Credit Suisse Group set a $209.00 price objective on Apple (NASDAQ:AAPL) in a research report report published on Tuesday morning, Borsen Zeitung reports. The brokerage currently has a neutral rating on the iPhone maker’s stock.
A number of other brokerages have also recently issued reports on AAPL. Evercore ISI started coverage on Apple in a report on Thursday, June 6th. They issued an outperform rating and a $205.00 target price for the company. Wedbush reaffirmed an outperform rating and issued a $200.48 target price (down previously from $245.00) on shares of Apple in a report on Tuesday. Citigroup upped their target price on Apple from $205.00 to $250.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Loop Capital upped their price target on Apple to $200.00 and gave the company a hold rating in a research report on Wednesday, July 31st. Finally, BTIG Research upped their price target on Apple to $234.00 and gave the company a buy rating in a research report on Wednesday, May 1st. Four equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $216.11.
Shares of AAPL opened at $201.74 on Tuesday. Apple has a 12-month low of $142.00 and a 12-month high of $233.47. The business has a 50-day simple moving average of $203.69 and a two-hundred day simple moving average of $191.64. The company has a quick ratio of 1.47, a current ratio of 1.50 and a debt-to-equity ratio of 0.88. The stock has a market cap of $944.37 billion, a PE ratio of 17.82, a PEG ratio of 1.76 and a beta of 1.25.
Apple announced that its Board of Directors has approved 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 reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were given a dividend of $0.77 per share. The ex-dividend date was Friday, August 9th. This represents a $3.08 annualized dividend and a dividend yield of 1.53%. Apple’s payout ratio is 25.86%.
In related news, Director Arthur D. Levinson sold 17,500 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $214.02, for a total transaction of $3,745,350.00. Following the transaction, the director now directly owns 1,150,783 shares of the company’s stock, valued at approximately $246,290,577.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,376 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was 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 90 days, insiders have sold 39,376 shares of company stock worth $8,226,574. 0.05% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of AAPL. Centaurus Financial Inc. raised its stake in Apple by 17.9% during the 1st quarter. Centaurus Financial Inc. now owns 8,318 shares of the iPhone maker’s stock worth $44,000 after buying an additional 1,262 shares during the period. Semmax Financial Advisors Inc. purchased a new stake in shares of Apple in the fourth quarter worth approximately $50,000. Avondale Wealth Management raised its stake in shares of Apple by 25.4% in the second quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock worth $63,000 after purchasing an additional 64 shares during the last quarter. NuWave Investment Management LLC raised its stake in shares of Apple by 2,245.0% in the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock worth $93,000 after purchasing an additional 449 shares during the last quarter. Finally, Horan Securities Inc. raised its stake in shares of Apple by 64.2% in the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock worth $112,000 after purchasing an additional 221 shares during the last quarter. 59.67% of the stock is currently owned by institutional investors and hedge funds.
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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