The Manufacturers Life Insurance Company Has $888,000 Holdings in Qorvo, Inc. $QRVO

The Manufacturers Life Insurance Company raised its holdings in shares of Qorvo, Inc. (NASDAQ:QRVO) by 115.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,518 shares of the semiconductor company’s stock after acquiring an additional 5,102 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Qorvo were worth $888,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of Qorvo by 801.4% during the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock worth $136,795,000 after purchasing an additional 1,571,303 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in Qorvo by 12.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 825,960 shares of the semiconductor company’s stock valued at $77,037,000 after purchasing an additional 89,378 shares during the period. LSV Asset Management boosted its position in shares of Qorvo by 2.3% in the fourth quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after acquiring an additional 34,605 shares during the period. Amundi raised its position in shares of Qorvo by 197.2% in the first quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock valued at $59,780,000 after buying an additional 512,475 shares in the last quarter. Finally, California State Teachers Retirement System lifted its position in shares of Qorvo by 8,968.7% during the 2nd quarter. California State Teachers Retirement System now owns 9,208,361 shares of the semiconductor company’s stock valued at $858,864,000 after acquiring an additional 9,106,821 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

Wall Street Analyst Weigh In

QRVO has been the topic of several analyst reports. TD Cowen reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. UBS Group lifted their target price on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Citigroup reduced their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Qorvo in a research note on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $94.00.

Qorvo Stock Performance

Shares of QRVO stock opened at $107.98 on Tuesday. Qorvo, Inc. has a 12 month low of $74.92 and a 12 month high of $120.52. The firm has a market capitalization of $9.53 billion, a PE ratio of 25.05, a price-to-earnings-growth ratio of 2.02 and a beta of 1.45. The firm has a fifty day simple moving average of $94.27 and a two-hundred day simple moving average of $90.58. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last posted its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.11 by $0.53. The company had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Analysts forecast that Qorvo, Inc. will post 6.41 EPS for the current fiscal year.

Insider Buying and Selling at Qorvo

In other Qorvo news, SVP Steven Creviston sold 4,810 shares of Qorvo stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total transaction of $485,184.70. Following the transaction, the senior vice president directly owned 119,451 shares of the company’s stock, valued at $12,049,022.37. The trade was a 3.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Frank Stewart sold 8,279 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $94.72, for a total transaction of $784,186.88. Following the completion of the sale, the senior vice president owned 43,069 shares of the company’s stock, valued at approximately $4,079,495.68. This represents a 16.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 54,999 shares of company stock worth $5,458,714. 0.49% of the stock is currently owned by insiders.

Qorvo Company Profile

Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.

The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.