Quadrant Private Wealth Management LLC bought a new position in Apple in the fourth quarter valued at approximately $12,930,000.
The company previously announced plans to make approximately $38 billion in tax payments to the USA government under the new tax plan’s repatriation rate for its cumulative foreign earnings.
In China, one of Apple’s key markets, the company’s total revenue soared by 11 percent year-on-year to $17.96 billion in the first quarter of 2018 fiscal year ending December. The business had revenue of $88.29 billion during the quarter, compared to analysts’ expectations of $87.62 billion. Sixty-five percent of those revenues came from worldwide sales, Apple said, noting that the record sales came despite the fact that the 2018 quarter was one week shorter than the same quarter in 2017.
Since its launch on November 3, with almost eight million units sold, iPhone X outsold iPhone 8 and iPhone 8 Plus by a 2:1 margin in the US. UBS Group set a $190.00 price objective on Apple and gave the company a buy rating in a research note on Friday, January 5th. Despite the smaller window of time, analysts had predicted Apple would sell 80 million iPhones in the past quarter, according to FactSet. Sales rose 13%, with iPhone sales growing 13%, as higher selling prices were partly offset by a decline in unit shipments.
Apple sold a record 22.39 million smartphones in the U.S. in the holiday season past year, increasing its market share from 37 per cent to 44 per cent, a report said on January 31.
“It was really driven by the success of the iPhone X and also the iPhone 8 and iPhone 8 Plus”, Maestri told Reuters in an interview.
The company forecast a tax rate of about 15 percent for the second quarter. BMO Capital Markets now has $195.00 price objective on the iPhone maker’s stock, up from their previous price objective of $166.97.
KeyBanc Capital Markets downgraded it to Sector Weight from Overweight. The lower prices are only available until the end of 2018.
BMO raised its price target from $162 to $166.
And Maxim raised its price target to $210 from $204.
Shares of Apple fell 4.42% on Friday to $160.37, down more than 10% from their recent 52-week high of $179.26.