Marvell Technology, Inc. (MRVL) to Issue Quarterly Dividend of $0.06 on May 1st

Marvell Technology, Inc. (NASDAQ:MRVL) announced a quarterly dividend on Friday, March 21st, RTT News reports. Shareholders of record on Friday, April 11th will be paid a dividend of 0.06 per share by the semiconductor company on Thursday, May 1st. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%.

Marvell Technology has a payout ratio of 6.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Marvell Technology to earn $2.00 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 12.0%.

Marvell Technology Stock Performance

Shares of MRVL opened at $70.39 on Friday. The firm has a market capitalization of $60.96 billion, a P/E ratio of -41.41, a PEG ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology has a one year low of $53.19 and a one year high of $127.48. The business has a fifty day moving average of $99.06 and a 200 day moving average of $93.69.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MRVL shares. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, January 10th. B. Riley lifted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Needham & Company LLC reduced their price objective on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Finally, Stifel Nicolaus reduced their price target on Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock valued at $4,026,768 in the last three months. Corporate insiders own 0.33% of the company’s stock.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.