Apple (NASDAQ:AAPL) Given New $226.00 Price Target at Loop Capital

Apple (NASDAQ:AAPL) had its target price lowered by Loop Capital from $230.00 to $226.00 in a research report sent to investors on Thursday morning, MarketBeat.com reports. The brokerage currently has a hold rating on the iPhone maker’s stock.

AAPL has been the subject of a number of other research reports. Barclays upped their target price on Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a report on Friday, August 1st. Jefferies Financial Group raised Apple from an “underperform” rating to a “hold” rating in a research note on Friday, July 18th. Morgan Stanley lifted their target price on shares of Apple from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Evercore ISI reissued an “outperform” rating and set a $250.00 target price on shares of Apple in a report on Wednesday, August 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Apple in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $237.98.

Apple Price Performance

AAPL stock opened at $224.90 on Thursday. The stock has a market cap of $3.34 trillion, a price-to-earnings ratio of 34.13, a P/E/G ratio of 2.37 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The company has a 50 day simple moving average of $211.89 and a 200 day simple moving average of $213.13. Apple has a 1 year low of $169.21 and a 1 year high of $260.10.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.40 earnings per share. Research analysts anticipate that Apple will post 7.28 EPS for the current fiscal year.

Apple announced that its Board of Directors has approved a share buyback plan on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple’s payout ratio is presently 15.78%.

Insiders Place Their Bets

In other news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

A number of hedge funds have recently added to or reduced their stakes in AAPL. Advanced Portfolio Management LLC raised its position in Apple by 0.3% during the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock worth $3,260,000 after buying an additional 47 shares during the last quarter. Baker Boyer National Bank boosted its holdings in shares of Apple by 0.3% in the 2nd quarter. Baker Boyer National Bank now owns 18,011 shares of the iPhone maker’s stock valued at $3,695,000 after acquiring an additional 47 shares during the last quarter. Beddow Capital Management Inc. increased its stake in shares of Apple by 1.8% in the second quarter. Beddow Capital Management Inc. now owns 2,597 shares of the iPhone maker’s stock worth $533,000 after acquiring an additional 47 shares during the period. Salus Financial Advisors LLC increased its stake in shares of Apple by 3.9% in the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock worth $291,000 after acquiring an additional 49 shares during the period. Finally, Red Tortoise LLC raised its holdings in shares of Apple by 0.9% during the second quarter. Red Tortoise LLC now owns 5,717 shares of the iPhone maker’s stock worth $1,173,000 after purchasing an additional 49 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.