Elite Wealth Management Inc. Lowers Position in Intel Co. (NASDAQ:INTC)

Elite Wealth Management Inc. lessened its stake in Intel Co. (NASDAQ:INTC) by 17.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 12,290 shares of the chip maker’s stock after selling 2,536 shares during the quarter. Intel accounts for approximately 0.0% of Elite Wealth Management Inc.’s holdings, making the stock its 28th largest position. Elite Wealth Management Inc.’s holdings in Intel were worth $618,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. New Millennium Group LLC raised its stake in Intel by 87.2% during the fourth quarter. New Millennium Group LLC now owns 496 shares of the chip maker’s stock valued at $25,000 after purchasing an additional 231 shares in the last quarter. Cornerstone Planning Group LLC purchased a new stake in Intel during the second quarter valued at $25,000. Legacy Financial Group LLC purchased a new stake in Intel during the third quarter valued at $30,000. Milestone Investment Advisors LLC purchased a new stake in Intel during the first quarter valued at $32,000. Finally, Raleigh Capital Management Inc. raised its stake in Intel by 62.8% during the third quarter. Raleigh Capital Management Inc. now owns 938 shares of the chip maker’s stock valued at $33,000 after purchasing an additional 362 shares in the last quarter. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. TD Cowen cut their price objective on shares of Intel from $45.00 to $42.00 and set a “market perform” rating on the stock in a research report on Friday, January 26th. UBS Group boosted their price objective on shares of Intel from $46.00 to $50.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Citigroup cut their price objective on shares of Intel from $47.50 to $40.00 and set a “neutral” rating on the stock in a research report on Monday. Wells Fargo & Company cut their price objective on shares of Intel from $48.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 9th. Finally, Bank of America cut their price target on shares of Intel from $50.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Four equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $42.69.

Intel Price Performance

Shares of INTC stock traded down $0.73 during trading hours on Wednesday, hitting $35.53. 13,036,100 shares of the company’s stock were exchanged, compared to its average volume of 46,518,539. The company has a quick ratio of 1.15, a current ratio of 1.54 and a debt-to-equity ratio of 0.43. The firm has a market cap of $150.22 billion, a P/E ratio of 92.03, a P/E/G ratio of 3.21 and a beta of 1.00. The firm has a 50 day moving average of $42.32 and a two-hundred day moving average of $42.40. Intel Co. has a fifty-two week low of $26.85 and a fifty-two week high of $51.28.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, January 25th. The chip maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.27. The business had revenue of $15.40 billion during the quarter, compared to the consensus estimate of $15.16 billion. Intel had a return on equity of 1.64% and a net margin of 3.11%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 EPS. Sell-side analysts forecast that Intel Co. will post 0.62 EPS for the current year.

Intel Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Wednesday, February 7th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Tuesday, February 6th. Intel’s payout ratio is 128.21%.

Insider Buying and Selling

In other news, CEO Patrick P. Gelsinger purchased 2,800 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was purchased at an average cost of $42.74 per share, for a total transaction of $119,672.00. Following the completion of the transaction, the chief executive officer now owns 31,275 shares of the company’s stock, valued at $1,336,693.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Patrick P. Gelsinger bought 3,000 shares of the company’s stock in a transaction on Monday, January 29th. The stock was bought at an average cost of $43.36 per share, for a total transaction of $130,080.00. Following the acquisition, the chief executive officer now directly owns 28,475 shares in the company, valued at $1,234,676. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Patrick P. Gelsinger bought 2,800 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was bought at an average price of $42.74 per share, with a total value of $119,672.00. Following the completion of the acquisition, the chief executive officer now owns 31,275 shares in the company, valued at $1,336,693.50. The disclosure for this purchase can be found here. 0.04% of the stock is owned by company insiders.

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.