Morgan Stanley Trims Apple (AAPL) Target Price to $231.00
Apple (NASDAQ:AAPL) had its price objective reduced by Morgan Stanley from $240.00 to $231.00 in a report issued on Thursday morning, BenzingaRatingsTable reports. They currently have an overweight rating on the iPhone maker’s stock.
A number of other equities research analysts have also weighed in on AAPL. UBS Group boosted their price objective on shares of Apple from $180.00 to $185.00 in a report on Wednesday, January 30th. Citigroup reissued a buy rating and set a $170.00 price objective on shares of Apple in a report on Wednesday, January 30th. Canaccord Genuity dropped their price objective on shares of Apple from $190.00 to $185.00 and set a buy rating on the stock in a report on Wednesday, January 30th. Monness Crespi & Hardt boosted their price objective on shares of Apple from $200.00 to $220.00 and gave the company a buy rating in a report on Wednesday, January 30th. Finally, BTIG Research dropped their price objective on shares of Apple from $197.00 to $189.00 and set a buy rating on the stock in a report on Wednesday, January 30th. Four research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Apple currently has a consensus rating of Hold and a consensus price target of $209.35.
NASDAQ AAPL opened at $175.07 on Thursday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.32. Apple has a 12-month low of $142.00 and a 12-month high of $233.47. The firm has a market capitalization of $820.37 billion, a price-to-earnings ratio of 14.70, a PEG ratio of 1.51 and a beta of 1.14.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were given a $0.77 dividend. The ex-dividend date of this dividend was Friday, May 10th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.76%. This is an increase from Apple’s previous quarterly dividend of $0.73. Apple’s dividend payout ratio is 25.86%.
Apple declared that its Board of Directors has authorized a share repurchase program on Tuesday, April 30th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other Apple news, insider Luca Maestri sold 51,138 shares of the company’s 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 in the company, valued at $5,396,551.28. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jeffrey E. Williams sold 56,411 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the completion of the transaction, the chief operating officer now owns 151,187 shares of the company’s stock, valued at approximately $31,803,697.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 142,549 shares of company stock valued at $29,300,960. Insiders own 0.05% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund raised its position in shares of Apple by 11,234.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 160,579,635 shares of the iPhone maker’s stock worth $1,018,000 after purchasing an additional 159,162,851 shares during the last quarter. Norges Bank acquired a new position in shares of Apple during the 4th quarter worth about $7,500,354,000. Ellis Investment Partners LLC raised its position in shares of Apple by 19,410.8% during the 1st quarter. Ellis Investment Partners LLC now owns 5,258,946 shares of the iPhone maker’s stock worth $5,258,000 after purchasing an additional 5,231,992 shares during the last quarter. Cresset Asset Management LLC acquired a new position in shares of Apple during the 1st quarter worth about $864,284,000. Finally, Geode Capital Management LLC raised its position in shares of Apple by 6.4% during the 4th quarter. Geode Capital Management LLC now owns 58,414,412 shares of the iPhone maker’s stock worth $9,198,612,000 after purchasing an additional 3,534,127 shares during the last quarter. Institutional investors and hedge funds own 54.88% of the company’s stock.
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.
Featured Story: Trade War
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.