Mackenzie Financial Corp trimmed its position in Qorvo, Inc. (NASDAQ:QRVO – Get Rating) by 64.1% during the second quarter, Holdings Channel reports. The institutional investor owned 7,708 shares of the semiconductor company’s stock after selling 13,757 shares during the quarter. Mackenzie Financial Corp’s holdings in Qorvo were worth $727,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Bellevue Asset Management LLC acquired a new position in shares of Qorvo in the 1st quarter valued at $25,000. J.W. Cole Advisors Inc. acquired a new position in shares of Qorvo in the 1st quarter valued at $26,000. Loomis Sayles & Co. L P lifted its stake in shares of Qorvo by 208.8% in the 2nd quarter. Loomis Sayles & Co. L P now owns 281 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 190 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Qorvo by 106.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 225 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 116 shares during the period. Finally, IndexIQ Advisors LLC acquired a new position in shares of Qorvo in the 1st quarter valued at $32,000. 88.31% of the stock is currently owned by institutional investors.
In other news, VP Paul J. Fego sold 2,413 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $85.42, for a total value of $206,118.46. Following the completion of the transaction, the vice president now owns 31,666 shares in the company, valued at approximately $2,704,909.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.45% of the stock is owned by corporate insiders.
Qorvo Price Performance
Qorvo (NASDAQ:QRVO – Get Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The semiconductor company reported $2.66 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.38. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Qorvo had a return on equity of 24.47% and a net margin of 15.34%. Qorvo’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $3.22 EPS. As a group, sell-side analysts predict that Qorvo, Inc. will post 5.11 earnings per share for the current fiscal year.
Qorvo declared that its board has approved a share repurchase program on Wednesday, November 2nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 22.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on QRVO shares. Credit Suisse Group started coverage on Qorvo in a research note on Tuesday, November 15th. They issued an “outperform” rating and a $120.00 price target on the stock. Cowen dropped their price objective on Qorvo from $100.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 18th. Exane BNP Paribas started coverage on Qorvo in a research note on Tuesday, September 13th. They set a “neutral” rating on the stock. BNP Paribas started coverage on Qorvo in a research note on Tuesday, September 13th. They set a “neutral” rating and a $100.00 price objective on the stock. Finally, Rosenblatt Securities dropped their price objective on Qorvo from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, November 3rd. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $106.78.
Qorvo, Inc develops and commercializes technologies and products for wireless, wired, and power markets worldwide. The company operates through two segments, Mobile Products, and Infrastructure and Defense Products. It offers mobile devices, such as smartphones, wearables, laptops, tablets and other devices; radio frequency power management integrated circuits, ultra-wideband (UWB) system-on-a-chip (SoC) and system-in-package (SiP) solutions, MEMS-based sensors, antenna tuners, and antennaplexers, as well as discrete multiplexers, duplexers, filters, and switches; and cellular base stations include switch-low noise amplifier (LNA) modules, variable gain amplifiers, integrated power amplifier (PA) Doherty modules, discrete LNAs, and high power GaN amplifiers.
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