DA Davidson Raises Apple (NASDAQ:AAPL) Price Target to $300.00

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Apple (NASDAQ:AAPL) had its price target boosted by DA Davidson from $270.00 to $300.00 in a report released on Thursday, October 31st, The Fly reports. The firm currently has a buy rating on the iPhone maker’s stock.

Several other brokerages also recently issued reports on AAPL. Maxim Group decreased their target price on Apple from $211.00 to $204.00 and set a hold rating on the stock in a research note on Wednesday, September 11th. Barclays lifted their target price on Apple from $224.00 to $236.00 and gave the company an equal weight rating in a research note on Thursday, October 31st. Cascend Securities lifted their target price on Apple from $260.00 to $270.00 and gave the company a buy rating in a research note on Friday, October 25th. Wedbush reissued an outperform rating and set a $265.00 target price on shares of Apple in a research note on Tuesday, October 29th. They noted that the move was a valuation call. Finally, Bank of America lifted their price objective on Apple from $250.00 to $260.00 and gave the stock a buy rating in a research note on Monday, October 28th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Apple presently has a consensus rating of Hold and an average price target of $239.51.

Shares of AAPL stock traded up $0.71 during trading on Thursday, hitting $260.14. The company had a trading volume of 17,496,500 shares, compared to its average volume of 28,496,354. The stock’s 50-day moving average is $235.37 and its two-hundred day moving average is $209.53. The stock has a market capitalization of $1,142.50 billion, a price-to-earnings ratio of 21.88, a price-to-earnings-growth ratio of 1.83 and a beta of 1.25. Apple has a 52 week low of $142.00 and a 52 week high of $260.44. The company has a quick ratio of 1.50, a current ratio of 1.54 and a debt-to-equity ratio of 1.01.

Apple (NASDAQ:AAPL) last issued its earnings results on Wednesday, October 30th. The iPhone maker reported $3.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.19. The company had revenue of $64.04 billion for the quarter, compared to the consensus estimate of $62.86 billion. Apple had a return on equity of 53.82% and a net margin of 21.24%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $2.91 EPS. On average, research analysts predict that Apple will post 13.17 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 11th will be issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Thursday, November 7th. Apple’s payout ratio is currently 25.90%.

In related news, SVP Deirdre O’brien sold 12,459 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $234.04, for a total transaction of $2,915,904.36. Following the completion of the transaction, the senior vice president now owns 57,819 shares in the company, valued at approximately $13,531,958.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 37,394 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $257.79, for a total value of $9,639,799.26. Following the transaction, the director now owns 1,170,677 shares of the company’s stock, valued at approximately $301,788,823.83. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 465,658 shares of company stock valued at $100,549,205. 0.05% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Avondale Wealth Management lifted its stake in shares of Apple by 25.4% during the 2nd 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 last quarter. NuWave Investment Management LLC lifted its stake in shares of Apple by 2,245.0% during the 2nd 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 last quarter. Kahn Brothers Group Inc. DE purchased a new stake in shares of Apple during the 3rd quarter worth $112,000. Horan Securities Inc. lifted its stake in shares of Apple by 64.2% during the 2nd 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 last quarter. Finally, Fulcrum Equity Management purchased a new stake in shares of Apple during the 3rd quarter worth $135,000. Institutional investors and hedge funds own 58.61% of the company’s stock.

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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