Destination Wealth Management Purchases 6,935 Shares of Intel Co. (INTC)

Destination Wealth Management raised its position in shares of Intel Co. (NASDAQ:INTC) by 58.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 18,894 shares of the chip maker’s stock after purchasing an additional 6,935 shares during the period. Destination Wealth Management’s holdings in Intel were worth $894,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in INTC. Swiss National Bank raised its position in shares of Intel by 3.1% in the 2nd quarter. Swiss National Bank now owns 15,473,602 shares of the chip maker’s stock worth $769,193,000 after purchasing an additional 458,600 shares during the last quarter. Howard Capital Management raised its position in shares of Intel by 1.0% in the 3rd quarter. Howard Capital Management now owns 348,361 shares of the chip maker’s stock worth $16,474,000 after purchasing an additional 3,552 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Intel by 71.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 566,875 shares of the chip maker’s stock worth $28,179,000 after purchasing an additional 236,450 shares during the last quarter. Bollard Group LLC raised its position in shares of Intel by 12.2% in the 2nd quarter. Bollard Group LLC now owns 30,830 shares of the chip maker’s stock worth $1,533,000 after purchasing an additional 3,350 shares during the last quarter. Finally, Palouse Capital Management Inc. raised its position in shares of Intel by 2.0% in the 3rd quarter. Palouse Capital Management Inc. now owns 130,816 shares of the chip maker’s stock worth $6,186,000 after purchasing an additional 2,551 shares during the last quarter. 66.38% of the stock is owned by institutional investors and hedge funds.

Several research firms have recently issued reports on INTC. Royal Bank of Canada reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Intel in a research report on Wednesday, January 23rd. Macquarie set a $60.00 price target on Intel and gave the stock a “buy” rating in a research report on Monday, October 29th. BidaskClub lowered Intel from a “buy” rating to a “hold” rating in a research report on Thursday, January 17th. ValuEngine lowered Intel from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Finally, Citigroup lifted their price target on Intel from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, January 11th. Six equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eighteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $53.76.

In other Intel news, EVP Navin Shenoy sold 8,552 shares of the business’s stock in a transaction dated Tuesday, December 18th. The stock was sold at an average price of $47.93, for a total transaction of $409,897.36. Following the completion of the sale, the executive vice president now directly owns 66,871 shares in the company, valued at approximately $3,205,127.03. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Holmes Swan purchased 5,117 shares of the business’s stock in a transaction on Thursday, November 29th. The shares were purchased at an average price of $48.30 per share, with a total value of $247,151.10. Following the completion of the purchase, the chief executive officer now owns 131,839 shares in the company, valued at $6,367,823.70. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 18,039 shares of company stock valued at $870,162. Corporate insiders own 0.03% of the company’s stock.

Intel stock opened at $50.47 on Thursday. The stock has a market cap of $228.49 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 1.29 and a beta of 0.74. Intel Co. has a 52-week low of $42.36 and a 52-week high of $57.60. The company has a quick ratio of 1.30, a current ratio of 1.73 and a debt-to-equity ratio of 0.34.

Intel (NASDAQ:INTC) last released its quarterly earnings results on Thursday, January 24th. The chip maker reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.06. The business had revenue of $18.66 billion during the quarter, compared to the consensus estimate of $19.02 billion. Intel had a return on equity of 30.08% and a net margin of 29.72%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.08 EPS. On average, sell-side analysts expect that Intel Co. will post 4.5 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 7th will be paid a dividend of $0.315 per share. This is an increase from Intel’s previous quarterly dividend of $0.30. This represents a $1.26 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Wednesday, February 6th. Intel’s payout ratio is currently 27.51%.

Intel announced that its board has initiated a share buyback plan on Thursday, November 15th that permits the company to buyback $15.00 billion in shares. This buyback authorization permits the chip maker to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

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Intel Company Profile

Intel Corporation offers computing, networking, data storage, and communication solutions worldwide. It operates through Client Computing Group, Data Center Group, Internet of Things Group, Non-Volatile Memory Solutions Group, Programmable Solutions Group, and All Other segments. The company offers microprocessors, and system-on-chip and multichip packaging products.

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Institutional Ownership by Quarter for Intel (NASDAQ:INTC)

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