TD Asset Management Inc. Sells 609,488 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

TD Asset Management Inc. decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 25.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,752,253 shares of the semiconductor company’s stock after selling 609,488 shares during the period. TD Asset Management Inc.’s holdings in Marvell Technology were worth $193,536,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. State Street Corp increased its position in shares of Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after purchasing an additional 68,893 shares during the period. Geode Capital Management LLC increased its holdings in Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after buying an additional 219,692 shares during the period. Wellington Management Group LLP raised its position in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after buying an additional 359,005 shares in the last quarter. GQG Partners LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth approximately $802,410,000. Finally, Nordea Investment Management AB boosted its position in shares of Marvell Technology by 14.0% during the 4th quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock worth $518,435,000 after acquiring an additional 571,005 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their target price on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus decreased their target price on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Finally, Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Price Performance

MRVL stock opened at $71.67 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $97.34 and its 200 day simple moving average is $93.91. Marvell Technology, Inc. has a 12-month low of $53.19 and a 12-month high of $127.48. The firm has a market cap of $62.07 billion, a price-to-earnings ratio of -42.16, a PEG ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s payout ratio is -23.53%.

Insider Activity at Marvell Technology

In related news, Director Michael G. Strachan sold 5,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $122.65, for a total transaction of $613,250.00. Following the transaction, the director now owns 30,959 shares in the company, valued at $3,797,121.35. The trade was a 13.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the sale, the executive vice president now owns 24,706 shares of the company’s stock, valued at $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock worth $4,026,768 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.