Verdence Capital Advisors LLC Lowers Position in Intel Co. (NASDAQ:INTC)

Verdence Capital Advisors LLC reduced its holdings in Intel Co. (NASDAQ:INTC) by 7.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,851 shares of the chip maker’s stock after selling 4,908 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Intel were worth $1,947,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in INTC. Bristlecone Advisors LLC grew its position in Intel by 8.5% in the second quarter. Bristlecone Advisors LLC now owns 88,265 shares of the chip maker’s stock worth $2,734,000 after acquiring an additional 6,948 shares in the last quarter. Cypress Capital Group raised its holdings in shares of Intel by 4.8% during the 2nd quarter. Cypress Capital Group now owns 97,173 shares of the chip maker’s stock valued at $3,009,000 after buying an additional 4,476 shares in the last quarter. Wedgewood Investors Inc. PA bought a new stake in Intel in the 2nd quarter worth approximately $530,000. Capital Advisors Ltd. LLC boosted its stake in Intel by 16.3% in the second quarter. Capital Advisors Ltd. LLC now owns 5,525 shares of the chip maker’s stock worth $171,000 after buying an additional 773 shares in the last quarter. Finally, Northcape Wealth Management LLC grew its position in Intel by 3.1% during the second quarter. Northcape Wealth Management LLC now owns 33,209 shares of the chip maker’s stock valued at $1,028,000 after acquiring an additional 1,000 shares during the last quarter. 64.53% of the stock is currently owned by institutional investors.

Intel Stock Performance

Shares of INTC stock opened at $20.13 on Tuesday. The firm has a market capitalization of $85.69 billion, a PE ratio of 20.97, a P/E/G ratio of 17.38 and a beta of 1.05. The company has a 50 day moving average price of $28.06 and a 200-day moving average price of $33.92. Intel Co. has a 52 week low of $18.84 and a 52 week 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.

Intel (NASDAQ:INTC) last announced its earnings results on Thursday, August 1st. The chip maker reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.08). The company had revenue of $12.80 billion for the quarter, compared to analysts’ expectations of $12.92 billion. Intel had a net margin of 1.77% and a return on equity of 1.82%. Intel’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. As a group, equities research analysts expect that Intel Co. will post 0.07 earnings per share for the current year.

Intel Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be paid a dividend of $0.125 per share. The ex-dividend date is Wednesday, August 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.48%. Intel’s dividend payout ratio is currently 52.08%.

Insider Activity

In other Intel news, CEO Patrick P. Gelsinger acquired 12,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $20.16 per share, with a total value of $252,000.00. Following the completion of the acquisition, the chief executive officer now owns 37,975 shares in the company, valued at approximately $765,576. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on INTC. Morgan Stanley cut their price objective on shares of Intel from $36.00 to $25.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft dropped their target price on Intel from $38.00 to $27.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Raymond James lowered Intel from an “outperform” rating to a “market perform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. decreased their target price on shares of Intel from $35.00 to $26.00 and set an “underweight” rating on the stock in a research note on Friday, August 2nd. Finally, Truist Financial dropped their price target on shares of Intel from $33.00 to $25.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $32.04.

About Intel

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.