5 Biggest Dividend Cuts and Suspensions of 2023

2. Intel Corporation (NASDAQ:INTC)

Number of Hedge Fund Holders: 71

Intel Corporation (NASDAQ:INTC) announced one of the biggest recent dividend cuts this year. The global semiconductor company cut its dividend by 65.8% in February this year and pays a quarterly dividend of $0.125 per share. The stock’s dividend yield on October 11 came in at 1.36%.

Intel Corporation (NASDAQ:INTC) was a part of 71 hedge fund portfolios, compared with 68 in the previous quarter, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $2.55 billion.

ClearBridge Investments mentioned Intel Corporation (NASDAQ:INTC) in its Q3 2023 investor letter. Here is what the firm has to say:

“We also added to our position in Intel Corporation (NASDAQ:INTC) to take advantage of signs that it continues to make progress on its goal of regaining technology leadership. Intel appears to be executing its technology/product roadmap; the company is on track to ramp up PC and server products over the next 12 months on advanced manufacturing nodes that we believe will be more competitive with chief rival Advanced Micro Devices. We also see green shoots in the PC and server markets, with an increasing possibility of a cyclical recovery in both end markets in 2024.”

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