The Manufacturers Life Insurance Company Cuts Holdings in Qorvo, Inc. $QRVO

Key Points

• The Manufacturers Life Insurance Company cut its Qorvo stake by 99.1% in the first quarter, selling 482,384 shares and retaining 4,416 shares worth approximately $342,000. Institutional investors collectively own 88.57% of Qorvo.
• Qorvo exceeded quarterly expectations, reporting EPS of $1.64 versus the $1.11 consensus and revenue of $784.79 million versus estimates of $743.28 million, although revenue declined 4.2% year over year.
• Analysts maintain a consensus “Hold” rating with a $94 price target, while insiders sold approximately 1.97 million shares worth $198.9 million during the last quarter.

The Manufacturers Life Insurance Company trimmed its position in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 99.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,416 shares of the semiconductor company's stock after selling 482,384 shares during the period. The Manufacturers Life Insurance Company's holdings in Qorvo were worth $342,000 as of its most recent SEC filing.

• Qorvo NASDAQ: QRVO Will Be One Wild Buy

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in shares of Qorvo by 215.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 338 shares of the semiconductor company's stock worth $29,000 after buying an additional 231 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Qorvo during the third quarter valued at approximately $36,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Qorvo by 60.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company's stock worth $41,000 after acquiring an additional 180 shares during the period. Covestor Ltd lifted its holdings in Qorvo by 142.1% during the fourth quarter. Covestor Ltd now owns 523 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 307 shares during the period. Finally, Salomon & Ludwin LLC boosted its position in Qorvo by 54.4% in the fourth quarter. Salomon & Ludwin LLC now owns 559 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 197 shares during the last quarter. Hedge funds and other institutional investors own 88.57% of the company's stock.

Wall Street Analysts Forecast Growth

QRVO has been the subject of a number of recent analyst reports. Citigroup decreased their target price on Qorvo from $100.00 to $95.00 and set a "neutral" rating for the company in a research report on Wednesday, July 29th. Craig Hallum reiterated a "buy" rating and set a $120.00 target price on shares of Qorvo in a research note on Wednesday, May 6th. TD Cowen reissued a "hold" rating on shares of Qorvo in a report on Wednesday, July 29th. Barclays upgraded shares of Qorvo from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $95.00 to $100.00 in a research report on Wednesday, April 22nd. Finally, UBS Group raised their price objective on shares of Qorvo from $91.00 to $96.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $94.00.

Qorvo Price Performance

Shares of NASDAQ QRVO opened at $98.11 on Monday. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. The stock has a fifty day simple moving average of $92.37 and a two-hundred day simple moving average of $87.92. Qorvo, Inc. has a 1-year low of $74.92 and a 1-year high of $109.49. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 22.76, a price-to-earnings-growth ratio of 1.43 and a beta of 1.44.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The firm had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. During the same period in the previous year, the company posted $0.92 earnings per share. The business's revenue was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts anticipate that Qorvo, Inc. will post 6.3 earnings per share for the current year.

Insider Transactions at Qorvo

In related news, SVP Paul J. Fego sold 2,500 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president directly owned 71,038 shares in the company, valued at approximately $7,103,800. The trade was a 3.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Gina Harrison sold 4,714 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total transaction of $471,400.00. Following the sale, the vice president directly owned 24,429 shares in the company, valued at approximately $2,442,900. This trade represents a 16.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,966,127 shares of company stock worth $198,911,103. Insiders own 0.49% of the company's stock.

About Qorvo

Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.

Qorvo's product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.

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