Apple’s (AAPL) “Buy” Rating Reiterated at Canaccord Genuity

Canaccord Genuity restated their buy rating on shares of Apple Inc. (NASDAQ:AAPL) in a report released on Friday morning. They currently have a $195.00 target price on the iPhone maker’s stock, up from their prior target price of $180.00.

Several other research firms have also issued reports on AAPL. Raymond James Financial, Inc. reaffirmed an outperform rating and issued a $163.00 target price on shares of Apple in a report on Thursday, July 6th. Drexel Hamilton reaffirmed a buy rating and issued a $202.00 target price on shares of Apple in a report on Thursday, July 6th. Credit Suisse Group reaffirmed a buy rating and issued a $170.00 target price on shares of Apple in a report on Sunday, July 9th. Deutsche Bank AG reaffirmed a hold rating and issued a $132.00 target price (up from $130.00) on shares of Apple in a report on Tuesday, July 11th. Finally, KeyCorp reaffirmed a hold rating on shares of Apple in a report on Monday, July 10th. Seven analysts have rated the stock with a hold rating and forty-six have assigned a buy rating to the stock. Apple currently has a consensus rating of Buy and an average price target of $199.14.

Shares of Apple (AAPL) traded up $0.45 on Friday, reaching $172.95. The company’s stock had a trading volume of 4,869,563 shares, compared to its average volume of 26,450,000. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.28 and a quick ratio of 1.23. The company has a market cap of $890,740.00, a price-to-earnings ratio of 18.75, a P/E/G ratio of 1.40 and a beta of 1.25. Apple has a 1 year low of $104.08 and a 1 year high of $174.26.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, November 2nd. The iPhone maker reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.20. The firm had revenue of $52.58 billion during the quarter, compared to analyst estimates of $50.71 billion. Apple had a return on equity of 36.29% and a net margin of 21.09%. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.50 EPS. analysts expect that Apple will post 11.11 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Investors of record on Monday, November 13th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $2.52 annualized dividend and a yield of 1.46%. Apple’s dividend payout ratio is presently 27.42%.

In related news, insider Angela J. Ahrendts sold 63,388 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $154.21, for a total transaction of $9,775,063.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Timothy D. Cook sold 268,623 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $160.63, for a total transaction of $43,148,912.49. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 411,389 shares of company stock worth $65,364,467. 0.08% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Saratoga Research & Investment Management grew its position in Apple by 0.6% during the first quarter. Saratoga Research & Investment Management now owns 667,132 shares of the iPhone maker’s stock valued at $95,840,000 after buying an additional 4,137 shares during the period. Pinnacle Bank acquired a new stake in Apple during the first quarter valued at $1,924,000. Green Square Capital LLC grew its position in Apple by 6.7% during the first quarter. Green Square Capital LLC now owns 87,456 shares of the iPhone maker’s stock valued at $12,564,000 after buying an additional 5,491 shares during the period. Headinvest LLC grew its position in Apple by 2.5% during the second quarter. Headinvest LLC now owns 16,295 shares of the iPhone maker’s stock valued at $2,347,000 after buying an additional 390 shares during the period. Finally, Lederer & Associates Investment Counsel CA grew its position in shares of Apple by 2.1% in the second quarter. Lederer & Associates Investment Counsel CA now owns 37,336 shares of the iPhone maker’s stock valued at $5,377,000 after purchasing an additional 779 shares during the period. Institutional investors own 60.30% of the company’s stock.

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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