ratio of 16.94, a P/E/G ratio of 1.73 and a beta of 1.23. Apple has a 1 year low of $142.00 and a 1 year high of $233.47. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85. The business has a fifty day moving average price of $192.27.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.37 by $0.09. The firm had revenue of $58.02 billion for the quarter, compared to the consensus estimate of $57.40 billion. Apple had a return on equity of 51.29% and a net margin of 22.12%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the business posted $2.73 EPS. Sell-side analysts expect that Apple will post 11.47 earnings per share for the current year.

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

In other news, COO Jeffrey E. Williams sold 56,411 shares of Apple stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total value of $11,866,617.96. Following the sale, the chief operating officer now directly owns 151,187 shares of the company’s stock, valued at $31,803,697.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $210.86, for a total value of $7,380,100.00. Following the completion of the sale, the director now directly owns 1,168,283 shares in the company, valued at $246,344,153.38. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Morgan Stanley increased its stake in Apple by 9.7% during the third quarter. Morgan Stanley now owns 39,188,032 shares of the iPhone maker’s stock worth $8,846,307,000 after acquiring an additional 3,452,792 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Apple by 1.8% during the third quarter. TIAA CREF Investment Management LLC now owns 26,144,522 shares of the iPhone maker’s stock worth $5,901,864,000 after acquiring an additional 454,086 shares during the last quarter. Fisher Asset Management LLC increased its stake in Apple by 3.4% during the fourth quarter. Fisher Asset Management LLC now owns 12,766,487 shares of the iPhone maker’s stock worth $2,013,786,000 after acquiring an additional 417,421 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its stake in Apple by 4.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 10,155,585 shares of the iPhone maker’s stock worth $1,929,054,000 after acquiring an additional 414,856 shares during the last quarter. Finally, Clearbridge Investments LLC increased its stake in Apple by 4.0% during the first quarter. Clearbridge Investments LLC now owns 7,652,260 shares of the iPhone maker’s stock worth $1,453,547,000 after acquiring an additional 295,102 shares during the last quarter. 58.54% of the stock is currently owned by hedge funds and other institutional investors.

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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