Royal Bank of Canada Raises Apple Inc. (AAPL) Price Target to $168.00

Apple Inc. (NASDAQ:AAPL) had its price target increased by Royal Bank of Canada from $157.00 to $168.00 in a report published on Monday, May 22nd. The firm currently has an outperform rating on the iPhone maker’s stock.

A number of other brokerages also recently weighed in on AAPL. Guggenheim increased their price target on Apple from $150.00 to $180.00 and gave the stock a buy rating in a report on Tuesday, February 28th. Credit Suisse Group AG reissued an outperform rating and issued a $150.00 price objective on shares of Apple in a research note on Wednesday, February 1st. Drexel Hamilton reissued a buy rating and issued a $185.00 price objective on shares of Apple in a research note on Friday, March 10th. Cowen and Company reissued an outperform rating and issued a $155.00 price objective (up from $135.00) on shares of Apple in a research note on Thursday, March 16th. Finally, Piper Jaffray Companies reissued an in-line rating and issued a $155.00 price objective on shares of Apple in a research note on Wednesday, February 1st. Eight investment 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 stock. The stock presently has a consensus rating of Buy and an average price target of $159.65.

Shares of Apple (NASDAQ:AAPL) traded up 1.48% during trading on Monday, reaching $155.45. 27,770,715 shares of the company’s stock traded hands. Apple has a 1-year low of $91.50 and a 1-year high of $156.65. The stock has a market capitalization of $810.49 billion, a PE ratio of 18.24 and a beta of 1.26. The company has a 50 day moving average price of $149.57 and a 200 day moving average price of $132.53.

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Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, May 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.08. The business had revenue of $52.90 billion during the quarter, compared to the consensus estimate of $52.61 billion. Apple had a return on equity of 33.20% and a net margin of 20.85%. On average, equities analysts forecast that Apple will post $8.95 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were given a $0.63 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Thursday, May 11th. Apple’s dividend payout ratio (DPR) is currently 27.31%.

In related news, insider Angela J. Ahrendts sold 75,000 shares of Apple stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $147.98, for a total value of $11,098,500.00. Following the sale, the insider now owns 154,116 shares of the company’s stock, valued at $22,806,085.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Johny Srouji sold 10,019 shares of Apple stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $153.96, for a total value of $1,542,525.24. Following the completion of the sale, the insider now directly owns 91,291 shares in the company, valued at approximately $14,055,162.36. The disclosure for this sale can be found here. Insiders sold a total of 430,705 shares of company stock worth $64,608,919 over the last 90 days. 0.08% of the stock is owned by corporate insiders.

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Several hedge funds have recently added to or reduced their stakes in AAPL. American Beacon Advisors Inc. bought a new stake in Apple during the first quarter worth about $117,000. Glacier Peak Capital LLC bought a new stake in Apple during the fourth quarter worth about $127,000. TrimTabs Asset Management LLC increased its stake in Apple by 88.3% in the first quarter. TrimTabs Asset Management LLC now owns 921 shares of the iPhone maker’s stock worth $132,000 after buying an additional 432 shares in the last quarter. Welch Investments LLC bought a new stake in Apple during the fourth quarter worth about $146,000. Finally, Odey Holdings AG increased its stake in Apple by 27.3% in the fourth quarter. Odey Holdings AG now owns 1,273 shares of the iPhone maker’s stock worth $147,000 after buying an additional 273 shares in the last quarter. 58.76% of the stock is currently owned by institutional investors and hedge funds.

Apple Company Profile

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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