Trade Report: The RBC Capital Markets Reaffirms Outperform Rating for Apple Inc. (AAPL)

The RBC Capital Markets Reaffirms Outperform Rating for Apple Inc. (AAPL)

RBC Capital Markets reissued their outperform rating on shares of Apple Inc. (NASDAQ:AAPL) in a research report sent to investors on Monday morning. They currently have a $125.00 target price on the iPhone maker’s stock.

A number of other research analysts have also recently commented on the company. Drexel Hamilton reiterated a buy rating and issued a $185.00 price target on shares of Apple in a research note on Monday. William Blair reiterated an outperform rating on shares of Apple in a research note on Monday. Canaccord Genuity reiterated a buy rating and issued a $140.00 price target on shares of Apple in a research note on Saturday, October 8th. Bank of America Corp. reiterated a buy rating and issued a $125.00 price target on shares of Apple in a research note on Wednesday, October 5th. Finally, Pacific Crest reiterated an overweight rating and issued a $121.00 price target on shares of Apple in a research note on Wednesday, October 5th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, forty-three have issued a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $126.34.

Apple (NASDAQ:AAPL) opened at 117.34 on Monday. The firm has a market capitalization of $632.28 billion, a PE ratio of 13.68 and a beta of 1.22. Apple has a 1-year low of $89.47 and a 1-year high of $123.82. The firm has a 50-day moving average price of $111.02 and a 200-day moving average price of $103.46.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.04. Apple had a return on equity of 37.89% and a net margin of 21.70%. The company earned $42.36 billion during the quarter, compared to analysts’ expectations of $42.35 billion. During the same period in the prior year, the company earned $1.85 EPS. Apple’s revenue was down 14.6% compared to the same quarter last year. Equities analysts expect that Apple will post $8.26 earnings per share for the current fiscal year.

In other news, CEO Timothy D. Cook sold 110,000 shares of Apple stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $106.84, for a total value of $11,752,400.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 334,000 shares of Apple stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $107.23, for a total transaction of $35,814,820.00. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of AAPL. Weaver C. Barksdale & Associates Inc. purchased a new position in shares of Apple during the third quarter worth about $122,000. Penserra Capital Management LLC increased its position in shares of Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock worth $103,000 after buying an additional 304 shares during the last quarter. Delphi Private Advisors LLC increased its position in shares of Apple by 5.0% in the second quarter. Delphi Private Advisors LLC now owns 1,462 shares of the iPhone maker’s stock worth $140,000 after buying an additional 69 shares during the last quarter. Hussman Strategic Advisors Inc. purchased a new position in shares of Apple during the second quarter worth about $143,000. Finally, River & Mercantile Asset Management LLP increased its position in shares of Apple by 22.8% in the second quarter. River & Mercantile Asset Management LLP now owns 1,800 shares of the iPhone maker’s stock worth $172,000 after buying an additional 334 shares during the last quarter. 56.46% of the stock is currently owned by hedge funds and other institutional investors.

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