The Manufacturers Life Insurance Company Buys 317,334 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

The Manufacturers Life Insurance Company boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 30.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,352,968 shares of the semiconductor company's stock after buying an additional 317,334 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.16% of Marvell Technology worth $149,435,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. Invesco Ltd. lifted its stake in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after acquiring an additional 80,005 shares during the period. Norges Bank purchased a new stake in shares of Marvell Technology during the 4th quarter worth approximately $1,138,354,000. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Marvell Technology by 28.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,592,726 shares of the semiconductor company's stock valued at $838,617,000 after purchasing an additional 1,691,242 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Rosenblatt Securities reiterated a "buy" rating and issued a $140.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Needham & Company LLC reduced their target price on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Citigroup lowered their target price on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Melius started coverage on Marvell Technology in a report on Monday, January 27th. They issued a "buy" rating and a $188.00 price objective for the company. Finally, The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $114.56.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $0.31 during midday trading on Wednesday, hitting $58.37. The company's stock had a trading volume of 14,264,425 shares, compared to its average volume of 13,656,994. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm has a market cap of $50.55 billion, a P/E ratio of -34.34, a P/E/G ratio of 1.61 and a beta of 1.78. The firm's fifty day moving average price is $65.58 and its 200-day moving average price is $90.28.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.41%. Marvell Technology's dividend payout ratio is presently -23.53%.

Insider Buying and Selling

In related news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,390 shares of company stock worth $1,937,938. Corporate insiders own 0.33% of the company's stock.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.