4. Intel Corporation (NASDAQ: INTC)
Number of Hedge Fund Holders: 83
Intel Corporation (NASDAQ: INTC) ranks 4th on the list of 12 best 5G stocks to invest in right now. The multinational technology company is based in California and was founded in 1968. Intel Corporation (NASDAQ: INTC) operates in over 46 countries supplying microprocessors to companies like Lenovo Grup Limited, HP Inc. (NYSE: HPQ), and Dell Technologies, Inc (NYSE: DELL).
In May 2021, Intel Corporation (NASDAQ: INTC) launched its first 5G product for personal computers, Intel 5G Solution 5000. The product is expected to improve connectivity across all network types.
Raymond James analysts upgraded Intel Corporation (NASDAQ: INTC) to a Strong Buy rating from an Outperform rating in February and raised the price target to $280 per share from $225 per share.
The company has a market cap of $218.83 billion and currently offers a dividend yield of 2.58%. In the second quarter of 2021, Intel Corporation (NASDAQ: INTC) reported an adjusted EPS of $1.24, beating estimates by $0.19. The company’s second-quarter non-GAAP revenue came in at $18.5 billion, up 2% year-over-year and beating estimates by $735.06 million. Shares of Intel Corporation (NASDAQ: INTC) gained 8.2% year-to-date and 11.9% in the last twelve months.
By the end of the first quarter of 2021, 83 hedge funds out of the 866 tracked by Insider Monkey held stakes in Intel Corporation (NASDAQ: INTC) worth roughly $7.61 billion. This is compared to 72 hedge funds in the previous quarter with a total stake value of approximately $5.57 billion.
Alger mentioned Intel Corporation (NASDAQ: INTC) in its Q1 2021 investor letter:
“Short exposure to Intel also detracted from performance. Intel designs and manufactures semiconductors for the computing and communications industries. Intel’s proprietary intellectual strength and manufacturing prowess versus the competition is
deteriorating, which is causing the company to lose market share and profit opportunities. The short position detracted from portfolio returns as the share price reacted positively to the announcement of Pat Gelsinger being hired as chief executive officer, a stronger-than-anticipated quarterly earnings report driven by unusually robust PC sales that we believe are unsustainable and the unveiling of “Intel Unleashed,” a new long-term program to help improve manufacturing and spur innovation. This program involves opening two fabrication plants in Arizona, which confirms Intel’s commitment to continue as an integrated design manufacturer. Importantly, Intel continues to experience issues with its next generation server chips which are disadvantaging Intel versus the competition.”
