Traders Buy Shares of Apple (AAPL) on Weakness

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Investors bought shares of Apple Inc. (NASDAQ:AAPL) on weakness during trading on Wednesday. $726.21 million flowed into the stock on the tick-up and $479.25 million flowed out of the stock on the tick-down, for a money net flow of $246.96 million into the stock. Of all equities tracked, Apple had the 2nd highest net in-flow for the day. Apple traded down ($3.26) for the day and closed at $183.92

A number of research analysts have weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $180.00 price objective on shares of Apple in a research report on Friday, March 16th. Monness Crespi & Hardt assumed coverage on shares of Apple in a research report on Wednesday, April 11th. They set a “buy” rating and a $235.00 price objective on the stock. Zacks Investment Research cut shares of Apple from a “hold” rating to a “sell” rating in a research report on Wednesday, April 11th. Morgan Stanley cut their price objective on shares of Apple from $203.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, April 20th. Finally, BidaskClub cut shares of Apple from a “buy” rating to a “hold” rating in a research report on Wednesday, May 23rd. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, thirty-one have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $207.20.

The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $949.75 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 1.54 and a beta of 1.24.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, May 1st. The iPhone maker reported $2.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.69 by $0.04. Apple had a net margin of 21.55% and a return on equity of 39.97%. The company had revenue of $61.14 billion for the quarter, compared to the consensus estimate of $60.94 billion. During the same quarter in the prior year, the company earned $2.10 EPS. Apple’s quarterly revenue was up 15.6% on a year-over-year basis. research analysts expect that Apple Inc. will post 11.42 earnings per share for the current year.

Apple declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 11.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

In other news, insider Luca Maestri sold 39,122 shares of the firm’s stock in a transaction that occurred on Friday, April 13th. The shares were sold at an average price of $174.66, for a total transaction of $6,833,048.52. Following the sale, the insider now owns 64,475 shares of the company’s stock, valued at approximately $11,261,203.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 15,653 shares of the firm’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $185.18, for a total transaction of $2,898,622.54. Following the sale, the chief operating officer now directly owns 168,181 shares in the company, valued at approximately $31,143,757.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 192,208 shares of company stock worth $35,104,302. 0.06% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Mizuho Securities USA LLC purchased a new position in shares of Apple during the 1st quarter valued at approximately $1,477,000. Turim 21 Investimentos Ltda. lifted its holdings in Apple by 5.1% in the 1st quarter. Turim 21 Investimentos Ltda. now owns 59,421 shares of the iPhone maker’s stock valued at $9,970,000 after purchasing an additional 2,906 shares in the last quarter. Shelton Capital Management lifted its holdings in Apple by 2.3% in the 3rd quarter. Shelton Capital Management now owns 437,397 shares of the iPhone maker’s stock valued at $67,412,000 after purchasing an additional 9,758 shares in the last quarter. PFG Advisors purchased a new position in Apple in the 4th quarter valued at $330,000. Finally, Oakmont Partners LLC lifted its holdings in Apple by 10.6% in the 4th quarter. Oakmont Partners LLC now owns 13,971 shares of the iPhone maker’s stock valued at $2,364,000 after purchasing an additional 1,335 shares in the last quarter. 58.07% of the stock is currently owned by institutional investors and hedge funds.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.

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