Royal Bank of Canada Increases Apple (NASDAQ:AAPL) Price Target to $445.00

Apple (NASDAQ:AAPL) had its price objective raised by stock analysts at Royal Bank of Canada from $390.00 to $445.00 in a note issued to investors on Friday, The Fly reports. The brokerage currently has an “outperform” rating on the iPhone maker’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 4.70% from the stock’s current price.

Several other equities analysts also recently weighed in on the stock. Tigress Financial restated a “buy” rating on shares of Apple in a report on Tuesday, April 14th. JPMorgan Chase & Co. set a $460.00 price objective on shares of Apple and gave the stock a “buy” rating in a research note on Friday. BofA Securities upped their target price on Apple from $410.00 to $420.00 and gave the company a “buy” rating in a research note on Friday. Sanford C. Bernstein increased their target price on Apple from $370.00 to $400.00 and gave the company a “market perform” rating in a report on Friday. Finally, Monness Crespi & Hardt upped their price objective on Apple from $370.00 to $470.00 and gave the company a “buy” rating in a research report on Friday. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and thirty-one have assigned a buy rating to the stock. Apple has an average rating of “Buy” and a consensus price target of $370.23.

AAPL opened at $425.04 on Friday. Apple has a 1-year low of $192.58 and a 1-year high of $425.66. The stock has a market cap of $1,842.27 billion, a P/E ratio of 32.32, a P/E/G ratio of 3.13 and a beta of 1.18. The stock’s 50 day simple moving average is $367.96 and its 200 day simple moving average is $313.71. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.50 and a quick ratio of 1.46.

Shares of Apple are set to split on Monday, August 31st. The 4-1 split was announced on Thursday, July 30th. The newly issued shares will be issued to shareholders after the closing bell on Friday, August 28th.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.55. The business had revenue of $59.69 billion during the quarter, compared to analysts’ expectations of $51.94 billion. Apple had a return on equity of 67.82% and a net margin of 21.33%. Research analysts expect that Apple will post 12.43 EPS for the current fiscal year.

In other news, insider Chris Kondo sold 4,491 shares of Apple stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $305.62, for a total transaction of $1,372,539.42. Following the sale, the insider now owns 7,370 shares in the company, valued at $2,252,419.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.05% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. HM Capital Management LLC increased its holdings in Apple by 0.9% during the 2nd quarter. HM Capital Management LLC now owns 3,314 shares of the iPhone maker’s stock worth $1,209,000 after purchasing an additional 28 shares during the last quarter. Hummer Financial Advisory Services Inc grew its position in shares of Apple by 2.1% during the second quarter. Hummer Financial Advisory Services Inc now owns 1,467 shares of the iPhone maker’s stock worth $535,000 after buying an additional 30 shares in the last quarter. Defender Capital LLC. increased its stake in shares of Apple by 1.3% in the second quarter. Defender Capital LLC. now owns 2,396 shares of the iPhone maker’s stock worth $874,000 after buying an additional 31 shares during the last quarter. Pathway Financial Advisors LLC raised its holdings in Apple by 0.7% in the second quarter. Pathway Financial Advisors LLC now owns 4,702 shares of the iPhone maker’s stock valued at $1,715,000 after acquiring an additional 31 shares in the last quarter. Finally, Malaga Cove Capital LLC raised its holdings in Apple by 1.1% in the second quarter. Malaga Cove Capital LLC now owns 2,747 shares of the iPhone maker’s stock valued at $1,002,000 after acquiring an additional 31 shares in the last quarter. Institutional investors and hedge funds own 61.96% of the company’s stock.

Apple Company Profile

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.

Further Reading: What is a stock split?

The Fly

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