Apple (NASDAQ:AAPL) Downgraded to Moderate Sell Rating by Phillip Securities

Phillip Securities cut shares of Apple (NASDAQ:AAPL) from a hold rating to a moderate sell rating in a report published on Monday morning,Zacks.com reports.

Several other research analysts have also recently weighed in on the company. Evercore reaffirmed an “outperform” rating on shares of Apple in a research report on Wednesday, July 8th. Robert W. Baird boosted their target price on Apple from $310.00 to $330.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. Wedbush reaffirmed an “outperform” rating and set a $400.00 price target on shares of Apple in a research report on Friday, June 5th. JPMorgan Chase & Co. cut their price objective on shares of Apple from $345.00 to $340.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Monness Crespi & Hardt lifted their price target on shares of Apple from $315.00 to $335.00 and gave the company a “buy” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $331.60.

Apple Trading Down 1.8%

AAPL opened at $303.42 on Monday. The stock has a market capitalization of $4.46 trillion, a P/E ratio of 34.80, a P/E/G ratio of 2.65 and a beta of 1.09. Apple has a 12 month low of $201.68 and a 12 month high of $344.57. The firm’s fifty day simple moving average is $309.40 and its 200 day simple moving average is $281.90. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%.The firm had revenue of $109.42 billion during the quarter, compared to analysts’ expectations of $109.04 billion. During the same quarter in the prior year, the company earned $1.57 EPS. The company’s revenue was up 16.4% on a year-over-year basis. As a group, research analysts anticipate that Apple will post 8.8 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.27 per share. The ex-dividend date is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s dividend payout ratio is currently 12.39%.

Insider Activity at Apple

In other news, insider Ben Borders sold 116 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the sale, the insider owned 38,713 shares of the company’s stock, valued at approximately $11,425,754.82. This represents a 0.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.06% of the company’s stock.

Institutional Trading of Apple

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BIP Wealth LLC acquired a new stake in Apple in the second quarter valued at $35,021,000. Phillips Financial Management LLC acquired a new position in shares of Apple during the 2nd quarter worth about $6,037,000. Compound Global Advisors LLC acquired a new position in shares of Apple during the 2nd quarter worth about $203,000. SWS Partners acquired a new position in shares of Apple during the 2nd quarter worth about $761,000. Finally, Trifecta Capital Advisors LLC bought a new stake in shares of Apple in the 2nd quarter valued at about $35,551,000. 67.73% of the stock is owned by institutional investors.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: India proposed extending tax exemptions through 2041 for foreign companies supplying equipment to contract manufacturers. The policy could lower Apple’s manufacturing costs and support its strategy of shifting more iPhone production to India. India proposes extending tax breaks for contract manufacturing in a boost for Apple
• Positive Sentiment: Apple continues to generate substantial free cash flow, with analysts expecting strong cash generation to continue alongside higher revenue forecasts. This supports shareholder returns and provides financial flexibility, although the stock’s valuation limits the upside case. Apple Delivers Strong Free Cash Flow, But What is the Best AAPL Play?
• Positive Sentiment: A reported deal with PlasmaSolve could help Apple develop thinner, stronger device finishes by using software simulations before factory testing, potentially improving manufacturing yields and reducing testing costs. Apple Stock Drops as PlasmaSolve Deal Targets Thinner and Stronger Devices

About Apple

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.