Apple (AAPL) Cut to Neutral at Bank of America

Bank of America downgraded shares of Apple (NASDAQ:AAPL) from a buy rating to a neutral rating in a research report released on Wednesday morning. The firm currently has $220.00 price objective on the iPhone maker’s stock, up from their previous price objective of $180.00.

Other equities research analysts have also recently issued research reports about the stock. Nomura set a $185.00 price target on shares of Apple and gave the company a buy rating in a report on Monday, September 25th. KeyCorp upgraded shares of Apple from a sector weight rating to an overweight rating and increased their price target for the company from $173.75 to $187.00 in a report on Monday, October 16th. Longbow Research cut shares of Apple from a buy rating to a neutral rating in a report on Wednesday. Maxim Group reiterated a buy rating and set a $182.00 price target on shares of Apple in a report on Friday, September 22nd. Finally, Sanford C. Bernstein reiterated a buy rating and set a $175.00 price target on shares of Apple in a report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, thirty-eight have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $200.59.

Shares of Apple (AAPL) traded down $0.80 on Wednesday, reaching $178.46. 32,430,000 shares of the company’s stock were exchanged, compared to its average volume of 25,510,000. The stock has a market capitalization of $912,180.00, a PE ratio of 19.42, a PEG ratio of 1.45 and a beta of 1.23. The company has a current ratio of 1.28, a quick ratio of 1.23 and a debt-to-equity ratio of 0.73. Apple has a twelve month low of $119.50 and a twelve month high of $180.10.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.87 by $0.20. The business had revenue of $52.58 billion for the quarter, compared to analysts’ expectations of $50.71 billion. Apple had a net margin of 21.09% and a return on equity of 36.29%. The business’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.50 earnings per share. sell-side analysts forecast that Apple will post 11.15 EPS for the current fiscal year.

In other news, insider Johny Srouji sold 10,368 shares of Apple stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $174.68, for a total value of $1,811,082.24. Following the transaction, the insider now owns 81,560 shares of the company’s stock, valued at approximately $14,246,900.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Eduardo H. Cue sold 65,361 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $171.60, for a total transaction of $11,215,947.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,412 shares of company stock worth $22,115,155. Insiders own 0.08% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in AAPL. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Apple in the 2nd quarter valued at $400,000. Blue Sky Asset Management LLC purchased a new stake in shares of Apple in the 2nd quarter valued at $108,000. FNY Managed Accounts LLC boosted its holdings in shares of Apple by 852.4% in the 2nd quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after acquiring an additional 716 shares during the last quarter. Armbruster Capital Management Inc. boosted its holdings in shares of Apple by 9.4% in the 2nd quarter. Armbruster Capital Management Inc. now owns 911 shares of the iPhone maker’s stock valued at $131,000 after acquiring an additional 78 shares during the last quarter. Finally, Oak Point Wealth Management purchased a new stake in shares of Apple in the 4th quarter valued at $163,000. 60.19% of the stock is currently owned by institutional investors.

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Apple Company Profile

Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.

Analyst Recommendations for Apple (NASDAQ:AAPL)

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