Wells Fargo & Company Lowers Intel (NASDAQ:INTC) Price Target to $38.00

Intel (NASDAQ:INTC) had its price target reduced by Wells Fargo & Company from $43.00 to $38.00 in a report published on Friday, Benzinga reports. They currently have an equal weight rating on the chip maker’s stock.

Other analysts also recently issued research reports about the company. Benchmark reaffirmed a buy rating and issued a $62.00 price objective on shares of Intel in a research note on Wednesday, April 3rd. Cantor Fitzgerald restated a neutral rating and issued a $50.00 price target on shares of Intel in a research report on Wednesday, April 3rd. Evercore ISI lowered their price objective on shares of Intel from $40.00 to $36.00 and set an in-line rating for the company in a research report on Friday. JPMorgan Chase & Co. reduced their target price on shares of Intel from $37.00 to $35.00 and set an underweight rating on the stock in a report on Friday. Finally, Mizuho decreased their target price on shares of Intel from $55.00 to $45.00 and set a buy rating on the stock in a research report on Friday. Four equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $39.75.

Intel Trading Down 1.6 %

Shares of Intel stock opened at $31.36 on Friday. Intel has a twelve month low of $26.85 and a twelve month high of $51.28. The company has a quick ratio of 1.14, a current ratio of 1.57 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $40.63 and a 200-day moving average price of $42.27. The firm has a market cap of $132.59 billion, a price-to-earnings ratio of 32.67, a PEG ratio of 2.89 and a beta of 1.00.

Intel Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, May 6th. This represents a $0.50 annualized dividend and a yield of 1.59%. Intel’s payout ratio is currently 52.08%.

Insider Buying and Selling at Intel

In other news, CEO Patrick P. Gelsinger purchased 2,800 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were purchased at an average price of $42.74 per share, for a total transaction of $119,672.00. Following the completion of the purchase, the chief executive officer now owns 31,275 shares in the company, valued at approximately $1,336,693.50. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hazlett Burt & Watson Inc. raised its stake in Intel by 8.0% in the first quarter. Hazlett Burt & Watson Inc. now owns 11,463 shares of the chip maker’s stock worth $506,000 after buying an additional 846 shares in the last quarter. OFI Invest Asset Management increased its holdings in shares of Intel by 91.8% in the 1st quarter. OFI Invest Asset Management now owns 103,896 shares of the chip maker’s stock valued at $4,417,000 after acquiring an additional 49,725 shares during the period. Renaissance Investment Group LLC raised its position in shares of Intel by 10.9% in the 1st quarter. Renaissance Investment Group LLC now owns 11,370 shares of the chip maker’s stock worth $502,000 after acquiring an additional 1,120 shares in the last quarter. Stock Yards Bank & Trust Co. lifted its stake in shares of Intel by 8.1% during the 1st quarter. Stock Yards Bank & Trust Co. now owns 97,700 shares of the chip maker’s stock worth $4,315,000 after purchasing an additional 7,306 shares during the last quarter. Finally, Boyd Watterson Asset Management LLC OH boosted its position in Intel by 2.8% during the first quarter. Boyd Watterson Asset Management LLC OH now owns 47,401 shares of the chip maker’s stock valued at $2,094,000 after purchasing an additional 1,313 shares in the last quarter. 64.53% of the stock is currently owned by institutional investors.

Intel Company Profile

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.