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Apple (NASDAQ:AAPL) Earns Outperform Score from Wedbush – jj
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Apple (NASDAQ:AAPL) Earns Outperform Score from Wedbush

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Wedbush reaffirmed their outperform rating on shares of Apple (NASDAQ:AAPL) in a research note published on Friday, June 28th, Stock Target Advisor reports. Wedbush currently has a $235.00 price objective on the iPhone maker’s stock.

A number of other equities research analysts have also recently issued reports on AAPL. Argus lifted their price target on shares of Apple to $250.00 and gave the company a buy rating in a research note on Thursday, May 2nd. Bank of America restated a buy rating and issued a $105.00 price objective (up previously from $100.00) on shares of Zendesk in a report on Wednesday, May 1st. Morgan Stanley raised their price objective on Intact Financial from C$125.00 to C$128.00 in a report on Thursday, May 30th. BTIG Research raised their price objective on Apple to $234.00 and gave the company a buy rating in a report on Wednesday, May 1st. Finally, Deutsche Bank set a €42.00 ($48.84) price target on Alstom and gave the stock a neutral rating in a report on Tuesday, June 25th. Four research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Apple currently has an average rating of Hold and a consensus price target of $210.82.

Shares of NASDAQ AAPL traded down $3.07 during midday trading on Friday, reaching $202.59. 20,896,804 shares of the stock were exchanged, compared to its average volume of 20,307,304. The firm has a 50-day moving average price of $196.31. Apple has a twelve month low of $142.00 and a twelve month high of $233.47. The company has a market capitalization of $946.26 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 1.74 and a beta of 1.23. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85.

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, beating analysts’ consensus estimates of $2.37 by $0.09. Apple had a net margin of 22.12% and a return on equity of 51.29%. The firm had revenue of $58.02 billion for the quarter, compared to analysts’ expectations of $57.40 billion. During the same quarter last year, the company earned $2.73 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, analysts forecast that Apple will post 11.47 earnings per share for the current fiscal year.

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

In other Apple news, COO Jeffrey E. Williams sold 56,411 shares of the company’s stock in a transaction on 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 owns 151,187 shares of the company’s stock, valued at $31,803,697.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur D. Levinson sold 35,000 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were 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 approximately $246,344,153.38. The disclosure for this sale can be found here. Corporate insiders own 0.05% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of AAPL. Kiley Juergens Wealth Management LLC lifted its position in Apple by 1.1% during the fourth quarter. Kiley Juergens Wealth Management LLC now owns 44,530 shares of the iPhone maker’s stock worth $7,024,000 after buying an additional 494 shares during the period. Rothschild & Co. Asset Management US Inc. raised its holdings in shares of Apple by 9.0% in the 3rd quarter. Rothschild & Co. Asset Management US Inc. now owns 304,348 shares of the iPhone maker’s stock worth $68,704,000 after purchasing an additional 25,092 shares during the period. CKW Financial Group raised its holdings in shares of Apple by 15.0% in the 4th quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock worth $127,000 after purchasing an additional 105 shares during the period. Dundas Partners LLP raised its holdings in shares of Apple by 28.0% in the 3rd quarter. Dundas Partners LLP now owns 43,775 shares of the iPhone maker’s stock worth $12,083,000 after purchasing an additional 9,585 shares during the period. Finally, Pecaut & CO. raised its holdings in shares of Apple by 3.0% in the 1st quarter. Pecaut & CO. now owns 59,894 shares of the iPhone maker’s stock worth $11,377,000 after purchasing an additional 1,725 shares during the period. 58.51% 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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