Robert W. Baird Cuts Apple (AAPL) Price Target to $230.00

Apple (NASDAQ:AAPL) had its price target trimmed by Robert W. Baird from $235.00 to $230.00 in a research report released on Friday. The brokerage currently has an outperform rating on the iPhone maker’s stock.

Several other equities analysts also recently commented on the company. New Street Research downgraded Apple from a neutral rating to a sell rating in a research report on Monday, August 20th. Bank of America increased their price target on Apple from $250.00 to $256.00 and gave the stock a buy rating in a research report on Monday, September 10th. Morgan Stanley increased their price target on Apple from $245.00 to $247.00 and gave the stock an overweight rating in a research report on Thursday, September 13th. Macquarie set a $214.00 price target on Apple and gave the stock a buy rating in a research report on Wednesday, August 15th. Finally, Oppenheimer reissued a neutral rating on shares of Apple in a research report on Monday, October 1st. Three equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twenty-eight have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $223.60.

Shares of Apple stock opened at $201.59 on Friday. The firm has a market capitalization of $1,019.79 billion, a price-to-earnings ratio of 17.48, a price-to-earnings-growth ratio of 1.48 and a beta of 1.26. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.09 and a current ratio of 1.12. Apple has a 52 week low of $150.24 and a 52 week high of $233.47.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, November 1st. The iPhone maker reported $2.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.78 by $0.13. The company had revenue of $62.90 billion for the quarter, compared to the consensus estimate of $61.55 billion. Apple had a return on equity of 48.68% and a net margin of 22.41%. Apple’s quarterly revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.07 EPS. On average, equities analysts expect that Apple will post 13.48 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 12th will be paid a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Thursday, November 8th. Apple’s dividend payout ratio (DPR) is currently 24.52%.

In related news, insider Johny Srouji sold 14,140 shares of the company’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $214.98, for a total transaction of $3,039,817.20. Following the completion of the sale, the insider now directly owns 68,302 shares in the company, valued at approximately $14,683,563.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy D. Cook sold 265,160 shares of the company’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $217.79, for a total value of $57,749,196.40. The disclosure for this sale can be found here. Insiders have sold a total of 544,185 shares of company stock valued at $120,312,613 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. B. Riley Financial Inc. raised its stake in shares of Apple by 27.6% in the first quarter. B. Riley Financial Inc. now owns 17,412 shares of the iPhone maker’s stock worth $2,921,000 after purchasing an additional 3,770 shares during the last quarter. First Hawaiian Bank raised its stake in shares of Apple by 33.5% in the second quarter. First Hawaiian Bank now owns 10,012 shares of the iPhone maker’s stock worth $1,854,000 after purchasing an additional 2,510 shares during the last quarter. Roof Advisory Group Inc. raised its stake in shares of Apple by 44.0% in the first quarter. Roof Advisory Group Inc. now owns 42,322 shares of the iPhone maker’s stock worth $7,101,000 after purchasing an additional 12,930 shares during the last quarter. Viridian Ria LLC purchased a new position in shares of Apple in the first quarter worth about $525,000. Finally, Peavine Capital LLC raised its stake in shares of Apple by 428.7% in the second quarter. Peavine Capital LLC now owns 6,968 shares of the iPhone maker’s stock worth $1,290,000 after purchasing an additional 5,650 shares during the last quarter. Institutional investors own 58.44% of the company’s stock.

About Apple

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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