Zacks Investment Research Lowers Apple (AAPL) to Hold
Apple (NASDAQ:AAPL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Apple is benefiting from steady iPhone sales, spurt in Services segment and a resurgence in Mac and iPad sales. The company is anticipated to benefit from the strong demand of iPhone X in mature markets, which will help it to sustain momentum in the near term. Going ahead, we believe foray into fast-growing technologies like autonomous vehicle, artificial intelligence (AI) & AR/VR are long-term drivers. Moreover, Apple’s new investment plan will boost its subscription-based services business and put an end to the criticism it is facing for not creating enough jobs in the United States. The company has positive record of earnings surprises in recent quarters.”
AAPL has been the subject of a number of other research reports. Mizuho set a $160.00 target price on shares of Apple and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Vetr lowered shares of Apple from a “buy” rating to a “hold” rating and set a $178.34 target price for the company. in a research report on Friday, December 1st. UBS Group set a $190.00 target price on shares of Apple and gave the stock a “buy” rating in a research report on Friday, January 5th. Needham & Company LLC upped their target price on shares of Apple from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. Finally, Instinet lowered shares of Apple from a “buy” rating to a “neutral” rating and set a $175.00 target price for the company. in a research report on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirty-eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $200.59.
Shares of Apple (NASDAQ AAPL) traded down $0.81 during midday trading on Friday, hitting $178.45. 16,910,000 shares of the stock were exchanged, compared to its average volume of 25,510,000. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $916,240.00, a PE ratio of 19.42, a PEG ratio of 1.46 and a beta of 1.23. Apple has a 1 year low of $119.37 and a 1 year high of $180.10.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.87 by $0.20. The firm had revenue of $52.58 billion during the quarter, compared to analysts’ expectations of $50.71 billion. Apple had a net margin of 21.09% and a return on equity of 36.29%. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.50 earnings per share. sell-side analysts expect that Apple will post 11.18 earnings per share for the current fiscal year.
In other news, insider Daniel J. Riccio sold 15,641 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $172.35, for a total transaction of $2,695,726.35. Following the completion of the sale, the insider now owns 39,682 shares of the company’s stock, valued at $6,839,192.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eduardo H. Cue sold 65,361 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $171.60, for a total transaction of $11,215,947.60. The disclosure for this sale can be found here. In the last three months, insiders sold 128,412 shares of company stock valued at $22,115,155. 0.08% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Berkshire Hathaway Inc. boosted its position in shares of Apple by 0.6% during the 2nd quarter. Berkshire Hathaway Inc. now owns 130,191,960 shares of the iPhone maker’s stock valued at $18,750,246,000 after acquiring an additional 834,854 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Apple by 15.0% during the 2nd quarter. Capital Research Global Investors now owns 29,449,961 shares of the iPhone maker’s stock valued at $4,241,383,000 after acquiring an additional 3,845,363 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Apple by 1.1% during the 3rd quarter. Legal & General Group Plc now owns 26,393,202 shares of the iPhone maker’s stock valued at $4,067,559,000 after acquiring an additional 287,027 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Apple by 9.3% during the 3rd quarter. Janus Henderson Group PLC now owns 21,854,159 shares of the iPhone maker’s stock valued at $3,367,571,000 after acquiring an additional 1,850,572 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Apple by 3.1% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 19,262,302 shares of the iPhone maker’s stock valued at $3,259,868,000 after acquiring an additional 570,279 shares during the last quarter. 60.19% of the stock is owned by institutional investors and hedge funds.
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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