Cowen Reiterates “Buy” Rating for Apple (NASDAQ:AAPL)
Cowen reissued their buy rating on shares of Apple (NASDAQ:AAPL) in a research note released on Friday, TipRanks reports.
Other analysts have also issued research reports about the stock. Nomura lifted their price target on shares of Ally Financial from $29.00 to $34.00 and gave the stock a neutral rating in a research note on Friday, July 19th. Daiwa Capital Markets set a $212.00 price target on shares of Apple and gave the stock a buy rating in a research note on Wednesday, June 5th. Morgan Stanley upgraded shares of OIL SEARCH LTD/ADR from an equal weight rating to an overweight rating in a research note on Monday, July 22nd. Cascend Securities restated a buy rating and issued a $240.00 price target (up previously from $210.00) on shares of Apple in a research note on Thursday, June 20th. Finally, Loop Capital lifted their price target on shares of Apple to $190.00 and gave the stock a hold rating in a research note on Wednesday, May 1st. Four investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $211.47.
Shares of AAPL stock opened at $209.25 on Friday. The firm has a market capitalization of $955.83 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.76 and a beta of 1.23. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85. Apple has a fifty-two week low of $142.00 and a fifty-two week high of $233.47. The firm’s 50 day simple moving average is $200.24.
Apple declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, April 30th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
In other news, Director Arthur D. Levinson sold 35,000 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $210.86, for a total transaction of $7,380,100.00. Following the completion of the transaction, the director now owns 1,168,283 shares of the company’s stock, valued at $246,344,153.38. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Jeffrey E. Williams sold 56,411 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the transaction, the chief operating officer now directly owns 151,187 shares of the company’s stock, valued at approximately $31,803,697.32. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Semmax Financial Advisors Inc. acquired a new stake in Apple in the fourth quarter worth about $50,000. Avondale Wealth Management lifted its holdings in Apple by 25.4% in the second quarter. Avondale Wealth Management now owns 316 shares of the iPhone maker’s stock worth $63,000 after purchasing an additional 64 shares during the period. NuWave Investment Management LLC lifted its holdings in Apple by 2,245.0% in the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock worth $93,000 after purchasing an additional 449 shares during the period. Horan Securities Inc. lifted its holdings in Apple by 64.2% in the second quarter. Horan Securities Inc. now owns 565 shares of the iPhone maker’s stock worth $112,000 after purchasing an additional 221 shares during the period. Finally, Contravisory Investment Management Inc. lifted its holdings in Apple by 30.6% in the fourth quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after purchasing an additional 144 shares during the period. 58.66% of the stock is owned by institutional investors.
Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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