Destination Wealth Management Lowers Stake in Intel Co. (NASDAQ:INTC)

Destination Wealth Management decreased its position in Intel Co. (NASDAQ:INTC) by 22.5% during the third quarter, Holdings Channel reports. The firm owned 23,217 shares of the chip maker’s stock after selling 6,736 shares during the quarter. Destination Wealth Management’s holdings in Intel were worth $545,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. America First Investment Advisors LLC acquired a new position in shares of Intel in the second quarter valued at approximately $25,000. Cyrus J. Lawrence LLC acquired a new position in shares of Intel in the second quarter worth $27,000. Spartan Fund Management Inc. acquired a new stake in shares of Intel in the second quarter valued at $31,000. Financial Connections Group Inc. purchased a new position in Intel in the second quarter valued at $32,000. Finally, Triad Wealth Partners LLC acquired a new position in Intel during the 2nd quarter worth $33,000. 64.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Intel

In related news, EVP Michelle Johnston Holthaus sold 25,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $26.00, for a total transaction of $650,000.00. Following the sale, the executive vice president now owns 273,258 shares of the company’s stock, valued at approximately $7,104,708. The trade was a 8.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.04% of the company’s stock.

Intel Stock Up 3.3 %

Shares of Intel stock opened at $20.78 on Friday. The company has a market cap of $89.62 billion, a P/E ratio of -5.59 and a beta of 1.05. The firm has a fifty day moving average of $23.17 and a two-hundred day moving average of $25.30. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.97 and a current ratio of 1.31. Intel Co. has a one year low of $18.51 and a one year high of $51.28.

Intel (NASDAQ:INTC) last announced its quarterly earnings data on Thursday, October 31st. The chip maker reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.44). Intel had a negative net margin of 29.42% and a negative return on equity of 1.71%. The firm had revenue of $13.30 billion during the quarter, compared to analyst estimates of $13.02 billion. During the same quarter in the previous year, the business earned $0.28 EPS. Intel’s revenue for the quarter was down 6.3% on a year-over-year basis. On average, analysts forecast that Intel Co. will post -0.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. TD Cowen raised Intel to a “hold” rating in a research report on Monday, September 16th. Truist Financial raised their target price on shares of Intel from $25.00 to $26.00 and gave the company a “hold” rating in a report on Friday, November 1st. Benchmark reiterated a “hold” rating on shares of Intel in a research note on Friday, November 1st. Northland Securities dropped their price objective on shares of Intel from $42.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Finally, Robert W. Baird lifted their price objective on shares of Intel from $20.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $30.04.

Intel 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.