Published On: Wed, Sep 14th, 2016

Cowen and Company Reaffirms Outperform Rating for Apple Inc. (AAPL)

Apple Inc. (NASDAQ:AAPL)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Cowen and Company in a note issued to investors on Wednesday. They presently have a $125.00 price objective on the iPhone maker’s stock. Cowen and Company’s target price would suggest a potential upside of 15.60% from the company’s previous close.
Several other equities research analysts also recently weighed in on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Apple in a report on Thursday, June 2nd. Piper Jaffray Cos. reaffirmed a “buy” rating and issued a $153.00 price objective on shares of Apple in a report on Wednesday, June 8th. Goldman Sachs Group Inc. set a $136.00 price objective on shares of Apple and gave the stock a “buy” rating in a report on Tuesday, May 17th. Nomura reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Apple in a report on Monday, May 23rd. Finally, RBC Capital Markets reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Apple in a report on Friday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, forty-three have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $125.08.
Apple (NASDAQ:AAPL) traded up 3.99% during midday trading on Wednesday, hitting $112.26. 44,446,564 shares of the company’s stock traded hands. The company has a market capitalization of $604.91 billion, a PE ratio of 13.09 and a beta of 1.14. The company has a 50 day moving average of $106.77 and a 200-day moving average of $101.83. Apple has a 52 week low of $89.47 and a 52 week high of $123.82.

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Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, July 26th. The iPhone maker reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. Apple had a net margin of 21.70% and a return on equity of 37.89%. The company earned $42.36 billion during the quarter, compared to the consensus estimate of $42.35 billion. During the same quarter in the previous year, the company posted $1.85 earnings per share. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. Equities research analysts predict that Apple will post $8.26 earnings per share for the current year.
In other news, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $100.00, for a total value of $2,500,000.00. Following the transaction, the senior vice president now owns 105,839 shares in the company, valued at $10,583,900. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Angela J. Ahrendts sold 35,797 shares of Apple stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $100.00, for a total value of $3,579,700.00. Following the completion of the transaction, the senior vice president now owns 105,839 shares in the company, valued at approximately $10,583,900. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Apple during the fourth quarter worth about $5,068,068,000. Cohen & Steers Inc. increased its position in shares of Apple by 6,771.0% in the second quarter. Cohen & Steers Inc. now owns 22,633,195 shares of the iPhone maker’s stock worth $999,482,000 after buying an additional 22,303,795 shares in the last quarter. Magellan Asset Management Ltd increased its position in shares of Apple by 56.9% in the second quarter. Magellan Asset Management Ltd now owns 15,294,140 shares of the iPhone maker’s stock worth $1,462,120,000 after buying an additional 5,543,465 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Apple by 87.4% in the second quarter. Nordea Investment Management AB now owns 10,195,750 shares of the iPhone maker’s stock worth $974,714,000 after buying an additional 4,755,361 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new position in shares of Apple during the first quarter worth about $325,287,000. Hedge funds and other institutional investors own 56.52% of the company’s stock.
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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