Apple (AAPL) Shares Down 3.5% After Analyst Downgrade

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Apple Inc. (NASDAQ:AAPL) fell 3.5% during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $235.00 to $230.00. Robert W. Baird currently has an outperform rating on the stock. Apple traded as low as $205.43 and last traded at $200.19. 47,183,215 shares traded hands during trading, an increase of 18% from the average session volume of 39,836,684 shares. The stock had previously closed at $207.48.

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Apple from $272.00 to $270.00 and set an “overweight” rating on the stock in a research note on Friday. Citigroup decreased their price objective on Apple from $265.00 to $240.00 and set a “buy” rating on the stock in a report on Friday. BMO Capital Markets decreased their price objective on Apple from $219.00 to $213.00 and set a “market perform” rating on the stock in a report on Friday. UBS Group lowered Apple from a “buy” rating to a “neutral” rating in a report on Friday. Finally, Sanford C. Bernstein restated a “neutral” rating and issued a $210.00 price objective on shares of Apple in a report on Friday. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $223.60.

In related news, insider Craig Federighi sold 47,796 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $207.50, for a total transaction of $9,917,670.00. Following the completion of the sale, the insider now directly owns 412,571 shares of the company’s stock, valued at approximately $85,608,482.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Angela J. Ahrendts sold 14,194 shares of the firm’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $227.96, for a total value of $3,235,664.24. Following the sale, the senior vice president now directly owns 105,538 shares of the company’s stock, valued at $24,058,442.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 544,185 shares of company stock worth $120,312,613. Insiders own 0.06% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC increased its position in shares of Apple by 1.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 1,003,678 shares of the iPhone maker’s stock worth $226,570,000 after purchasing an additional 18,656 shares during the last quarter. Comerica Securities Inc. increased its position in shares of Apple by 1.0% during the 3rd quarter. Comerica Securities Inc. now owns 37,365 shares of the iPhone maker’s stock worth $8,435,000 after purchasing an additional 367 shares during the last quarter. Crescent Grove Advisors LLC increased its position in shares of Apple by 2.7% during the 3rd quarter. Crescent Grove Advisors LLC now owns 20,607 shares of the iPhone maker’s stock worth $4,652,000 after purchasing an additional 540 shares during the last quarter. Holistic Financial Partners acquired a new stake in shares of Apple during the 3rd quarter worth about $608,000. Finally, Flossbach Von Storch AG increased its position in shares of Apple by 5.2% during the 3rd quarter. Flossbach Von Storch AG now owns 113,820 shares of the iPhone maker’s stock worth $25,694,000 after purchasing an additional 5,640 shares during the last quarter. 58.44% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $1,019.79 billion, a PE ratio of 16.77, a PEG ratio of 1.48 and a beta of 1.26. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.12 and a quick ratio of 1.09.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share for the quarter, beating the consensus estimate of $2.78 by $0.13. The company had revenue of $62.90 billion during the quarter, compared to the consensus estimate of $61.55 billion. Apple had a return on equity of 48.68% and a net margin of 22.41%. Apple’s revenue was up 19.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.07 EPS. As a group, research analysts anticipate that Apple Inc. will post 13.48 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 12th will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 1.46%. The ex-dividend date is Thursday, November 8th. Apple’s dividend payout ratio is currently 24.52%.

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About Apple (NASDAQ:AAPL)

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.

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