BidaskClub Downgrades Apple (AAPL) to Hold

BidaskClub downgraded shares of Apple (NASDAQ:AAPL) from a buy rating to a hold rating in a research note released on Tuesday, BidAskClub reports.

A number of other analysts have also recently commented on the company. ValuEngine cut Apple from a buy rating to a hold rating in a research report on Monday, May 13th. Argus lifted their price target on Apple to $250.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Loop Capital lifted their price target on Apple to $190.00 and gave the stock a hold rating in a research report on Wednesday, May 1st. Jefferies Financial Group lifted their price target on Apple from $160.00 to $210.00 and gave the stock a hold rating in a research report on Wednesday, May 1st. Finally, Piper Jaffray Companies lifted their price target on Apple from $201.00 to $230.00 and gave the stock an overweight rating in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $211.56.

Shares of AAPL opened at $189.00 on Tuesday. Apple has a one year low of $142.00 and a one year high of $233.47. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. The stock has a market cap of $938.40 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 1.62 and a beta of 1.14.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, topping the Zacks’ consensus estimate of $2.37 by $0.09. Apple had a return on equity of 51.29% and a net margin of 22.12%. The company had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $57.40 billion. During the same quarter in the previous year, the firm posted $2.73 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. As a group, equities research analysts expect that Apple will post 11.48 earnings per share for the current year.

Apple declared that its Board of Directors has authorized a stock buyback plan on Tuesday, April 30th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, May 10th. This is a positive change from Apple’s previous quarterly dividend of $0.73. Apple’s payout ratio is currently 25.86%.

In related news, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $210.86, for a total value of $7,380,100.00. Following the completion of the transaction, the director now owns 1,168,283 shares in the company, valued at approximately $246,344,153.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Luca Maestri sold 51,138 shares of Apple stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $196.61, for a total value of $10,054,242.18. Following the completion of the transaction, the insider now owns 27,448 shares of the company’s stock, valued at approximately $5,396,551.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 142,549 shares of company stock valued at $29,300,960. 0.05% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. Castle Rock Wealth Management LLC boosted its holdings in shares of Apple by 24.9% during the 1st quarter. Castle Rock Wealth Management LLC now owns 12,210 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 2,431 shares during the last quarter. University of Texas Texas AM Investment Managment Co. boosted its holdings in shares of Apple by 505.0% during the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 242 shares of the iPhone maker’s stock worth $46,000 after purchasing an additional 202 shares during the last quarter. Semmax Financial Advisors Inc. acquired a new position in shares of Apple during the 4th quarter worth approximately $50,000. Portfolio Solutions LLC acquired a new position in shares of Apple during the 4th quarter worth approximately $76,000. Finally, Contravisory Investment Management Inc. boosted its holdings in shares of Apple by 30.6% during the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 57.36% of the company’s stock.

Apple Company Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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