Apple (NASDAQ:AAPL) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Wednesday.
Other equities analysts have also issued research reports about the company. Nomura reaffirmed a “neutral” rating and issued a $175.00 price target on shares of Apple in a research note on Monday, March 19th. BMO Capital Markets lowered Apple from an “outperform” rating to a “market perform” rating and upped their price target for the company from $162.00 to $166.00 in a research note on Wednesday, January 31st. William Blair reaffirmed an “outperform” rating on shares of Apple in a research note on Friday, February 2nd. Bank of America reaffirmed an “outperform” rating and issued a $220.00 price target on shares of Apple in a research note on Thursday, February 8th. Finally, ValuEngine lowered Apple from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, thirty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and an average target price of $204.74.
Shares of Apple stock opened at $187.16 on Wednesday. Apple has a 52 week low of $142.20 and a 52 week high of $190.37. The firm has a market capitalization of $945.34 billion, a PE ratio of 20.32, a price-to-earnings-growth ratio of 1.38 and a beta of 1.26. The company has a current ratio of 1.46, a quick ratio of 1.37 and a debt-to-equity ratio of 0.80.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, May 1st. The iPhone maker reported $2.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.69 by $0.04. Apple had a return on equity of 39.97% and a net margin of 21.55%. The business had revenue of $61.14 billion for the quarter, compared to analyst estimates of $60.94 billion. During the same quarter in the prior year, the company posted $2.10 EPS. The company’s quarterly revenue was up 15.6% on a year-over-year basis. equities analysts forecast that Apple will post 11.43 earnings per share for the current fiscal year.
Apple declared that its board has initiated a share repurchase program on Tuesday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 11.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In related news, SVP Daniel J. Riccio sold 17,372 shares of the firm’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $187.64, for a total transaction of $3,259,682.08. Following the transaction, the senior vice president now owns 43,644 shares in the company, valued at approximately $8,189,360.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Chris Kondo sold 4,867 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $187.00, for a total value of $910,129.00. Following the transaction, the insider now owns 8,433 shares in the company, valued at approximately $1,576,971. The disclosure for this sale can be found here. Insiders have sold a total of 237,108 shares of company stock worth $41,663,055 in the last 90 days. 0.06% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Jarislowsky Fraser Ltd lifted its position in Apple by 22.4% during the 3rd quarter. Jarislowsky Fraser Ltd now owns 22,515 shares of the iPhone maker’s stock worth $3,470,000 after acquiring an additional 4,118 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Apple by 1.7% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 1,234,364 shares of the iPhone maker’s stock worth $190,240,000 after acquiring an additional 20,689 shares during the period. Shelton Capital Management lifted its position in Apple by 2.3% during the 3rd quarter. Shelton Capital Management now owns 437,397 shares of the iPhone maker’s stock worth $67,412,000 after acquiring an additional 9,758 shares during the period. Hikari Power Ltd acquired a new stake in Apple during the 3rd quarter worth approximately $208,000. Finally, Oakmont Partners LLC lifted its position in Apple by 10.6% during the 4th quarter. Oakmont Partners LLC now owns 13,971 shares of the iPhone maker’s stock worth $2,364,000 after acquiring an additional 1,335 shares during the period. Hedge funds and other institutional investors own 58.19% of the company’s stock.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
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