Fintel reports that on May 30, 2023, Goldman Sachs maintained coverage of Marvell Technology (NASDAQ:MRVL) with a Buy recommendation.
Analyst Price Forecast Suggests 12.57% Downside
As of May 11, 2023, the average one-year price target for Marvell Technology is 57.28. The forecasts range from a low of 45.45 to a high of $105.00. The average price target represents a decrease of 12.57% from its latest reported closing price of 65.51.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Marvell Technology is 6,174MM, an increase of 4.30%. The projected annual non-GAAP EPS is 2.11, a decrease of 0.38% from the prior forecast.
Marvell Technology Declares $0.06 Dividend
On March 15, 2023 the company declared a regular quarterly dividend of $0.06 per share ($0.24 annualized). Shareholders of record as of April 7, 2023 received the payment on April 26, 2023. Previously, the company paid $0.06 per share.
At the current share price of $65.51 / share, the stock’s dividend yield is 0.37%.
Looking back five years and taking a sample every week, the average dividend yield has been 0.75%, the lowest has been 0.26%, and the highest has been 1.67%. The standard deviation of yields is 0.34 (n=236).
The current dividend yield is 1.13 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is -1.26. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
What is the Fund Sentiment?
There are 1626 funds or institutions reporting positions in Marvell Technology. This is an increase of 44 owner(s) or 2.78% in the last quarter. Average portfolio weight of all funds dedicated to MRVL is 0.49%, an increase of 14.17%. Total shares owned by institutions increased in the last three months by 6.06% to 845,408K shares. The put/call ratio of MRVL is 0.98, indicating a bullish outlook.
What are Other Shareholders Doing?
Price T Rowe Associates holds 42,010K shares representing 4.89% ownership of the company. In it’s prior filing, the firm reported owning 18,789K shares, representing an increase of 55.27%. The firm increased its portfolio allocation in MRVL by 143.23% over the last quarter.
Ofi Invest Asset Management holds 31,209K shares representing 3.63% ownership of the company.
FBGRX – Fidelity Blue Chip Growth Fund holds 27,231K shares representing 3.17% ownership of the company. In it’s prior filing, the firm reported owning 26,763K shares, representing an increase of 1.72%. The firm increased its portfolio allocation in MRVL by 3.85% over the last quarter.
T. Rowe Price Investment Management holds 26,751K shares representing 3.11% ownership of the company. In it’s prior filing, the firm reported owning 25,272K shares, representing an increase of 5.53%. The firm increased its portfolio allocation in MRVL by 15.62% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 26,406K shares representing 3.07% ownership of the company. In it’s prior filing, the firm reported owning 25,910K shares, representing an increase of 1.88%. The firm increased its portfolio allocation in MRVL by 10.01% over the last quarter.
Marvell Technology Background Information
(This description is provided by the company.)
Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide
Key filings for this company:
This article originally appeared on Fintel
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