Northwestern Mutual Investment Management Company LLC reduced its position in Qorvo Inc. (NASDAQ:QRVO) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,866 shares of the company’s stock after selling 64 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Qorvo were worth $269,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the company. Mason Street Advisors LLC bought a new position in shares of Qorvo during the second quarter worth $949,000. Royal Bank of Canada increased its position in Qorvo by 52.2% in the second quarter. Royal Bank of Canada now owns 448,052 shares of the company’s stock worth $24,760,000 after buying an additional 153,665 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Qorvo by 29.4% in the second quarter. Public Employees Retirement System of Ohio now owns 47,528 shares of the company’s stock worth $2,626,000 after buying an additional 10,790 shares in the last quarter. Calvert Investment Management Inc. acquired a new position in Qorvo during the second quarter worth approximately $381,000. Finally, Schwab Charles Investment Management Inc. increased its position in Qorvo by 5.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 350,779 shares of the company’s stock worth $19,385,000 after buying an additional 18,031 shares in the last quarter. 87.10% of the stock is owned by hedge funds and other institutional investors.
Shares of Qorvo Inc. (NASDAQ:QRVO) opened at 54.60 on Wednesday. The company’s 50 day moving average is $55.72 and its 200 day moving average is $53.00. Qorvo Inc. has a 52-week low of $33.30 and a 52-week high of $64.80. The firm’s market cap is $6.98 billion.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.03. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The company earned $697.60 million during the quarter, compared to analysts’ expectations of $650.62 million. During the same quarter in the prior year, the company earned $1.09 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. Analysts anticipate that Qorvo Inc. will post $5.09 earnings per share for the current year.
A number of research firms have recently commented on QRVO. Brean Capital restated a “buy” rating on shares of Qorvo in a research note on Wednesday, September 21st. Pacific Crest restated an “equal weight” rating on shares of Qorvo in a research note on Monday, August 29th. Bank of America Corp. restated a “buy” rating and set a $70.00 price objective on shares of Qorvo in a research note on Monday, August 15th. Zacks Investment Research upgraded shares of Qorvo from a “hold” rating to a “strong-buy” rating and set a $63.00 price objective for the company in a research note on Monday, August 8th. Finally, Canaccord Genuity restated a “buy” rating and set a $67.00 price objective (up from $60.00) on shares of Qorvo in a research note on Friday, August 5th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Qorvo presently has an average rating of “Buy” and an average price target of $61.97.
In other news, Director C Scott Gibson sold 1,200 shares of the company’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $54.45, for a total value of $65,340.00. Following the completion of the sale, the director now owns 8,092 shares of the company’s stock, valued at approximately $440,609.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Walden C. Rhines acquired 5,000 shares of the business’s stock in a transaction dated Friday, August 5th. The stock was acquired at an average cost of $54.02 per share, with a total value of $270,100.00. Following the purchase, the director now directly owns 26,708 shares in the company, valued at approximately $1,442,766.16. The disclosure for this purchase can be found here. 1.14% of the stock is currently owned by insiders.
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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