Raymond James Trims Apple (NASDAQ:AAPL) Target Price to $185.00

Apple (NASDAQ:AAPLGet Rating) had its price target trimmed by Raymond James from $190.00 to $185.00 in a research note issued to investors on Friday, The Fly reports. The brokerage currently has a maintains rating on the iPhone maker’s stock.

Several other research firms also recently commented on AAPL. Citigroup increased their price objective on shares of Apple from $175.00 to $185.00 and gave the company a buy rating in a report on Friday. Piper Sandler decreased their target price on shares of Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Barclays decreased their target price on shares of Apple from $167.00 to $166.00 and set an equal weight rating on the stock in a research report on Wednesday, July 13th. Loop Capital decreased their target price on shares of Apple from $210.00 to $180.00 and set a buy rating on the stock in a research report on Wednesday, May 25th. Finally, Oppenheimer restated an outperform rating and set a $190.00 target price on shares of Apple in a research report on Wednesday, June 8th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $179.04.

Apple Trading Up 3.3 %

Shares of Apple stock opened at $162.51 on Friday. The company has a fifty day moving average of $144.31 and a 200 day moving average of $157.20. Apple has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company has a market capitalization of $2.63 trillion, a P/E ratio of 26.38, a P/E/G ratio of 1.97 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a net margin of 26.41% and a return on equity of 152.88%. The business had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. During the same quarter in the prior year, the firm earned $1.30 EPS. The business’s revenue was up 1.9% on a year-over-year basis. On average, sell-side analysts anticipate that Apple will post 6.09 earnings per share for the current fiscal year.

Apple declared that its board has initiated a share buyback plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.57%. Apple’s dividend payout ratio is presently 14.94%.

Insider Activity

In other news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

Several institutional investors have recently bought and sold shares of the company. Ridgecrest Wealth Partners LLC boosted its stake in Apple by 0.6% in the second quarter. Ridgecrest Wealth Partners LLC now owns 115,364 shares of the iPhone maker’s stock valued at $15,773,000 after acquiring an additional 663 shares in the last quarter. Primoris Wealth Advisors LLC boosted its stake in Apple by 9.0% in the second quarter. Primoris Wealth Advisors LLC now owns 26,209 shares of the iPhone maker’s stock valued at $3,583,000 after acquiring an additional 2,157 shares in the last quarter. Greenup Street Wealth Management LLC acquired a new stake in Apple in the second quarter valued at approximately $2,418,000. Bowman & Co S.C. boosted its stake in Apple by 11.8% in the second quarter. Bowman & Co S.C. now owns 20,501 shares of the iPhone maker’s stock valued at $2,803,000 after acquiring an additional 2,162 shares in the last quarter. Finally, Aptus Capital Advisors LLC boosted its stake in Apple by 8.3% in the second quarter. Aptus Capital Advisors LLC now owns 477,181 shares of the iPhone maker’s stock valued at $65,240,000 after acquiring an additional 36,463 shares in the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.

About Apple

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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