Rumors are swirling this morning that Apple Inc. (NASDAQ:AAPL) may be about to do the unthinkable! That’s right, according to reports, CEO Tim Cook said that his company is using Apple Music on Android to test the possibility of releasing other products on the competing mobile operating system as well. While nothing has been stated as fact, speculation is pointing to a possible migration of iTunes, Apple TV and even video and book sales over to Google’s Android OS. Years ago this would have been seen as highly improbably, but now perhaps Cook and team think the timing is right.
If in fact iPhone sales are slowing down, unleashing iTunes and similar services on Android devices could bring in a ton of additional revenue for the company. We must face the facts — there is a portion of the population who prefer the openess of Android smartphones, who will never move over to Apple no matter what new features are released. It is this crowd that Apple could see potential for increasing revenue, not by selling them hardware, but via sales of music, tv shows, movies, videos and books. It will certainly be interesting to follow this as more info comes about, but we would think that this could only be beneficial to shareholders of Apple Inc. (NASDAQ:AAPL) stock.
The stock is down 0.98% or $0.95 following the news, hitting $95.65 per share. Approximately 9.04 million shares traded hands. AAPL shares have declined 23.70% since July 1, 2015 and are currently downtrending. It has underperformed the S&P500 by 16.40%.
From a total of 33 analysts covering Apple Inc. (NASDAQ:AAPL) stock, 29 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 88% of the ratings are positive. The highest target price is $200 while the lowest target price is $102. The mean of all analyst targets is $138.44 which is 44.74% above today’s ($95.65) stock price. Apple Inc. was the topic of 119 analyst reports since July 21, 2015 according to the firm StockzIntelligence Inc. Argus Research maintained shares on January 27 with a “Buy” rating. FBR Capital maintained shares with a”Outperform” rating and a $130 target share price in their report from a January 27. Morgan Stanley maintained AAPL stock in a recent report from January 27 with a “Overweight” rating. Barclays Capital maintained the rating on January 27. Barclays Capital has a “Overweight” rating and a $142 price target on shares. Finally, Maxim Group maintained the stock with a “Buy” rating in a report they issued on a January 27.
The institutional sentiment increased to 1.18 in Q2 2015. It’s up 0.22, from 0.96 in 2015Q2. The ratio is positive, as 103 funds sold all their Apple Inc. shares they owned while 854 reduced their positions. 102 funds bought stakes while 1032 increased their total positions. Institutions now own 3.20 billion shares which is 1.58% less than the previous share count of 3.25 billion in 2015Q2.
Compton Capital Management Inc Ri holds 45.15% of its total portfolio in Apple Inc., equating to 113,694 shares. Raiff Partners Inc owns 100,000 shares representing 32.27% of their total US portfolio. Moreover, Rfg Advisory Group Llc has 25.06% of their total portfolio invested in the company, equating to 70,558 shares. The New York-based Independent Investors Inc has a total of 23.66% of their portfolio invested in the stock. Dock Street Asset Management Inc, a Connecticut-based fund reported 269,584 shares owned.
Since March 6, 2015, the stock had 0 insider buys, and 5 selling transactions for a total of $8.58 million in net activity. Maestri Luca sold 2,908 shares worth $325,347. Williams Jeffrey E sold 46,873 shares worth $5.18M. Riccio Daniel J. sold 24,085 shares worth $3.01M. Ahrendts Angela J sold 44,789 shares worth $5.90 million. The insider Levinson Arthur D sold 70,000 shares worth $9.20 million.
Apple Inc. designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The company has a market cap of $530.34 billion. The Company’s services and products include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings. It has 10.16 P/E ratio. The Firm also delivers digital content and applications through the iTunes Store, App StoreSM, iBookstoreSM, and Mac App Store.