Apple Inc. (AAPL) Earns “Buy” Rating from Sanford C. Bernstein

Sanford C. Bernstein reissued their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a report published on Wednesday morning. They currently have a $175.00 price objective on the iPhone maker’s stock.

AAPL has been the topic of several other research reports. Barclays PLC set a $146.00 target price on shares of Apple and gave the company a neutral rating in a report on Wednesday. Bank of America Corporation reaffirmed a buy rating and issued a $180.00 target price on shares of Apple in a report on Wednesday. Instinet reaffirmed a buy rating and issued a $185.00 target price on shares of Apple in a report on Wednesday. Canaccord Genuity reaffirmed a buy rating and issued a $180.00 target price on shares of Apple in a report on Wednesday. Finally, BMO Capital Markets reaffirmed an outperform rating and issued a $180.00 target price on shares of Apple in a report on Wednesday. Eleven equities research analysts have rated the stock with a hold rating and forty-four have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $187.63.

Apple (NASDAQ AAPL) traded up 1.01% during midday trading on Wednesday, hitting $159.88. 49,114,602 shares of the stock traded hands. The company’s 50-day moving average is $158.97 and its 200 day moving average is $149.42. The firm has a market cap of $825.82 billion, a P/E ratio of 18.15 and a beta of 1.27. Apple has a 12-month low of $104.08 and a 12-month high of $164.94.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. During the same quarter last year, the firm posted $1.42 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts anticipate that Apple will post $9.01 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 14th were issued a $0.63 dividend. The ex-dividend date was Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.58%. Apple’s payout ratio is 28.64%.

In other news, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $142.86, for a total value of $1,707,034.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Johny Srouji sold 5,892 shares of Apple stock in a transaction on Monday, August 28th. The shares were sold at an average price of $161.00, for a total transaction of $948,612.00. Following the completion of the transaction, the insider now directly owns 70,358 shares in the company, valued at $11,327,638. The disclosure for this sale can be found here. Insiders sold a total of 432,930 shares of company stock worth $69,008,577 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Stone House Investment Management LLC grew its position in Apple by 0.4% in the 2nd quarter. Stone House Investment Management LLC now owns 1,570 shares of the iPhone maker’s stock valued at $226,000 after buying an additional 6 shares during the last quarter. FC Advisory LLC grew its position in Apple by 0.4% in the 2nd quarter. FC Advisory LLC now owns 2,576 shares of the iPhone maker’s stock valued at $371,000 after buying an additional 10 shares during the last quarter. Jackson Grant Investment Advisers Inc. grew its position in Apple by 0.3% in the 2nd quarter. Jackson Grant Investment Advisers Inc. now owns 5,431 shares of the iPhone maker’s stock valued at $782,000 after buying an additional 17 shares during the last quarter. Stonehearth Capital Management LLC grew its position in Apple by 0.8% in the 1st quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock valued at $342,000 after buying an additional 20 shares during the last quarter. Finally, Lenox Wealth Advisors Inc. grew its position in Apple by 0.4% in the 2nd quarter. Lenox Wealth Advisors Inc. now owns 4,971 shares of the iPhone maker’s stock valued at $716,000 after buying an additional 20 shares during the last quarter. 60.45% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Apple (NASDAQ:AAPL)

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