Vetr Inc. Downgrades Apple Inc. (AAPL) to Buy
Apple Inc. (NASDAQ:AAPL) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued on Wednesday. They presently have a $119.11 price objective on the iPhone maker’s stock. Vetr‘s price target suggests a potential upside of 11.20% from the company’s previous close.
Several other analysts also recently weighed in on AAPL. Pacific Crest restated a “buy” rating and issued a $129.00 price objective on shares of Apple in a report on Wednesday, October 26th. RBC Capital Markets restated an “outperform” rating and issued a $115.00 price objective on shares of Apple in a report on Friday, August 5th. Wells Fargo & Co. restated a “market perform” rating on shares of Apple in a report on Friday, September 9th. BMO Capital Markets restated an “outperform” rating and issued a $116.00 price objective (down from $118.00) on shares of Apple in a report on Thursday, July 21st. Finally, Macquarie restated an “outperform” rating and issued a $115.00 price objective on shares of Apple in a report on Friday, August 26th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, forty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $128.29.
Shares of Apple (NASDAQ:AAPL) opened at 107.11 on Wednesday. The stock has a market capitalization of $571.14 billion, a P/E ratio of 12.89 and a beta of 1.34. The company’s 50-day moving average is $113.48 and its 200 day moving average is $104.52. Apple has a 12 month low of $89.47 and a 12 month high of $119.92.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, October 25th. The iPhone maker reported $1.67 EPS for the quarter, topping the consensus estimate of $1.66 by $0.01. The company earned $46.85 billion during the quarter, compared to analyst estimates of $46.88 billion. Apple had a net margin of 21.19% and a return on equity of 35.59%. Apple’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.96 earnings per share. Equities research analysts predict that Apple will post $9.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Stockholders of record on Monday, November 7th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Thursday, November 3rd. Apple’s dividend payout ratio (DPR) is presently 27.57%.
In other Apple news, CEO Timothy D. Cook sold 334,000 shares of the firm’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $107.23, for a total value of $35,814,820.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Luca Maestri sold 16,950 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $110.03, for a total transaction of $1,865,008.50. Following the completion of the sale, the chief financial officer now owns 12,055 shares of the company’s stock, valued at $1,326,411.65. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.
Large investors have recently bought and sold shares of the company. Penserra Capital Management LLC boosted its stake in Apple by 39.2% in the second quarter. Penserra Capital Management LLC now owns 1,080 shares of the iPhone maker’s stock worth $103,000 after buying an additional 304 shares during the last quarter. Armbruster Capital Management Inc. boosted its stake in Apple by 35.1% in the third quarter. Armbruster Capital Management Inc. now owns 1,024 shares of the iPhone maker’s stock worth $116,000 after buying an additional 266 shares during the last quarter. Cedar Wealth Management LLC boosted its stake in Apple by 42.9% in the third quarter. Cedar Wealth Management LLC now owns 1,072 shares of the iPhone maker’s stock worth $121,000 after buying an additional 322 shares during the last quarter. Weaver C. Barksdale & Associates Inc. bought a new stake in Apple during the third quarter worth approximately $122,000. Finally, Live Your Vision LLC bought a new stake in Apple during the third quarter worth approximately $135,000. Institutional investors and hedge funds own 56.83% of the company’s stock.
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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