Apple Inc. (AAPL) Hopes to Unleash Apple Pay in China As Soon as February

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Apple Inc. (NASDAQ:AAPL) may be onto something with their Apple Pay service. As if targeting consumers in the United States was not enough, the company now hopes to have Apple Pay approved and ready to run in the world’s most populated country as soon as this coming February.

That’s right, Apple has apparently reached deals with all four of China’s state-run banks, albeit the county’s very strict regulations on banking. Conquering China, could be a major step for Apple Pay as Apple looks to expand the reach of their relatively new payment system.

The stock closed at $118.03 during the last session. It is down 9.40% since April 24, 2015 and is downtrending. It has underperformed by 8.28% the S&P500.

Out of 29 analysts covering Apple Inc. (NASDAQ:AAPL), 26 rate it “Buy”, 0 “Sell”, while 3 “Hold”. This means 90% are positive. $200 is the highest target while $125 is the lowest. The $150.44 average target is 27.46% above today’s ($118.03) stock price. Apple Inc. was the topic in 89 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Goldman Sachs upgraded the stock on November 18 to “Conviction Buy” rating. Credit Suisse maintained it with “Outperform” rating and $140 target price in an October 28 report. Macquarie Research maintained the shares of AAPL in a report on October 28 with “Buy” rating. Stifel Nicolaus maintained the firm’s rating on October 28. Stifel Nicolaus has “Buy” rating and $150 price target. Finally, Oppenheimer maintained the stock with “Buy” rating in an October 28 report.

The institutional sentiment increased to 0.96 in Q2 2015. Its up 0.04, from 0.92 in 2015Q1. The ratio is positive, as 82 funds sold all Apple Inc. shares owned while 968 reduced positions. 128 funds bought stakes while 884 increased positions. They now own 3.25 billion shares or 19.08% less from 4.02 billion shares in 2015Q1.

American Asset Management Inc. holds 53.4% of its portfolio in Apple Inc. for 7,252 shares. Nevsky Capital Llp owns 2.56 million shares or 34.75% of their US portfolio. Moreover, Summit Securities Group Llc has 28.14% invested in the company for 459,400 shares. The New York-based Independent Investors Inc has invested 24.49% in the stock. Guild Investment Management Inc., a California-based fund reported 55,477 shares.

Since March 6, 2015, the stock had 0 buys, and 9 selling transactions for $29.79 million 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 $9.20M.

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 $658.06 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 12.83 P/E ratio. The Firm also delivers digital content and applications through the iTunes Store, App StoreSM, iBookstoreSM, and Mac App Store.

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