Apple (AAPL) Cut to Buy at BidaskClub

BidaskClub cut shares of Apple (NASDAQ:AAPL) from a strong-buy rating to a buy rating in a report issued on Wednesday morning.

AAPL has been the subject of several other reports. Loop Capital increased their price target on Apple from $195.00 to $210.00 and gave the company a buy rating in a research report on Friday, July 6th. Royal Bank of Canada restated a buy rating and issued a $240.00 price objective on shares of Apple in a research note on Tuesday, September 11th. Wells Fargo & Co set a $210.00 price objective on Apple and gave the company a neutral rating in a research note on Wednesday, September 5th. Needham & Company LLC upped their price objective on Apple from $210.00 to $220.00 and gave the company a buy rating in a research note on Wednesday, August 1st. Finally, DZ Bank restated a buy rating on shares of Apple in a research note on Wednesday, August 1st. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirty have assigned a buy rating to the company’s stock. Apple presently has a consensus rating of Buy and a consensus price target of $217.53.

Shares of NASDAQ AAPL opened at $223.84 on Wednesday. Apple has a 52 week low of $149.16 and a 52 week high of $229.67. The company has a quick ratio of 1.24, a current ratio of 1.31 and a debt-to-equity ratio of 0.84. The company has a market cap of $1,086.59 billion, a P/E ratio of 24.30, a P/E/G ratio of 1.95 and a beta of 1.33.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Tuesday, July 31st. The iPhone maker reported $2.34 EPS for the quarter, beating the consensus estimate of $2.18 by $0.16. Apple had a return on equity of 43.50% and a net margin of 21.98%. The firm had revenue of $53.27 billion during the quarter, compared to analysts’ expectations of $52.43 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. equities research analysts anticipate that Apple will post 11.76 EPS for the current year.

In other news, CEO Timothy D. Cook sold 265,160 shares of the stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $217.79, for a total transaction of $57,749,196.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jeffrey E. Williams sold 15,652 shares of the stock in a transaction that occurred on Monday, July 9th. The stock was sold at an average price of $190.18, for a total value of $2,976,697.36. Following the transaction, the chief operating officer now owns 125,258 shares in the company, valued at approximately $23,821,566.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 378,400 shares of company stock worth $81,052,754. 0.08% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in AAPL. Fort L.P. bought a new position in Apple during the 2nd quarter worth $119,000. Delphi Private Advisors LLC bought a new position in Apple during the 2nd quarter worth $120,000. Cranbrook Wealth Management LLC increased its stake in Apple by 76.1% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 699 shares of the iPhone maker’s stock worth $129,000 after acquiring an additional 302 shares during the period. Brand Asset Management Group Inc. bought a new position in Apple during the 2nd quarter worth $134,000. Finally, Quattro Financial Advisors LLC acquired a new stake in shares of Apple in the 1st quarter valued at $133,000. Institutional investors own 58.62% of the company’s stock.

About Apple

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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