BMO Capital Markets Lowers Apple (AAPL) Price Target to $213.00

Apple (NASDAQ:AAPL) had its target price reduced by equities research analysts at BMO Capital Markets from $219.00 to $213.00 in a research report issued to clients and investors on Friday. The firm currently has a “market perform” rating on the iPhone maker’s stock. BMO Capital Markets’ price target would suggest a potential upside of 2.66% from the stock’s previous close.

Several other analysts have also issued reports on the stock. UBS Group lowered shares of Apple from a “buy” rating to a “neutral” rating in a research report on Friday. Sanford C. Bernstein reiterated a “neutral” rating and issued a $210.00 target price on shares of Apple in a research report on Friday. Morgan Stanley reiterated a “buy” rating and issued a $226.00 target price on shares of Apple in a research report on Friday. Royal Bank of Canada decreased their price target on shares of Apple to $240.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Wedbush reissued an “outperform” rating and issued a $310.00 price target on shares of Apple in a research note on Friday. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and twenty-nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $224.67.

Shares of NASDAQ AAPL opened at $207.48 on Friday. Apple has a 52-week low of $150.24 and a 52-week high of $233.47. The stock has a market capitalization of $1,019.79 billion, a PE ratio of 17.48, a P/E/G ratio of 1.47 and a beta of 1.26. The company has a current ratio of 1.31, a quick ratio of 1.24 and a debt-to-equity ratio of 0.84.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, November 1st. The iPhone maker reported $2.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.78 by $0.13. Apple had a net margin of 22.41% and a return on equity of 46.75%. The business had revenue of $62.90 billion for the quarter, compared to analyst estimates of $61.55 billion. During the same quarter last year, the business earned $2.07 earnings per share. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. Research analysts predict that Apple will post 13.48 earnings per share for the current fiscal year.

In other Apple news, COO Jeffrey E. Williams sold 15,652 shares of Apple stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $206.86, for a total transaction of $3,237,772.72. Following the completion of the sale, the chief operating officer now directly owns 122,837 shares in the company, valued at $25,410,061.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Angela J. Ahrendts sold 25,000 shares of Apple stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $232.66, for a total transaction of $5,816,500.00. Following the sale, the senior vice president now owns 105,538 shares of the company’s stock, valued at $24,554,471.08. The disclosure for this sale can be found here. Insiders have sold 544,185 shares of company stock worth $120,312,613 over the last ninety days. 0.08% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in AAPL. Summit Trail Advisors LLC increased its position in shares of Apple by 17,669.4% during the first 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 last quarter. Cornerstone Wealth Management LLC increased its position in shares of Apple by 18,553.3% during the second 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 last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Apple during the first quarter valued at about $830,026,000. Private Advisor Group LLC increased its position in shares of Apple by 1,185.5% during the second quarter. Private Advisor Group LLC now owns 4,320,770 shares of the iPhone maker’s stock valued at $800,386,000 after acquiring an additional 3,984,643 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Apple during the second quarter valued at about $706,904,000. Institutional investors and hedge funds own 58.43% 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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