Fundamental Research Increases Apple (NASDAQ:AAPL) Price Target to $177.00

Apple (NASDAQ:AAPLGet Rating) had its target price increased by Fundamental Research to $177.00 in a research report released on Wednesday morning, Marketbeat.com reports. The brokerage currently has an average rating on the iPhone maker’s stock.

AAPL has been the subject of a number of other reports. Citigroup increased their price target on shares of Apple from $175.00 to $185.00 and gave the stock a buy rating in a research note on Friday, July 29th. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a research note on Monday, July 25th. Itaú Unibanco initiated coverage on shares of Apple in a research note on Tuesday, July 26th. They issued an underperform rating and a $136.00 price target for the company. KeyCorp increased their price target on shares of Apple from $173.00 to $177.00 and gave the stock an overweight rating in a research note on Tuesday. Finally, The Goldman Sachs Group set a $139.00 price objective on shares of Apple in a report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple presently has a consensus rating of Moderate Buy and an average target price of $179.27.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $165.35 on Wednesday. The company has a market cap of $2.66 trillion, a price-to-earnings ratio of 27.29, a price-to-earnings-growth ratio of 2.15 and a beta of 1.23. The company has a 50-day moving average price of $146.34 and a 200-day moving average price of $157.12. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. Apple has a 12 month low of $129.04 and a 12 month high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. During the same period in the prior year, the firm earned $1.30 earnings per share. Apple’s revenue was up 1.9% on a year-over-year basis. As a group, equities analysts anticipate that Apple will post 6.1 EPS for the current year.

Apple declared that its board has authorized a stock buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be given a $0.23 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.56%. Apple’s payout ratio is presently 15.18%.

Insiders Place Their Bets

In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the transaction, the senior vice president now directly owns 427,334 shares in the company, valued at $70,411,823.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in AAPL. Cardinal Capital Management Inc. raised its position in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC bought a new stake in shares of Apple during the 4th quarter valued at $41,000. CFS Investment Advisory Services LLC raised its position in shares of Apple by 18,263.5% during the 1st quarter. CFS Investment Advisory Services LLC now owns 7,457,053 shares of the iPhone maker’s stock valued at $47,000 after purchasing an additional 7,416,445 shares during the period. Spence Asset Management bought a new stake in shares of Apple during the 2nd quarter valued at $49,000. Finally, HBC Financial Services PLLC raised its position in shares of Apple by 21.7% during the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after purchasing an additional 80 shares during the period. 57.98% of the stock is currently owned by institutional investors.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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Analyst Recommendations for Apple (NASDAQ:AAPL)

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