Apple Inc. (NASDAQ:AAPL) Price Target Raised to $190.00

Apple Inc. (NASDAQ:AAPL) had its price objective hoisted by Guggenheim from $180.00 to $190.00 in a research report report published on Wednesday, Marketbeat reports. They currently have a buy rating on the iPhone maker’s stock.

A number of other brokerages have also issued reports on AAPL. Argus reissued an outperform rating and issued a $160.00 price target on shares of Apple in a report on Monday, May 15th. Hilliard Lyons raised their price target on shares of Apple from $147.00 to $170.00 and gave the stock a buy rating in a report on Monday, May 15th. Canaccord Genuity reissued a buy rating and issued a $180.00 price target (up previously from $165.00) on shares of Apple in a report on Tuesday, May 16th. BMO Capital Markets reissued an outperform rating and issued a $170.00 price target (up previously from $160.00) on shares of Apple in a report on Wednesday, May 17th. Finally, Morgan Stanley reissued an overweight rating and issued a $177.00 price target (up previously from $161.00) on shares of Apple in a report on Wednesday, May 17th. Twelve analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has assigned a strong buy rating to the company. Apple currently has an average rating of Buy and a consensus price target of $167.57.

Apple (NASDAQ:AAPL) traded up 0.53% during trading on Wednesday, reaching $156.39. 20,559,852 shares of the company traded hands. The firm’s 50 day moving average price is $147.04 and its 200 day moving average price is $142.60. The firm has a market capitalization of $808.50 billion, a price-to-earnings ratio of 17.76 and a beta of 1.31. Apple has a 12-month low of $102.53 and a 12-month high of $157.40.

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Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.10. The business had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. Equities research analysts expect that Apple will post $9.00 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 14th will be issued a $0.63 dividend. The ex-dividend date is Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a yield of 1.61%. Apple’s payout ratio is currently 28.64%.

Apple declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $153.88, for a total value of $5,385,800.00. Following the transaction, the director now owns 1,168,283 shares in the company, valued at approximately $179,775,388.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Johny Srouji sold 10,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $153.20, for a total value of $1,532,000.00. Following the completion of the transaction, the senior vice president now owns 96,738 shares in the company, valued at approximately $14,820,261.60. The disclosure for this sale can be found here. Insiders sold a total of 305,500 shares of company stock worth $46,455,746 in the last 90 days. 0.08% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AAPL. Norges Bank bought a new position in Apple during the fourth quarter valued at approximately $5,625,709,000. Asset Management One Co. Ltd. raised its position in Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock valued at $1,096,072,000 after buying an additional 8,571,027 shares in the last quarter. Harbour Capital Advisors LLC raised its position in Apple by 14,030.2% in the second quarter. Harbour Capital Advisors LLC now owns 4,515,315 shares of the iPhone maker’s stock valued at $31,352,000 after buying an additional 4,483,360 shares in the last quarter. Glenview Capital Management LLC bought a new position in Apple during the fourth quarter valued at approximately $365,191,000. Finally, Canada Pension Plan Investment Board raised its position in Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock valued at $1,334,527,000 after buying an additional 1,749,797 shares in the last quarter. Institutional investors own 61.17% of the company’s stock.

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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.

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