Apple (NASDAQ:AAPL) Raised to “Outperform” at Raymond James

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Raymond James upgraded shares of Apple (NASDAQ:AAPL) from a market perform rating to an outperform rating in a report released on Thursday, Benzinga reports. They currently have $250.00 price target on the iPhone maker’s stock.

Several other brokerages have also recently weighed in on AAPL. Needham & Company LLC restated a hold rating on shares of Micron Technology in a report on Thursday, March 21st. BidaskClub upgraded Zynerba Pharmaceuticals from a hold rating to a buy rating in a report on Thursday, June 20th. Cascend Securities restated a buy rating and set a $240.00 target price (up from $210.00) on shares of Apple in a report on Thursday, June 20th. Cowen set a $63.00 target price on TJX Companies and gave the stock a buy rating in a report on Tuesday, June 4th. Finally, Canaccord Genuity boosted their target price on from GBX 91 ($1.19) to GBX 109 ($1.42) and gave the stock a hold rating in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $210.82.

NASDAQ:AAPL opened at $202.59 on Thursday. Apple has a 12 month low of $142.00 and a 12 month high of $233.47. The business’s 50 day moving average price is $196.31. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85. The stock has a market cap of $932.13 billion, a price-to-earnings ratio of 17.01, a P/E/G ratio of 1.72 and a beta of 1.23.

Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.37 by $0.09. The business had revenue of $58.02 billion for the quarter, compared to analysts’ expectations of $57.40 billion. Apple had a return on equity of 51.29% and a net margin of 22.12%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.73 EPS. Analysts anticipate that Apple will post 11.47 earnings per share for the current year.

Apple announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 30th that permits the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $210.86, for a total value of $7,380,100.00. Following the sale, 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 can be accessed through the SEC website. Also, COO Jeffrey E. Williams sold 56,411 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $210.36, for a total value of $11,866,617.96. Following the completion of the sale, the chief operating officer now directly owns 151,187 shares in the company, valued at approximately $31,803,697.32. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AAPL. Semmax Financial Advisors Inc. purchased a new stake in shares of Apple during the fourth quarter worth $50,000. NuWave Investment Management LLC increased its position in shares of Apple by 2,245.0% during the second quarter. NuWave Investment Management LLC now owns 469 shares of the iPhone maker’s stock worth $93,000 after acquiring an additional 449 shares during the period. Contravisory Investment Management Inc. increased its position in shares of Apple by 30.6% during the fourth quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after acquiring an additional 144 shares during the period. INR Advisory Services LLC purchased a new stake in shares of Apple during the fourth quarter worth $124,000. Finally, CKW Financial Group increased its position in shares of Apple by 15.0% during the fourth quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock worth $127,000 after acquiring an additional 105 shares during the period. 58.51% of the stock is currently owned by institutional investors.

About Apple

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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Analyst Recommendations for Apple (NASDAQ:AAPL)

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