Apple (AAPL) PT Lowered to $175.00 at Nomura

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Apple (NASDAQ:AAPL) had its price target reduced by equities research analysts at Nomura from $180.00 to $175.00 in a report released on Friday, The Fly reports. The firm presently has a “neutral” rating on the iPhone maker’s stock. Nomura’s price objective would indicate a potential downside of 7.41% from the company’s current price.

AAPL has been the topic of a number of other research reports. Royal Bank of Canada restated a “buy” rating and set a $185.00 target price on shares of Apple in a research report on Friday, January 18th. ValuEngine lowered shares of Apple from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Credit Suisse Group restated a “hold” rating and set a $182.00 target price on shares of Apple in a research report on Sunday, March 31st. Jefferies Financial Group set a $160.00 target price on shares of Apple and gave the stock a “hold” rating in a research report on Friday, February 15th. Finally, Citigroup restated a “buy” rating and set a $170.00 target price on shares of Apple in a research report on Wednesday, January 30th. Three research analysts have rated the stock with a sell rating, twenty-three have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Apple has a consensus rating of “Hold” and a consensus target price of $211.56.

Shares of NASDAQ:AAPL opened at $189.00 on Friday. Apple has a 12-month low of $142.00 and a 12-month high of $233.47. The company has a market cap of $928.96 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 1.60 and a beta of 1.14. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85.

Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.37 by $0.09. Apple had a net margin of 22.12% and a return on equity of 51.29%. The firm had revenue of $58.02 billion for the quarter, compared to analyst estimates of $57.40 billion. During the same quarter in the prior year, the business posted $2.73 EPS. The business’s revenue was down 5.1% compared to the same quarter last year. Equities analysts expect that Apple will post 11.48 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has approved a stock buyback plan on Tuesday, April 30th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

In related news, insider Luca Maestri sold 51,138 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $5,396,551.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 56,411 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were 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 directly 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 three months, insiders sold 142,549 shares of company stock valued at $29,300,960. 0.05% of the stock is owned by insiders.

Large investors have recently modified their holdings of the stock. Castle Rock Wealth Management LLC increased its position in shares of Apple by 24.9% during the first quarter. Castle Rock Wealth Management LLC now owns 12,210 shares of the iPhone maker’s stock worth $40,000 after buying an additional 2,431 shares during the period. University of Texas Texas AM Investment Managment Co. increased its position in shares of Apple by 505.0% during the first quarter. University of Texas Texas AM Investment Managment Co. now owns 242 shares of the iPhone maker’s stock worth $46,000 after buying an additional 202 shares during the period. Semmax Financial Advisors Inc. acquired a new stake in shares of Apple during the fourth quarter worth $50,000. Portfolio Solutions LLC acquired a new stake in shares of Apple during the fourth quarter worth $76,000. Finally, Contravisory Investment Management Inc. increased its position in shares of Apple by 30.6% during the fourth quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after buying an additional 144 shares during the period. 57.36% of the stock is owned by institutional investors and hedge funds.

About Apple

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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