Apple’s (AAPL) “Neutral” Rating Reiterated at Bank of America

Bank of America reaffirmed their neutral rating on shares of Apple (NASDAQ:AAPL) in a research report report published on Wednesday. Bank of America currently has a $220.00 target price on the iPhone maker’s stock.

A number of other brokerages have also recently issued reports on AAPL. Tigress Financial reissued a buy rating on shares of Apple in a report on Thursday, August 30th. Robert W. Baird set a $230.00 target price on shares of Apple and gave the stock a buy rating in a report on Tuesday, September 4th. New Street Research reissued a sell rating on shares of Apple in a report on Tuesday, September 18th. Needham & Company LLC raised their target price on shares of Apple from $220.00 to $260.00 and gave the stock a buy rating in a report on Thursday, September 13th. Finally, Citigroup cut their target price on shares of Apple from $265.00 to $240.00 and set a buy rating on the stock in a report on Friday, November 2nd. Three analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and twenty-five have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $223.07.

Shares of NASDAQ AAPL opened at $172.29 on Wednesday. The company has a current ratio of 1.12, a quick ratio of 1.09 and a debt-to-equity ratio of 0.87. Apple has a 52-week low of $150.24 and a 52-week high of $233.47. The stock has a market capitalization of $868.90 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.26.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.78 by $0.13. Apple had a net margin of 22.41% and a return on equity of 48.68%. The firm had revenue of $62.90 billion for the quarter, compared to analysts’ expectations of $61.55 billion. During the same quarter last year, the company posted $2.07 earnings per share. Apple’s revenue was up 19.6% on a year-over-year basis. As a group, analysts anticipate that Apple will post 13.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, November 12th were paid a dividend of $0.73 per share. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.69%. Apple’s dividend payout ratio is presently 24.52%.

In related news, insider Chris Kondo sold 3,408 shares of the firm’s stock in a transaction that occurred on Monday, November 19th. The shares were sold at an average price of $190.00, for a total transaction of $647,520.00. Following the transaction, the insider now owns 8,940 shares in the company, valued at $1,698,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Angela J. Ahrendts sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $232.66, for a total transaction of $5,816,500.00. Following the transaction, the senior vice president now owns 105,538 shares in the company, valued at approximately $24,554,471.08. The disclosure for this sale can be found here. Insiders have sold 470,005 shares of company stock worth $104,764,873 in the last quarter. Company insiders own 0.08% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of AAPL. Summit Trail Advisors LLC increased its stake in shares of Apple by 17,669.4% during the first quarter. Summit Trail Advisors LLC now owns 20,180,694 shares of the iPhone maker’s stock valued at $20,181,000 after acquiring an additional 20,067,124 shares during the period. Cornerstone Wealth Management LLC increased its stake in shares of Apple by 18,553.3% during the second quarter. Cornerstone Wealth Management LLC now owns 16,758,709 shares of the iPhone maker’s stock valued at $89,526,000 after acquiring an additional 16,668,866 shares during the period. FMR LLC increased its stake in shares of Apple by 7.0% during the third quarter. FMR LLC now owns 110,895,804 shares of the iPhone maker’s stock valued at $25,033,620,000 after acquiring an additional 7,243,511 shares during the period. Russell Investments Group Ltd. acquired a new position in shares of Apple during the first quarter valued at approximately $830,026,000. Finally, Private Advisor Group LLC increased its stake in shares of Apple by 1,185.5% during the second quarter. Private Advisor Group LLC now owns 4,320,770 shares of the iPhone maker’s stock valued at $800,386,000 after acquiring an additional 3,984,643 shares during the period. Institutional investors and hedge funds own 57.65% 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.

Read More: Index Funds

Analyst Recommendations for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply