Marvell Technology Reaches New 1-Year High Following Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL) has achieved a new 52-week high on Monday after announcing a dividend. The stock hit a peak of $124.14, with the latest trade also recorded at $124.14, and a total volume of 310,932 shares exchanged. Prior to this, the stock had closed at $120.77. The dividend announcement stated that it will be paid out on Thursday, January 30th. Shareholders who are on record as of Friday, January 10th will receive a dividend of $0.06 per share. This translates into an annualized dividend of $0.24, resulting in a yield of 0.19%. Marvell's payout ratio currently sits at -14.12%.

Analyst Ratings on MRVL Shares

Several equity analysts have provided their insights on MRVL shares. Bank of America raised its price target on Marvell Technology from $108.00 to $125.00 while assigning it a "buy" rating in a report dated December 4th. Similarly, Susquehanna increased its price target from $110.00 to $125.00, also giving it a "positive" rating. Rosenblatt Securities revised its target from $120.00 to $140.00 and rated the stock as a "buy". Additionally, Piper Sandler maintained an "overweight" rating and set a price objective of $120.00, moving up from $100.00. Barclays upgraded its price target from $85.00 to $115.00, with an "overweight" rating, on the same date. Overall, three analysts rated the stock as a hold, while twenty-four gave it a buy rating. MarketBeat's consensus rating for the stock stands at "Moderate Buy" with an average price target of $119.04.

Marvell Technology's Market Performance

Marvell Technology's market capitalization is reported at $107.42 billion, with a P/E ratio of -71.04 and a PEG ratio of 3.72. The stock has shown stability with a fifty-day moving average of $89.98 and a 200-day moving average of $76.82. The company's financial health is reflected in its debt-to-equity ratio of 0.30, a current ratio of 1.60, and a quick ratio of 1.11.

Recent Insider Activity

Recent transactions related to insider sales have been reported. EVP Chris Koopmans sold 6,000 shares of Marvell Technology on November 15th at an average price of $89.14, totaling approximately $534,840. Following this sale, Koopmans still holds 103,244 shares worth around $9,203,170.16. Furthermore, insider Muhammad Raghib Hussain divested 150,000 shares on October 15th, generating about $12,075,000 at an average price of $80.50. This sale brought Hussain's remaining shares to 694,487, valued at roughly $55,906,203.50. Cumulatively, there have been insider sales of 167,500 shares valued at $13,525,995 over the past three months. Currently, insiders hold only 0.33% of the stock.

Institutional Holdings in Marvell Technology

In the realm of institutional trading, several hedge funds have adjusted their stakes in Marvell Technology. For instance, Citizens Financial Group increased its holdings by 1.5% in the third quarter, now owning 7,842 shares valued at $566,000 after acquiring 116 additional shares. Crumly & Associates also raised its stake by 1.5% with 8,223 shares worth $593,000 after purchasing 121 shares. Other adjustments included United Capital Management increasing its stake by 0.4% to own 34,251 shares valued at $2,470,000, and Integrated Wealth Concepts boosting its holdings by 1.4%. Institutional investors collectively constitute 83.51% of the company’s stock.

About Marvell Technology

Marvell Technology, Inc., along with its subsidiaries, specializes in providing semiconductor solutions for data infrastructure, which extend from core data centers to network edges. The firm designs and scales complex System-on-a-Chip architectures that integrate both analog and digital signal processing functionalities.

Marvell, Dividend, Stock