Sanford C. Bernstein Analysts Give Apple (AAPL) a $190.00 Price Target

Sanford C. Bernstein set a $190.00 price target on Apple (NASDAQ:AAPL) in a research note published on Wednesday, May 1st, Borsen Zeitung reports. The firm currently has a neutral rating on the iPhone maker’s stock.

Several other equities analysts have also recently commented on the company. Morgan Stanley boosted their target price on Apple from $234.00 to $240.00 and gave the stock an overweight rating in a research report on Wednesday, May 1st. BTIG Research boosted their target price on Apple to $234.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Credit Suisse Group set a $209.00 target price on Apple and gave the stock a neutral rating in a research report on Wednesday, May 1st. Bank of America boosted their target price on Apple from $220.00 to $230.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Finally, Wedbush reiterated an outperform rating and issued a $235.00 price objective (up from $225.00) on shares of Apple in a report on Wednesday, May 1st. Three investment analysts have rated the stock with a sell rating, twenty-three have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $211.56.

Apple stock opened at $189.00 on Wednesday. Apple has a 52 week low of $142.00 and a 52 week high of $233.47. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26. The stock has a market cap of $938.40 billion, a P/E ratio of 15.87, a price-to-earnings-growth ratio of 1.62 and a beta of 1.14.

Apple (NASDAQ:AAPL) last posted its earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.37 by $0.09. Apple had a return on equity of 51.29% and a net margin of 22.12%. The business had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $57.40 billion. During the same period in the previous year, the business earned $2.73 earnings per share. The firm’s revenue was down 5.1% on a year-over-year basis. As a group, equities research analysts predict that Apple will post 11.48 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Friday, May 10th. This is a positive change from Apple’s previous quarterly dividend of $0.73. Apple’s payout ratio is 25.86%.

Apple declared that its board has approved a share repurchase plan on Tuesday, April 30th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In other Apple news, Director Arthur D. Levinson sold 35,000 shares of the company’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 transaction of $7,380,100.00. Following the completion of the transaction, the director now owns 1,168,283 shares of the company’s stock, valued at approximately $246,344,153.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jeffrey E. Williams sold 56,411 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total value of $11,866,617.96. Following the completion of the transaction, the chief operating officer now directly owns 151,187 shares of the company’s stock, valued at approximately $31,803,697.32. The disclosure for this sale can be found here. Insiders have sold a total of 142,549 shares of company stock valued at $29,300,960 in the last ninety days. 0.05% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Castle Rock Wealth Management LLC boosted its stake in shares of Apple by 24.9% in the first quarter. Castle Rock Wealth Management LLC now owns 12,210 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 2,431 shares during the period. University of Texas Texas AM Investment Managment Co. raised its holdings in Apple by 505.0% in the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 242 shares of the iPhone maker’s stock valued at $46,000 after acquiring an additional 202 shares during the last quarter. Semmax Financial Advisors Inc. acquired a new stake in Apple in the 4th quarter valued at about $50,000. Portfolio Solutions LLC acquired a new stake in Apple in the 4th quarter valued at about $76,000. Finally, Contravisory Investment Management Inc. grew its stake in shares of Apple by 30.6% in the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock valued at $97,000 after buying an additional 144 shares during the period. Institutional investors and hedge funds own 57.36% 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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