Published On: Fri, Sep 16th, 2016

Intel Corp. (INTC) Price Target Raised to $38.00 at Cowen and Company

Intel Corp. (NASDAQ:INTC) had its price target increased by Cowen and Company from $36.00 to $38.00 in a research note issued to investors on Friday. The firm presently has a “market perform” rating on the chip maker’s stock. Cowen and Company’s price objective would indicate a potential upside of 3.94% from the company’s current price.
A number of other brokerages have also recently weighed in on INTC. Vetr upgraded Intel Corp. from a “hold” rating to a “buy” rating and set a $38.07 price objective for the company in a research note on Wednesday, September 7th. Sanford C. Bernstein restated a “hold” rating on shares of Intel Corp. in a research note on Thursday, September 8th. Wells Fargo & Co. restated a “buy” rating on shares of Intel Corp. in a research note on Sunday, September 4th. Bank of America Corp. restated a “buy” rating and set a $42.00 price objective on shares of Intel Corp. in a research note on Sunday, September 4th. Finally, Zacks Investment Research cut Intel Corp. from a “buy” rating to a “hold” rating in a research note on Monday, September 5th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirty have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $37.77.
Shares of Intel Corp. (NASDAQ:INTC) traded up 2.694% on Friday, reaching $37.545. The company’s stock had a trading volume of 49,737,101 shares. Intel Corp. has a 12-month low of $27.68 and a 12-month high of $38.05. The stock has a market cap of $177.63 billion, a PE ratio of 18.208 and a beta of 0.93. The firm has a 50 day moving average price of $35.32 and a 200-day moving average price of $32.75.

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Intel Corp. (NASDAQ:INTC) last issued its earnings results on Wednesday, July 20th. The chip maker reported $0.59 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.06. Intel Corp. had a return on equity of 19.99% and a net margin of 17.84%. The business earned $13.50 billion during the quarter, compared to analysts’ expectations of $13.54 billion. During the same period in the prior year, the business earned $0.55 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts expect that Intel Corp. will post $2.50 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.84%. Intel Corp.’s dividend payout ratio is currently 50.24%.
In related news, EVP Venkata S. M. Renduchintala sold 13,997 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $34.71, for a total value of $485,835.87. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Andy D. Bryant sold 445,095 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $34.69, for a total value of $15,440,345.55. Following the completion of the sale, the chairman now owns 399,557 shares in the company, valued at approximately $13,860,632.33. The disclosure for this sale can be found here. 0.09% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Intel Corp. by 1.9% in the second quarter. Vanguard Group Inc. now owns 299,534,545 shares of the chip maker’s stock worth $9,824,733,000 after buying an additional 5,697,051 shares in the last quarter. Capital World Investors raised its stake in Intel Corp. by 5.1% in the second quarter. Capital World Investors now owns 167,047,690 shares of the chip maker’s stock worth $5,479,164,000 after buying an additional 8,095,076 shares during the last quarter. Capital Research Global Investors raised its stake in Intel Corp. by 4.8% in the second quarter. Capital Research Global Investors now owns 103,104,372 shares of the chip maker’s stock worth $3,381,823,000 after buying an additional 4,719,872 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Intel Corp. by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 45,685,548 shares of the chip maker’s stock worth $1,498,217,000 after buying an additional 8,662,708 shares during the last quarter. Finally, Norges Bank bought a new stake in Intel Corp. during the fourth quarter worth about $1,565,171,000. Institutional investors and hedge funds own 64.77% of the company’s stock.
Intel Corp. Company Profile
Intel Corporation is engaged in the design and manufacture of digital technology platforms. The Company’s segments include Client Computing Group (CCG), Data Center Group (DCG), Internet of Things Group (IOTG), Software and Services (SSG) and All Other. CCG segment includes platforms designed for notebooks (including Ultrabook devices), 2 in 1 systems, desktops (including all-in-ones and personal computers (PCs)), tablets, phones, wireless and wired connectivity products, and mobile communication components.

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