Brokerages Expect Apple (AAPL) Will Post Quarterly Sales of $61.42 Billion

Wall Street analysts predict that Apple (NASDAQ:AAPL) will announce $61.42 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Apple’s earnings. The lowest sales estimate is $60.99 billion and the highest is $61.81 billion. Apple posted sales of $52.90 billion in the same quarter last year, which suggests a positive year over year growth rate of 16.1%. The business is expected to report its next earnings report after the market closes on Tuesday, May 1st.

On average, analysts expect that Apple will report full-year sales of $61.42 billion for the current fiscal year, with estimates ranging from $253.19 billion to $267.79 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $264.18 billion per share, with estimates ranging from $240.25 billion to $275.32 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Apple.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, February 1st. The iPhone maker reported $3.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.82 by $0.07. Apple had a return on equity of 37.37% and a net margin of 21.13%. The company had revenue of $88.29 billion during the quarter, compared to analysts’ expectations of $87.62 billion. During the same quarter in the prior year, the business posted $3.36 earnings per share. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year.

Several research analysts have recently issued reports on AAPL shares. Macquarie set a $188.00 price target on Apple and gave the stock a “buy” rating in a research note on Friday, January 26th. ValuEngine raised Apple from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Barclays decreased their price target on Apple from $170.00 to $168.00 and set an “equal weight” rating for the company in a research note on Friday, March 16th. Zacks Investment Research raised Apple from a “hold” rating to a “buy” rating and set a $197.00 price target for the company in a research note on Thursday, January 18th. Finally, Piper Jaffray reissued a “buy” rating and issued a $200.00 price target on shares of Apple in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $202.52.

Shares of NASDAQ:AAPL traded down $4.42 on Friday, hitting $168.38. The company’s stock had a trading volume of 34,949,290 shares, compared to its average volume of 37,357,324. Apple has a 12 month low of $140.06 and a 12 month high of $183.50. The stock has a market cap of $870,751.38, a price-to-earnings ratio of 18.28, a PEG ratio of 1.30 and a beta of 1.25. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.20 and a current ratio of 1.24.

In other news, insider Philip W. Schiller sold 69,491 shares of the stock in a transaction dated Tuesday, April 3rd. The stock was sold at an average price of $166.42, for a total transaction of $11,564,692.22. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.08% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of AAPL. Beach Investment Management LLC. grew its holdings in Apple by 1,517.7% in the 2nd quarter. Beach Investment Management LLC. now owns 178,109 shares of the iPhone maker’s stock valued at $25,651,000 after buying an additional 167,099 shares during the last quarter. Catalyst Capital Advisors LLC grew its holdings in Apple by 39.8% in the 2nd quarter. Catalyst Capital Advisors LLC now owns 69,900 shares of the iPhone maker’s stock valued at $10,067,000 after buying an additional 19,900 shares during the last quarter. IFC Holdings Incorporated FL grew its holdings in Apple by 1.1% in the 2nd quarter. IFC Holdings Incorporated FL now owns 85,072 shares of the iPhone maker’s stock valued at $12,224,000 after buying an additional 885 shares during the last quarter. Wedbush Securities Inc. grew its holdings in Apple by 3.6% in the 2nd quarter. Wedbush Securities Inc. now owns 156,649 shares of the iPhone maker’s stock valued at $22,561,000 after buying an additional 5,435 shares during the last quarter. Finally, Berkeley Capital Partners LLC grew its holdings in Apple by 0.6% in the 2nd quarter. Berkeley Capital Partners LLC now owns 4,369 shares of the iPhone maker’s stock valued at $629,000 after buying an additional 26 shares during the last quarter. 61.35% of the stock is currently owned by institutional investors and hedge funds.

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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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Earnings History and Estimates for Apple (NASDAQ:AAPL)

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