Wedbush Reiterates “Outperform” Rating for Apple (NASDAQ:AAPL)

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

AAPL has been the subject of several other research reports. Deutsche Bank boosted their price target on Apple from $205.00 to $210.00 and gave the company a hold rating in a report on Wednesday, July 31st. Piper Jaffray Companies boosted their price target on Apple from $230.00 to $243.00 and gave the company an overweight rating in a report on Wednesday, July 31st. Goldman Sachs Group reissued a neutral rating and set a $189.00 price target on shares of Apple in a report on Friday, August 2nd. BidaskClub lowered Apple from a buy rating to a hold rating in a report on Tuesday, August 6th. Finally, Barclays started coverage on Apple in a report on Wednesday, August 7th. They set an equal weight rating and a $192.00 price target for the company. Four analysts have rated the stock with a sell rating, twenty have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Apple has a consensus rating of Hold and a consensus price target of $216.11.

Apple stock opened at $206.50 on Tuesday. The stock has a market cap of $933.21 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 1.70 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. Apple has a one year low of $142.00 and a one year high of $233.47. The stock has a fifty day moving average of $203.83 and a 200 day moving average of $191.72.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.10 by $0.08. The company had revenue of $53.81 billion during the quarter, compared to analysts’ expectations of $53.39 billion. Apple had a return on equity of 52.13% and a net margin of 21.50%. Apple’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.34 earnings per share. As a group, sell-side analysts predict that Apple will post 11.58 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, August 9th. Apple’s dividend payout ratio (DPR) is 25.86%.

Apple declared that its board has authorized a share repurchase program on Tuesday, April 30th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

In related news, Director Arthur D. Levinson sold 17,500 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 1,150,783 shares of the company’s stock, valued at $232,101,423.27. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Chris Kondo sold 4,376 shares of the stock in a transaction that occurred on 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. In the last ninety days, insiders sold 39,376 shares of company stock valued at $8,226,574. Corporate insiders own 0.05% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Centaurus Financial Inc. boosted its stake in Apple by 17.9% during the first quarter. Centaurus Financial Inc. now owns 8,318 shares of the iPhone maker’s stock valued at $44,000 after buying an additional 1,262 shares during the last quarter. Semmax Financial Advisors Inc. bought a new position in Apple during the fourth quarter valued at approximately $50,000. Avondale Wealth Management boosted its stake in Apple by 25.4% during the second quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock valued at $63,000 after buying an additional 64 shares during the last quarter. NuWave Investment Management LLC boosted its stake in Apple by 2,245.0% during the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock valued at $93,000 after buying an additional 449 shares during the last quarter. Finally, Horan Securities Inc. boosted its stake in Apple by 64.2% during the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock valued at $112,000 after buying an additional 221 shares during the last quarter. 59.67% of the stock is owned by 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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