Apple (NASDAQ:AAPL) Upgraded to Buy at Jefferies Financial Group

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Jefferies Financial Group upgraded shares of Apple (NASDAQ:AAPL) from a hold rating to a buy rating in a report published on Tuesday morning, FinViz reports. They currently have $260.00 price objective on the iPhone maker’s stock, up from their previous price objective of $210.00. Jefferies Financial Group also issued estimates for Apple’s Q1 2020 earnings at $4.31 EPS, Q2 2020 earnings at $2.92 EPS, Q3 2020 earnings at $2.40 EPS, Q4 2020 earnings at $3.24 EPS, Q1 2021 earnings at $4.72 EPS and FY2021 earnings at $14.90 EPS.

Several other research analysts have also recently commented on the company. Monness Crespi & Hardt reiterated a buy rating and issued a $265.00 price target (up previously from $245.00) on shares of Apple in a research note on Wednesday, July 31st. Maxim Group cut their price target on Apple from $211.00 to $204.00 and set a hold rating on the stock in a research note on Wednesday, September 11th. Raymond James upgraded Apple from a market perform rating to an outperform rating and set a $250.00 price objective on the stock in a research note on Thursday, July 18th. Cowen set a $250.00 price objective on Apple and gave the company a buy rating in a research note on Wednesday, August 21st. Finally, Nomura upped their price objective on Apple from $180.00 to $185.00 and gave the company a neutral rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $219.92.

NASDAQ:AAPL opened at $219.89 on Tuesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.47 and a current ratio of 1.50. Apple has a one year low of $142.00 and a one year high of $233.47. The business’s 50-day simple moving average is $210.83 and its 200 day simple moving average is $199.64. The stock has a market cap of $993.72 billion, a price-to-earnings ratio of 18.46, a price-to-earnings-growth ratio of 1.80 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.10 by $0.08. Apple had a return on equity of 52.13% and a net margin of 21.50%. The business had revenue of $53.81 billion for the quarter, compared to analysts’ expectations of $53.39 billion. During the same quarter in the previous year, the firm posted $2.34 earnings per share. The company’s revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts predict that Apple will post 11.69 EPS for the current year.

In related news, Director Arthur D. Levinson sold 17,500 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $214.02, for a total value of $3,745,350.00. Following the completion of the transaction, the director now directly owns 1,150,783 shares of the company’s stock, valued at approximately $246,290,577.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Chris Kondo sold 4,376 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $217.47, for a total value of $951,648.72. The disclosure for this sale can be found here. Insiders have sold 304,536 shares of company stock valued at $62,894,611 over the last ninety days. Corporate insiders own 0.05% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Monument Capital Management grew its holdings in Apple by 2.2% in the 2nd quarter. Monument Capital Management now owns 2,438 shares of the iPhone maker’s stock worth $491,000 after buying an additional 53 shares in the last quarter. Trinity Legacy Partners LLC boosted its stake in Apple by 66.8% during the 2nd quarter. Trinity Legacy Partners LLC now owns 18,789 shares of the iPhone maker’s stock valued at $3,776,000 after purchasing an additional 7,523 shares in the last quarter. Pictet North America Advisors SA boosted its stake in Apple by 3.3% during the 2nd quarter. Pictet North America Advisors SA now owns 131,021 shares of the iPhone maker’s stock valued at $25,932,000 after purchasing an additional 4,170 shares in the last quarter. Rockland Trust Co. boosted its stake in Apple by 4.8% during the 2nd quarter. Rockland Trust Co. now owns 20,618 shares of the iPhone maker’s stock valued at $4,081,000 after purchasing an additional 948 shares in the last quarter. Finally, Fiera Capital Corp boosted its stake in Apple by 2.0% during the 2nd quarter. Fiera Capital Corp now owns 478,731 shares of the iPhone maker’s stock valued at $94,749,000 after purchasing an additional 9,473 shares in the last quarter. 58.63% of the stock is owned by institutional investors and hedge funds.

Apple Company Profile

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.

Read More: How to interpret a stock’s beta number

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