Mackenzie Financial Corp Sells 5,649 Shares of Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• Mackenzie Financial Corp reduced its stake in Qorvo, Inc. by 12.3% during the first quarter, owning 40,452 shares valued at approximately $2.93 million after selling 5,649 shares.
• Qorvo's quarterly earnings exceeded expectations, reporting $0.92 EPS and revenues of $818.80 million, both higher than analysts' forecasts.
• Several analysts have updated their price targets for Qorvo, with Needham & Company increasing it from $90.00 to $104.00 and a consensus rating of "Hold" among analysts.

Mackenzie Financial Corp lowered its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 12.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,452 shares of the semiconductor company's stock after selling 5,649 shares during the period. Mackenzie Financial Corp's holdings in Qorvo were worth $2,929,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of QRVO. Ameriprise Financial Inc. raised its holdings in shares of Qorvo by 102.0% in the fourth quarter. Ameriprise Financial Inc. now owns 3,597,546 shares of the semiconductor company's stock valued at $251,577,000 after buying an additional 1,816,811 shares during the last quarter. FIL Ltd grew its stake in shares of Qorvo by 5.3% during the 4th quarter. FIL Ltd now owns 3,324,241 shares of the semiconductor company's stock worth $232,464,000 after acquiring an additional 166,461 shares in the last quarter. Vulcan Value Partners LLC boosted its holdings in shares of Qorvo by 53.7% in the 4th quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company's stock valued at $180,487,000 after buying an additional 902,353 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Qorvo by 22.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,419,698 shares of the semiconductor company's stock valued at $99,280,000 after purchasing an additional 264,167 shares during the last quarter. Finally, Woodline Partners LP increased its position in shares of Qorvo by 31.3% in the fourth quarter. Woodline Partners LP now owns 968,103 shares of the semiconductor company's stock worth $67,699,000 after purchasing an additional 230,710 shares during the period. Institutional investors and hedge funds own 88.57% of the company's stock.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded down $0.96 during trading hours on Wednesday, hitting $83.99. 524,757 shares of the stock were exchanged, compared to its average volume of 2,448,393. The firm has a market capitalization of $7.78 billion, a P/E ratio of 98.81, a P/E/G ratio of 1.66 and a beta of 1.35. Qorvo, Inc. has a one year low of $49.46 and a one year high of $117.90. The company's 50 day moving average is $83.61 and its 200 day moving average is $76.24. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.81 and a quick ratio of 2.01.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its earnings results on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.30. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The business had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. During the same quarter last year, the company posted $0.87 EPS. The firm's revenue for the quarter was down 7.7% on a year-over-year basis. On average, research analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. The Goldman Sachs Group started coverage on Qorvo in a research note on Thursday, July 10th. They issued a "neutral" rating and a $90.00 price target on the stock. Wall Street Zen upgraded Qorvo from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Loop Capital lifted their price target on Qorvo from $75.00 to $90.00 and gave the company a "hold" rating in a research report on Wednesday, July 30th. Citigroup restated a "sell" rating on shares of Qorvo in a research note on Tuesday, June 10th. Finally, Barclays lifted their price objective on Qorvo from $70.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Qorvo has a consensus rating of "Hold" and a consensus target price of $95.35.

Qorvo Profile

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.