Toronto Dominion Bank Trims Stock Holdings in Qorvo, Inc. (NASDAQ:QRVO)

Toronto Dominion Bank cut its holdings in Qorvo, Inc. (NASDAQ:QRVO - Free Report) by 74.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,774 shares of the semiconductor company's stock after selling 37,381 shares during the quarter. Toronto Dominion Bank's holdings in Qorvo were worth $893,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Rakuten Securities Inc. bought a new stake in shares of Qorvo in the fourth quarter valued at about $28,000. Huntington National Bank boosted its position in Qorvo by 47.1% in the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company's stock valued at $32,000 after buying an additional 145 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Qorvo in the fourth quarter valued at approximately $37,000. Venturi Wealth Management LLC raised its stake in shares of Qorvo by 67.4% during the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company's stock worth $43,000 after buying an additional 250 shares during the period. Finally, CENTRAL TRUST Co raised its stake in shares of Qorvo by 2,621.4% during the 4th quarter. CENTRAL TRUST Co now owns 762 shares of the semiconductor company's stock worth $53,000 after buying an additional 734 shares during the period. 88.57% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on QRVO. Loop Capital reduced their target price on Qorvo from $90.00 to $75.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Barclays boosted their price target on Qorvo from $60.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 30th. Stifel Nicolaus set a $75.00 price target on Qorvo in a research report on Monday, April 28th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. Finally, Benchmark upgraded Qorvo from a "hold" rating to a "buy" rating and set a $95.00 price target for the company in a research report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $91.21.

Qorvo Price Performance

Shares of QRVO traded up $0.26 during mid-day trading on Wednesday, hitting $79.52. The company's stock had a trading volume of 853,336 shares, compared to its average volume of 2,215,593. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The firm has a 50-day simple moving average of $68.08 and a 200 day simple moving average of $71.89. The firm has a market capitalization of $7.40 billion, a P/E ratio of 284.61, a P/E/G ratio of 15.57 and a beta of 1.38. Qorvo, Inc. has a 1-year low of $49.46 and a 1-year high of $130.99.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.00 by $0.42. The business had revenue of $869.47 million during the quarter, compared to analysts' expectations of $850.13 million. Qorvo had a return on equity of 12.41% and a net margin of 0.71%. The company's quarterly revenue was down 7.6% compared to the same quarter last year. During the same period last year, the firm earned $1.39 EPS. Analysts predict that Qorvo, Inc. will post 4.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director John R. Harding sold 1,450 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $70.09, for a total value of $101,630.50. Following the sale, the director now directly owns 7,597 shares in the company, valued at $532,473.73. This represents a 16.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

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.