Canaccord Genuity Cuts Apple (AAPL) Price Target to $225.00

Apple (NASDAQ:AAPL) had its price objective lowered by Canaccord Genuity from $250.00 to $225.00 in a research note released on Thursday morning, MarketBeat reports. The firm currently has a buy rating on the iPhone maker’s stock.

A number of other analysts have also issued reports on the stock. Wedbush upgraded shares of Apple to an outperform rating and decreased their target price for the stock from $310.00 to $275.00 in a research report on Wednesday, November 28th. They noted that the move was a valuation call. BidaskClub lowered shares of Apple from a hold rating to a sell rating in a research report on Wednesday, November 28th. UBS Group restated a buy rating and set a $225.00 target price on shares of Apple in a research report on Tuesday, November 27th. Royal Bank of Canada decreased their target price on shares of Apple to $235.00 and set an outperform rating on the stock in a research report on Tuesday, November 27th. Finally, Loop Capital decreased their target price on shares of Apple to $225.00 and set a buy rating on the stock in a research report on Monday, November 26th. Four research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $220.67.

AAPL stock opened at $178.58 on Thursday. The company has a market capitalization of $877.75 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26. Apple has a 12 month low of $150.24 and a 12 month high of $233.47. 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 (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, November 1st. The iPhone maker reported $2.91 EPS for the quarter, beating the 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 business had revenue of $62.90 billion for the quarter, compared to analyst estimates of $61.55 billion. During the same period in the prior year, the business earned $2.07 earnings per share. The company’s quarterly revenue was up 19.6% on a year-over-year basis. Equities analysts anticipate that Apple will post 13.32 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Monday, November 12th were paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend was Thursday, November 8th. Apple’s dividend payout ratio is presently 24.52%.

In other news, SVP Angela J. Ahrendts sold 14,194 shares of the firm’s stock in a transaction on Friday, October 5th. The shares were sold at an average price of $227.96, for a total value of $3,235,664.24. Following the transaction, the senior vice president now owns 105,538 shares of the company’s stock, valued at approximately $24,058,442.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Chris Kondo sold 3,408 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 8,940 shares in the company, valued at approximately $1,698,600. The disclosure for this sale can be found here. In the last three months, insiders sold 204,845 shares of company stock worth $47,015,677. Insiders own 0.08% of the company’s stock.

Several hedge funds have recently modified their holdings of AAPL. Summit Trail Advisors LLC raised its stake in shares of Apple by 17,669.4% in the 1st 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 raised its stake in shares of Apple by 18,553.3% in the 2nd 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. Russell Investments Group Ltd. purchased a new stake in Apple during the 1st quarter worth $830,026,000. Morgan Stanley increased its stake in Apple by 9.7% during the 3rd quarter. Morgan Stanley now owns 39,188,032 shares of the iPhone maker’s stock worth $8,846,307,000 after buying an additional 3,452,792 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Apple by 18.8% during the 3rd quarter. Janus Henderson Group PLC now owns 20,833,222 shares of the iPhone maker’s stock worth $4,703,027,000 after buying an additional 3,293,674 shares during the period. 57.65% of the stock is currently owned by institutional investors and hedge funds.

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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