Sumitomo Life Insurance Co. Trims Stake in Intel Co. (NASDAQ:INTC)

Sumitomo Life Insurance Co. lessened its position in Intel Co. (NASDAQ:INTC) by 11.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,571 shares of the chip maker’s stock after selling 5,707 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Intel were worth $1,380,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of INTC. Johnson Financial Group Inc. lifted its stake in Intel by 4.5% during the fourth quarter. Johnson Financial Group Inc. now owns 5,730 shares of the chip maker’s stock worth $288,000 after purchasing an additional 247 shares during the period. Benjamin Edwards Inc. lifted its stake in Intel by 5.3% during the fourth quarter. Benjamin Edwards Inc. now owns 4,974 shares of the chip maker’s stock worth $250,000 after purchasing an additional 249 shares during the period. Enterprise Financial Services Corp lifted its stake in Intel by 2.2% during the fourth quarter. Enterprise Financial Services Corp now owns 11,461 shares of the chip maker’s stock worth $576,000 after purchasing an additional 251 shares during the period. Summit Financial Strategies Inc. lifted its stake in Intel by 3.7% during the fourth quarter. Summit Financial Strategies Inc. now owns 7,385 shares of the chip maker’s stock worth $371,000 after purchasing an additional 265 shares during the period. Finally, Cape Investment Advisory Inc. lifted its stake in Intel by 5.5% during the fourth quarter. Cape Investment Advisory Inc. now owns 5,185 shares of the chip maker’s stock worth $261,000 after purchasing an additional 270 shares during the period. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Barclays cut their price target on shares of Intel from $40.00 to $25.00 and set an “equal weight” rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company cut their price target on shares of Intel from $43.00 to $38.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. HSBC cut shares of Intel from a “hold” rating to a “reduce” rating in a research note on Friday, August 2nd. TD Cowen dropped their price objective on shares of Intel from $35.00 to $25.00 and set a “hold” rating for the company in a report on Friday, August 2nd. Finally, Evercore ISI dropped their price objective on shares of Intel from $40.00 to $36.00 and set an “in-line” rating for the company in a report on Friday, April 26th. Six analysts have rated the stock with a sell rating, twenty-three have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $32.04.

Insiders Place Their Bets

In other Intel news, CEO Patrick P. Gelsinger purchased 12,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were purchased at an average cost of $20.16 per share, with a total value of $252,000.00. Following the transaction, the chief executive officer now directly owns 37,975 shares of the company’s stock, valued at approximately $765,576. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.04% of the company’s stock.

Intel Stock Up 0.9 %

INTC traded up $0.18 during trading on Friday, hitting $20.87. The company had a trading volume of 48,582,663 shares, compared to its average volume of 52,228,957. The company has a market capitalization of $88.84 billion, a PE ratio of 21.74, a PEG ratio of 17.38 and a beta of 1.05. Intel Co. has a one year low of $18.84 and a one year high of $51.28. The firm’s 50-day moving average price is $29.26 and its 200 day moving average price is $34.91. 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 posted its quarterly earnings data on Thursday, August 1st. The chip maker reported $0.02 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.08). The company had revenue of $12.80 billion during the quarter, compared to the consensus estimate of $12.92 billion. Intel had a net margin of 1.77% and a return on equity of 1.82%. The company’s revenue was down .8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.05) earnings per share. As a group, equities analysts expect that Intel Co. will post 0.07 earnings per share for the current year.

Intel Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $0.50 annualized dividend and a yield of 2.40%. Intel’s dividend payout ratio (DPR) is presently 52.08%.

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.