Royal Bank of Canada raises price target for Apple

(Ticker Report) – Apple (NASDAQ:AAPL) had its price objective lifted by stock analysts at Royal Bank of Canada from $111.00 to $132.00 in a report released on Monday, Benzinga reports.

The brokerage presently has an “outperform” rating on the iPhone maker’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 12.85% from the stock’s current price.

A number of other brokerages have also issued reports on AAPL. UBS Group reissued a “neutral” rating and set a $115.00 target price on shares of Apple in a research note on Wednesday, September 23rd. Wolfe Research assumed coverage on shares of Apple in a research report on Friday, July 24th. They set an “underperform” rating and a $78.75 price objective on the stock. Atlantic Securities reiterated a “sell” rating and issued a $96.00 target price on shares of Apple in a research note on Tuesday, September 8th. JPMorgan Chase & Co. restated a “buy” rating on shares of Apple in a research note on Wednesday, September 16th. Finally, Loop Capital lifted their price objective on shares of Apple from $82.50 to $94.00 and gave the company a “hold” rating in a research note on Friday, July 31st. Four analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. Apple presently has a consensus rating of “Buy” and a consensus price target of $107.85.

AAPL opened at $116.97 on Monday. The business has a fifty day simple moving average of $117.11 and a 200-day simple moving average of $92.45. The firm has a market cap of $2,027.95 billion, a PE ratio of 35.58, a P/E/G ratio of 2.66 and a beta of 1.31. The company has a quick ratio of 1.43, a current ratio of 1.47 and a debt-to-equity ratio of 1.30. Apple has a fifty-two week low of $53.15 and a fifty-two week high of $137.98.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.13. Apple had a return on equity of 70.66% and a net margin of 21.33%. The business had revenue of $59.69 billion during the quarter, compared to analyst estimates of $51.94 billion. On average, equities research analysts anticipate that Apple will post 3.24 EPS for the current fiscal year.

In related news, CEO Timothy D. Cook sold 265,160 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $496.91, for a total value of $131,760,655.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeffrey E. Williams sold 257,343 shares of Apple stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $113.59, for a total value of $29,231,591.37. The disclosure for this sale can be found here. 0.05% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in AAPL. Lake Street Financial LLC boosted its position in shares of Apple by 281.5% in the 3rd quarter. Lake Street Financial LLC now owns 212,045 shares of the iPhone maker’s stock worth $24,557,000 after purchasing an additional 156,469 shares during the last quarter. West Oak Capital LLC boosted its holdings in Apple by 256.3% during the third quarter. West Oak Capital LLC now owns 40,797 shares of the iPhone maker’s stock worth $4,725,000 after buying an additional 29,348 shares during the last quarter. F&V Capital Management LLC grew its position in shares of Apple by 226.8% during the 3rd quarter. F&V Capital Management LLC now owns 12,584 shares of the iPhone maker’s stock worth $1,457,000 after buying an additional 8,733 shares during the period. Braun Bostich & Associates Inc. increased its stake in shares of Apple by 206.0% in the 3rd quarter. Braun Bostich & Associates Inc. now owns 8,172 shares of the iPhone maker’s stock valued at $946,000 after acquiring an additional 5,501 shares during the last quarter. Finally, Capstone Financial Group Inc. raised its position in shares of Apple by 284.6% in the 3rd quarter. Capstone Financial Group Inc. now owns 100,712 shares of the iPhone maker’s stock valued at $11,397,000 after acquiring an additional 74,523 shares during the period. Institutional investors and hedge funds own 59.65% of the company’s stock.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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