Merit Financial Group LLC Reduces Stake in Intel by Over 11%

Merit Financial Group LLC has decreased its investment in Intel Co., one of the world's foremost chip manufacturers. In its latest filing with the Securities and Exchange Commission (SEC), it revealed that its shareholding in Intel had been reduced by 11.3% in the third quarter. This sale involved offloading 4,587 shares, leaving the firm with a balance of 36,119 shares in the tech giant. Following the sale, the value of Merit Financial Group LLC's remaining Intel shares stood at approximately $1,284,000.

Intel Attracts Varied Hedge Fund Activity

The tech sector continues to see dynamic trading, with various hedge funds adjusting their positions in Intel stock. Moneta Group Investment Advisors LLC notably increased its Intel holdings by an impressive 100,953.1% in the fourth quarter, now owning over 51 million shares valued at around $1.35 billion. Norges Bank also entered the fray, acquiring a new position in Intel worth approximately $1.09 billion in the same period. Furthermore, Capital Research Global Investors enhanced its stake by 38.6% in the second quarter, amassing a total of nearly 74.81 million shares, while Parnassus Investments LLC initiated a new stake valued at roughly $626.57 million. Clearbridge Investments LLC followed suit, increasing its holdings by 4,407.3% in the first quarter, signifying continued interest and confidence in Intel's financial prospects from institutional investors, who own 60.84% of the company's stock.

Intel's Market Performance and Analyst Ratings

Recent analyst ratings yield a mixed outlook for Intel's shares. While Barclays upgraded their price target from $32.00 to $44.00 and maintained an 'equal weight' rating, Wedbush and Wells Fargo lowered their targets amid a 'neutral' outlook. Morgan Stanley, conversely, raised their target to $48.00, affirming an 'equal weight' rating. Overall, the stock holds an average rating of 'Hold' with a consensus target price of $41.48. Despite the varied sentiments, many analysts remain on the sidelines concerning Intel's stock potential.

Financial Highlights and Insider Transactions

Trading at $42.60, Intel has seen fluctuations with a market capitalization of $180.11 billion at the time of reporting. The company reported stronger-than-expected earnings per share (EPS) of $0.54 for the quarter, beating estimates by $0.27 and announced a quarterly dividend payment of $0.125 per share. Furthermore, insider activity has been noted, with CEO Patrick P. Gelsinger purchasing thousands of shares, signaling potential confidence in the company's future prospects.

About Intel Corporation

Intel Corporation holds a prestigious position in the global market as a developer and seller of essential computing technologies. Its diverse portfolio includes CPUs, chipsets, accelerators, and storage products, among other advanced tech solutions, addressing various segments like client computing, data center and AI, and network and edge.

Intel, Semiconductor, Investment