Apple Rating Lowered to Outperform at Citigroup Inc. (AAPL)
Apple (NASDAQ:AAPL) was downgraded by equities researchers at Citigroup Inc. to an “outperform” rating in a research report issued on Tuesday, Analyst Ratings Network.com reports. They currently have a $625.00 price target on the stock, down from their previous price target of $650.00. Citigroup Inc.’s price objective points to a potential upside of 23.40% from the stock’s previous close.
Apple (NASDAQ:AAPL) traded down 7.99% during mid-day trading on Tuesday, hitting $506.50. The stock had a trading volume of 38,119,084 shares. Apple has a one year low of $385.10 and a one year high of $575.14. The stock has a 50-day moving average of $550.3 and a 200-day moving average of $507.8. The company has a market cap of $455.7 billion and a P/E ratio of 13.85. Apple also was the recipient of some unusual options trading on Tuesday. Stock traders purchased 274,777 put options on the company. This represents an increase of 115% compared to the average daily volume of 127,845 put options.
Apple (NASDAQ:AAPL) last released its earnings data on Monday, January 27th. The company reported $14.50 earnings per share for the quarter, beating the analysts’ consensus estimate of $14.05 by $0.45. The company had revenue of $57.59 billion for the quarter, compared to the consensus estimate of $57.46 billion. During the same quarter last year, the company posted $13.81 earnings per share. Apple’s revenue was up 5.7% compared to the same quarter last year. On average, analysts predict that Apple will post $43.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, February 13th. Stockholders of record on Monday, February 10th will be given a dividend of 3.05 per share. This represents a $12.20 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Thursday, February 6th.
Several other analysts have also recently commented on the stock. Analysts at BGC Financial downgraded shares of Apple from a “buy” rating to a “hold” rating in a research note to investors on Monday. They now have a $550.00 price target on the stock. Separately, analysts at Susquehanna reiterated a “positive” rating on shares of Apple in a research note to investors on Tuesday, January 21st. Finally, analysts at Avondale Partners raised their price target on shares of Apple to $700.00 in a research note to investors on Tuesday, January 21st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $600.60.
Apple Inc (NASDAQ:AAPL) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.
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