Dakota Wealth Management grew its position in shares of Intel Co. (NASDAQ:INTC) by 893.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,176 shares of the chip maker’s stock after acquiring an additional 43,329 shares during the quarter. Dakota Wealth Management’s holdings in Intel were worth $2,394,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quad Cities Investment Group LLC purchased a new position in shares of Intel during the second quarter valued at approximately $107,000. Elmwood Wealth Management Inc. purchased a new position in shares of Intel during the first quarter valued at approximately $110,000. Financial Gravity Wealth Inc. purchased a new position in shares of Intel during the first quarter valued at approximately $120,000. WP Advisors LLC purchased a new position in shares of Intel during the second quarter valued at approximately $137,000. Finally, Well Done LLC purchased a new position in shares of Intel during the first quarter valued at approximately $156,000. Hedge funds and other institutional investors own 64.81% of the company’s stock.
Shares of INTC opened at $47.03 on Friday. The firm has a market capitalization of $221.71 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.24 and a beta of 0.88. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.13 and a current ratio of 1.51. Intel Co. has a 1 year low of $42.04 and a 1 year high of $57.60.
Intel announced that its board has initiated a share repurchase plan on Thursday, November 15th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the chip maker to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Wednesday, November 7th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, November 6th. This represents a $1.20 annualized dividend and a dividend yield of 2.55%. Intel’s payout ratio is presently 34.68%.
In related news, VP Kevin Thomas Mcbride sold 6,500 shares of the business’s stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $45.53, for a total transaction of $295,945.00. Following the sale, the vice president now directly owns 14,271 shares in the company, valued at approximately $649,758.63. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Steven Ralph Rodgers sold 2,235 shares of the business’s stock in a transaction on Friday, October 26th. The shares were sold at an average price of $45.66, for a total value of $102,050.10. Following the sale, the executive vice president now owns 30,324 shares in the company, valued at $1,384,593.84. The disclosure for this sale can be found here. Insiders own 0.03% of the company’s stock.
Several brokerages recently issued reports on INTC. Zacks Investment Research raised Intel from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Monday, October 29th. Stifel Nicolaus reissued a “neutral” rating and issued a $52.00 price objective on shares of Intel in a research report on Thursday, August 9th. Macquarie set a $58.00 price objective on Intel and gave the stock a “buy” rating in a research report on Monday. KeyCorp cut their price objective on Intel from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Friday, July 27th. Finally, Sanford C. Bernstein set a $42.00 price objective on Intel and gave the stock a “sell” rating in a research report on Thursday, August 9th. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty-two have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $55.56.
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Intel Company Profile
Intel Corporation designs, manufactures, and sells computer, networking, data storage, and communication platforms worldwide. The company operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments.
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