Raymond James & Associates Sells 2,592,266 Shares of Intel Co. (NASDAQ:INTC)

Raymond James & Associates reduced its stake in shares of Intel Co. (NASDAQ:INTC) by 56.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,034,103 shares of the chip maker’s stock after selling 2,592,266 shares during the period. Raymond James & Associates’ holdings in Intel were worth $47,720,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Intel by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 389,098,435 shares of the chip maker’s stock worth $17,186,478,000 after buying an additional 3,310,528 shares during the period. Capital International Investors boosted its position in shares of Intel by 16.0% in the first quarter. Capital International Investors now owns 112,093,582 shares of the chip maker’s stock valued at $4,951,174,000 after acquiring an additional 15,475,631 shares during the period. Primecap Management Co. CA boosted its holdings in Intel by 2.2% in the 2nd quarter. Primecap Management Co. CA now owns 77,822,587 shares of the chip maker’s stock valued at $2,410,166,000 after purchasing an additional 1,697,550 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Intel by 6.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 39,841,750 shares of the chip maker’s stock valued at $1,759,811,000 after buying an additional 2,457,243 shares during the last quarter. Finally, Legal & General Group Plc raised its position in shares of Intel by 1.3% during the second quarter. Legal & General Group Plc now owns 37,513,226 shares of the chip maker’s stock valued at $1,161,779,000 after buying an additional 487,191 shares during the last quarter. Institutional investors and hedge funds own 64.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on INTC. Argus downgraded Intel from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Bank of America lowered Intel from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $35.00 to $23.00 in a report on Friday, August 2nd. Benchmark restated a “hold” rating on shares of Intel in a research note on Monday, September 23rd. Cantor Fitzgerald decreased their price target on shares of Intel from $40.00 to $27.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Roth Mkm lowered their price target on shares of Intel from $35.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Six research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.92.

Insider Activity at Intel

In other Intel news, CEO Patrick P. Gelsinger bought 12,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was bought at an average price of $20.16 per share, for a total transaction of $252,000.00. Following the transaction, the chief executive officer now owns 37,975 shares of the company’s stock, valued at approximately $765,576. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.04% of the stock is currently owned by company insiders.

Intel Stock Down 1.9 %

NASDAQ:INTC opened at $22.40 on Wednesday. The stock’s fifty day moving average price is $21.51 and its two-hundred day moving average price is $27.71. The company has a market cap of $95.36 billion, a price-to-earnings ratio of 23.33 and a beta of 1.03. Intel Co. has a 52-week low of $18.51 and a 52-week high of $51.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.24 and a current ratio of 1.59.

Intel (NASDAQ:INTC) last posted its quarterly earnings results on Thursday, August 1st. The chip maker reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.08). The firm had revenue of $12.80 billion during the quarter, compared to the consensus estimate of $12.92 billion. Intel had a net margin of 1.77% and a return on equity of 1.78%. Intel’s revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.05) EPS. On average, analysts anticipate that Intel Co. will post -0.47 EPS for the current year.

Intel Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Wednesday, August 7th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Wednesday, August 7th. Intel’s dividend payout ratio (DPR) is 52.08%.

About Intel

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.