Qorvo Inc (QRVO) Stake Lowered by Todd Asset Management LLC

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Todd Asset Management LLC lessened its holdings in Qorvo Inc (NASDAQ:QRVO) by 0.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 455,625 shares of the semiconductor company’s stock after selling 1,224 shares during the period. Todd Asset Management LLC’s holdings in Qorvo were worth $32,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Qorvo by 303.7% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 127,751 shares of the semiconductor company’s stock valued at $9,164,000 after buying an additional 96,104 shares in the last quarter. TD Asset Management Inc. raised its holdings in Qorvo by 1.1% during the first quarter. TD Asset Management Inc. now owns 37,383 shares of the semiconductor company’s stock valued at $2,681,000 after buying an additional 422 shares in the last quarter. ETF Managers Group LLC increased its stake in shares of Qorvo by 7.9% in the first quarter. ETF Managers Group LLC now owns 2,031 shares of the semiconductor company’s stock worth $146,000 after purchasing an additional 149 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Qorvo by 2.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 61,707 shares of the semiconductor company’s stock worth $4,426,000 after purchasing an additional 1,431 shares during the period. Finally, Spark Investment Management LLC bought a new position in shares of Qorvo in the first quarter worth about $6,147,000. 91.52% of the stock is owned by hedge funds and other institutional investors.

QRVO stock traded up $1.65 during trading on Tuesday, reaching $62.92. 126,289 shares of the stock were exchanged, compared to its average volume of 1,389,527. Qorvo Inc has a twelve month low of $54.74 and a twelve month high of $86.50. The company has a market cap of $7.52 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 3.87 and a debt-to-equity ratio of 0.21.

Qorvo (NASDAQ:QRVO) last released its earnings results on Tuesday, May 7th. The semiconductor company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.23. Qorvo had a return on equity of 14.66% and a net margin of 4.31%. The business had revenue of $680.88 million for the quarter, compared to the consensus estimate of $670.59 million. During the same period last year, the business earned $1.07 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Qorvo Inc will post 5.13 EPS for the current year.

A number of research firms have recently commented on QRVO. Zacks Investment Research lowered Qorvo from a “buy” rating to a “sell” rating in a research note on Tuesday, April 30th. DA Davidson lifted their price objective on Qorvo from $6.00 to $82.00 in a research note on Wednesday, May 8th. Mizuho lifted their price objective on Qorvo from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Raymond James lifted their price objective on Qorvo from $70.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $76.00 price objective (down from $87.00) on shares of Qorvo in a research note on Tuesday. Thirteen investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $77.18.

In related news, VP James L. Klein sold 1,914 shares of Qorvo stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $72.00, for a total transaction of $137,808.00. Following the sale, the vice president now directly owns 53,859 shares of the company’s stock, valued at $3,877,848. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Steven E. Creviston sold 3,000 shares of Qorvo stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $68.87, for a total value of $206,610.00. Following the sale, the vice president now directly owns 55,006 shares in the company, valued at $3,788,263.22. The disclosure for this sale can be found here. Over the last three months, insiders have sold 246,024 shares of company stock worth $17,108,361. 0.85% of the stock is owned by company insiders.

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About Qorvo

Qorvo, Inc provides radio frequency (RF) solutions and technologies for mobile device, infrastructure, and defense and aerospace applications worldwide. It operates through Mobile Products (MP) and Infrastructure and Defense Products (IDP) segments. The MP segment offers cellular RF and WiFi solutions, bulk acoustic wave (BAW) and surface acoustic wave (SAW) filters, power amplifiers (PAs), low noise amplifiers (LNAs), switches, multi-band PAs and transmit modules, RF power management integrated circuits, diversity receive modules, antenna switch modules, antenna tuning and control solutions, modules incorporating PAs and duplexers, and modules incorporating switches, PAs, and duplexers.

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Institutional Ownership by Quarter for Qorvo (NASDAQ:QRVO)

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