Morgan Stanley Cuts Apple (NASDAQ:AAPL) Price Target to $195.00

Apple (NASDAQ:AAPLGet Rating) had its price target lowered by Morgan Stanley from $210.00 to $195.00 in a research report sent to investors on Friday, The Fly reports. The brokerage currently has an overweight rating on the iPhone maker’s stock.

A number of other brokerages have also issued reports on AAPL. Credit Suisse Group increased their price objective on shares of Apple from $150.00 to $168.00 and gave the company a neutral rating in a report on Monday, January 31st. Barclays set a $170.00 target price on shares of Apple in a report on Wednesday. JPMorgan Chase & Co. cut their target price on shares of Apple from $205.00 to $200.00 in a report on Friday. UBS Group set a $185.00 target price on shares of Apple in a report on Monday, April 4th. Finally, Raymond James raised their target price on shares of Apple from $185.00 to $190.00 and gave the company an outperform rating in a report on Friday, January 28th. Eight analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Apple has an average rating of Buy and a consensus price target of $189.10.

Shares of AAPL opened at $157.65 on Friday. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.04 and a quick ratio of 1.00. Apple has a 1 year low of $122.25 and a 1 year high of $182.94. The company has a 50 day simple moving average of $165.70 and a two-hundred day simple moving average of $164.93. The firm has a market cap of $2.57 trillion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 2.04 and a beta of 1.19.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a net margin of 26.58% and a return on equity of 149.81%. The business had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. During the same period last year, the firm posted $1.40 EPS. The company’s revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts anticipate that Apple will post 6.15 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 12th. Stockholders of record on Monday, May 9th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, May 6th. This represents a $0.92 annualized dividend and a dividend yield of 0.58%. This is a positive change from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio (DPR) is currently 14.29%.

Apple declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

In other news, Director Arthur D. Levinson sold 1,986 shares of the firm’s stock in a transaction on Tuesday, February 1st. The stock was sold at an average price of $173.29, for a total transaction of $344,153.94. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction dated Thursday, February 3rd. The shares were sold at an average price of $174.78, for a total value of $4,369,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 170,085 shares of company stock worth $30,047,365. Insiders own 0.06% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of AAPL. Dark Forest Capital Management LP purchased a new position in Apple in the third quarter valued at about $29,000. Cardinal Capital Management Inc. grew its stake in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares during the last quarter. Shore Point Advisors LLC purchased a new position in Apple in the fourth quarter valued at about $41,000. St. James Investment Advisors LLC purchased a new position in Apple in the fourth quarter valued at about $57,000. Finally, Econ Financial Services Corp purchased a new stake in shares of Apple during the fourth quarter worth about $58,000. Institutional investors own 57.98% of the company’s stock.

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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