Apple (AAPL) Downgraded by Bank of America
Apple (NASDAQ:AAPL) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday. They currently have a $220.00 price objective on the iPhone maker’s stock, up from their previous price objective of $180.00. Bank of America’s price target would suggest a potential upside of 22.88% from the stock’s current price.
Several other equities research analysts have also commented on AAPL. Citigroup reissued a “buy” rating and set a $200.00 price target on shares of Apple in a research note on Wednesday, December 13th. Drexel Hamilton reissued a “buy” rating and set a $208.00 price target on shares of Apple in a research note on Tuesday, October 24th. Piper Jaffray Companies reissued a “buy” rating and set a $200.00 price target (up previously from $196.00) on shares of Apple in a research note on Tuesday, October 31st. Vetr lowered Apple from a “buy” rating to a “hold” rating and set a $171.48 price target on the stock. in a research note on Monday, October 30th. Finally, Nomura set a $185.00 price target on Apple and gave the stock a “buy” rating in a research note on Monday, November 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirty-eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $199.83.
Shares of Apple (NASDAQ AAPL) traded up $2.84 on Wednesday, reaching $179.03. The company’s stock had a trading volume of 21,730,198 shares, compared to its average volume of 24,092,650. Apple has a 12 month low of $118.22 and a 12 month high of $179.39. The stock has a market cap of $917,940.00, a price-to-earnings ratio of 19.48, a PEG ratio of 1.45 and a beta of 1.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.28 and a quick ratio of 1.23.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.87 by $0.20. Apple had a return on equity of 36.29% and a net margin of 21.09%. The company had revenue of $52.58 billion for the quarter, compared to analyst estimates of $50.71 billion. During the same quarter in the previous year, the company earned $1.50 EPS. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. equities analysts predict that Apple will post 11.18 EPS for the current fiscal year.
In other news, insider Johny Srouji sold 10,368 shares of the company’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $174.68, for a total transaction of $1,811,082.24. Following the completion of the sale, the insider now directly owns 81,560 shares in the company, valued at approximately $14,246,900.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel J. Riccio sold 15,641 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $172.35, for a total value of $2,695,726.35. Following the sale, the insider now owns 39,682 shares of the company’s stock, valued at $6,839,192.70. The disclosure for this sale can be found here. Insiders sold a total of 128,412 shares of company stock valued at $22,115,155 over the last quarter. 0.06% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. YHB Investment Advisors Inc. boosted its position in Apple by 7.6% during the 2nd quarter. YHB Investment Advisors Inc. now owns 136,189 shares of the iPhone maker’s stock worth $19,614,000 after purchasing an additional 9,663 shares during the period. Lederer & Associates Investment Counsel CA boosted its position in Apple by 2.1% during the 2nd quarter. Lederer & Associates Investment Counsel CA now owns 37,336 shares of the iPhone maker’s stock worth $5,377,000 after purchasing an additional 779 shares during the period. Empirical Financial Services LLC boosted its position in Apple by 23.9% during the 2nd quarter. Empirical Financial Services LLC now owns 21,558 shares of the iPhone maker’s stock worth $3,105,000 after purchasing an additional 4,154 shares during the period. Carnick & Kubik Group LLC boosted its position in Apple by 14.4% during the 2nd quarter. Carnick & Kubik Group LLC now owns 20,744 shares of the iPhone maker’s stock worth $2,987,000 after purchasing an additional 2,612 shares during the period. Finally, GenTrust LLC boosted its position in Apple by 1,022.9% during the 2nd quarter. GenTrust LLC now owns 34,315 shares of the iPhone maker’s stock worth $4,942,000 after purchasing an additional 31,259 shares during the period. Institutional investors and hedge funds own 60.19% of the company’s stock.
Apple Company Profile
Apple Inc (Apple) 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’s products and services 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.
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