Apple’s (NASDAQ:AAPL) “Buy” Rating Reiterated at JPMorgan Chase & Co.

Apple (NASDAQ:AAPL)‘s stock had its “buy” rating restated by stock analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Tuesday, June 4th, Borsen Zeitung reports. They presently have a $235.00 price objective on the iPhone maker’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 18.73% from the stock’s current price.

Several other analysts also recently issued reports on AAPL. ValuEngine raised shares of Apple from a “hold” rating to a “buy” rating in a report on Monday, February 4th. Goldman Sachs Group set a $140.00 price target on shares of Apple and gave the company a “neutral” rating in a report on Wednesday, February 6th. BidaskClub raised shares of Apple from a “sell” rating to a “hold” rating in a report on Thursday, February 7th. Jefferies Financial Group set a $160.00 price target on shares of Apple and gave the company a “hold” rating in a report on Friday, February 15th. Finally, Wedbush reaffirmed an “outperform” rating on shares of Apple in a report on Thursday, February 21st. Three analysts have rated the stock with a sell rating, twenty-one have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $209.12.

AAPL traded down $1.82 on Tuesday, hitting $197.92. 20,197,335 shares of the company were exchanged, compared to its average volume of 29,938,475. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. The business has a fifty day moving average price of $189.10. Apple has a fifty-two week low of $142.00 and a fifty-two week high of $233.47. The firm has a market capitalization of $919.29 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 1.69 and a beta of 1.20.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.09. Apple had a net margin of 22.12% and a return on equity of 51.29%. The company had revenue of $58.02 billion for the quarter, compared to the consensus estimate of $57.40 billion. During the same quarter in the prior year, the firm earned $2.73 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Apple will post 11.47 earnings per share for the current fiscal year.

Apple announced that its board has initiated a stock repurchase program on Tuesday, April 30th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

In related news, Director Arthur D. Levinson sold 35,000 shares of the firm’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 sale, the director now directly owns 1,168,283 shares of the company’s stock, valued at approximately $246,344,153.38. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 56,411 shares of the firm’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 sale, the chief operating officer now directly owns 151,187 shares of the company’s stock, valued at $31,803,697.32. The disclosure for this sale can be found here. Insiders sold 142,549 shares of company stock valued at $29,300,960 in the last three months. Company insiders own 0.05% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WT Asset Management Ltd acquired a new stake in Apple during the 1st quarter valued at $35,342,000. Amundi Pioneer Asset Management Inc. grew its holdings in Apple by 4.3% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 10,155,585 shares of the iPhone maker’s stock valued at $1,929,054,000 after purchasing an additional 414,856 shares in the last quarter. Kynikos Associates LP grew its holdings in Apple by 68.1% during the 1st quarter. Kynikos Associates LP now owns 17,177 shares of the iPhone maker’s stock valued at $3,263,000 after purchasing an additional 6,959 shares in the last quarter. Weaver Consulting Group acquired a new stake in Apple during the 1st quarter valued at $1,096,000. Finally, First National Corp MA ADV grew its holdings in Apple by 2.5% during the 1st quarter. First National Corp MA ADV now owns 17,915 shares of the iPhone maker’s stock valued at $3,403,000 after purchasing an additional 437 shares in the last quarter. 58.54% of the stock is owned by institutional investors and hedge funds.

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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