35 AI Superstars According to Goldman Sachs

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26. NXP Semiconductors N.V. (NASDAQ:NXPI)

Number of Hedge Fund Holders: 52     

NXP Semiconductors N.V. (NASDAQ:NXPI) makes and sells various products related to semiconductors. The company recently announced two significant capital return initiatives. The board approved an interim dividend of $1.014 per share for the third quarter of 2024, payable to shareholders of record in the second week of October. The board also authorized an additional $2 billion for share repurchases, supplementing the existing $726 million remaining from the previous authorization. These two announcements highlight the strong capital structure and the confidence of the management in long-term growth and cash flow generation. Per existing laws, the dividend will be subject to a 15% Dutch withholding tax, but there remains the potential reductions or refunds for certain shareholders.

TD Cowen recently lowered the price target on NXP Semiconductors N.V. (NASDAQ:NXPI) stock to $310 from $330 and kept a Buy rating, noting that the slope of the recovery for the firm was disappointing, but stock reaction felt overblown, amplified by a view of investors that the shares were a place to hide within choppy broad-based semis.

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