First Mercantile Trust Co. Has $705,000 Position in Qorvo Inc. (QRVO)
First Mercantile Trust Co. lowered its stake in shares of Qorvo Inc. (NASDAQ:QRVO) by 10.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,759 shares of the company’s stock after selling 1,497 shares during the period. First Mercantile Trust Co.’s holdings in Qorvo were worth $705,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. Aviva PLC increased its position in shares of Qorvo by 1.0% in the first quarter. Aviva PLC now owns 69,788 shares of the company’s stock valued at $3,518,000 after buying an additional 668 shares during the last quarter. ING Groep NV purchased a new position in shares of Qorvo during the first quarter valued at approximately $367,000. Wunderlich Capital Managemnt purchased a new position in shares of Qorvo during the first quarter valued at approximately $109,000. Advisor Partners LLC purchased a new position in shares of Qorvo during the first quarter valued at approximately $210,000. Finally, JPMorgan Chase & Co. increased its position in shares of Qorvo by 50.9% in the first quarter. JPMorgan Chase & Co. now owns 1,495,927 shares of the company’s stock valued at $75,409,000 after buying an additional 504,602 shares during the last quarter. Institutional investors own 87.11% of the company’s stock.
Shares of Qorvo Inc. (NASDAQ:QRVO) opened at 54.75 on Wednesday. The stock has a 50 day moving average of $55.81 and a 200-day moving average of $52.74. Qorvo Inc. has a 1-year low of $33.30 and a 1-year high of $64.80. The firm’s market cap is $7.00 billion.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.03. The firm earned $697.60 million during the quarter, compared to analysts’ expectations of $650.62 million. Qorvo had a negative net margin of 1.39% and a positive return on equity of 9.32%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. Equities analysts anticipate that Qorvo Inc. will post $5.09 EPS for the current fiscal year.
Several brokerages recently commented on QRVO. MKM Partners upped their price target on shares of Qorvo from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. DA Davidson cut their price target on shares of Qorvo from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, August 3rd. Mizuho upped their price target on shares of Qorvo from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Goldman Sachs Group Inc. upped their price target on shares of Qorvo from $50.00 to $55.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Finally, Craig Hallum upped their target price on shares of Qorvo from $58.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $61.97.
In related news, CEO Robert A. Bruggeworth sold 46,250 shares of Qorvo stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $52.06, for a total value of $2,407,775.00. Following the completion of the transaction, the chief executive officer now owns 286,170 shares in the company, valued at $14,898,010.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert A. Bruggeworth sold 18,522 shares of Qorvo stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $55.22, for a total transaction of $1,022,784.84. Following the completion of the transaction, the insider now owns 225,424 shares of the company’s stock, valued at approximately $12,447,913.28. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by corporate 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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