JGP Wealth Management LLC Has $27.83 Million Stock Position in KLA Co. (NASDAQ:KLAC)

JGP Wealth Management LLC increased its position in shares of KLA Co. (NASDAQ:KLAC) by 0.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,938 shares of the semiconductor company’s stock after acquiring an additional 268 shares during the period. KLA makes up about 3.7% of JGP Wealth Management LLC’s holdings, making the stock its 4th biggest position. JGP Wealth Management LLC’s holdings in KLA were worth $27,830,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of KLA during the fourth quarter valued at about $1,175,756,000. GAMMA Investing LLC boosted its position in KLA by 95,141.6% during the 1st quarter. GAMMA Investing LLC now owns 1,674,347 shares of the semiconductor company’s stock valued at $1,138,221,000 after acquiring an additional 1,672,589 shares in the last quarter. Parnassus Investments LLC boosted its position in shares of KLA by 381.3% during the fourth quarter. Parnassus Investments LLC now owns 733,328 shares of the semiconductor company’s stock valued at $462,085,000 after purchasing an additional 580,967 shares in the last quarter. Proficio Capital Partners LLC boosted its position in shares of KLA by 114,444.5% during the fourth quarter. Proficio Capital Partners LLC now owns 342,488 shares of the semiconductor company’s stock valued at $215,809,000 after purchasing an additional 342,189 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of KLA by 33.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,191,262 shares of the semiconductor company’s stock valued at $750,638,000 after purchasing an additional 300,015 shares in the last quarter. 86.65% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Bren D. Higgins sold 1,019 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $766.46, for a total transaction of $781,022.74. Following the transaction, the chief financial officer now directly owns 27,779 shares in the company, valued at approximately $21,291,492.34. This trade represents a 3.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard P. Wallace sold 10,802 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $683.30, for a total transaction of $7,381,006.60. Following the sale, the chief executive officer now owns 78,740 shares of the company’s stock, valued at $53,803,042. This trade represents a 12.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,829 shares of company stock valued at $13,240,166 in the last three months. 0.12% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $800.00 price objective on shares of KLA in a research note on Thursday, May 1st. Needham & Company LLC reissued a “buy” rating and issued a $830.00 target price on shares of KLA in a report on Thursday, May 1st. Wall Street Zen downgraded KLA from a “buy” rating to a “hold” rating in a report on Friday. Oppenheimer upped their price target on shares of KLA from $700.00 to $740.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. Finally, UBS Group upped their target price on shares of KLA from $690.00 to $740.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $799.58.

KLA Stock Down 3.2%

NASDAQ KLAC opened at $749.27 on Friday. The company has a market cap of $99.08 billion, a P/E ratio of 31.51, a P/E/G ratio of 1.57 and a beta of 1.40. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.63 and a current ratio of 2.36. KLA Co. has a one year low of $551.33 and a one year high of $896.32. The business has a fifty day moving average price of $700.70 and a 200 day moving average price of $695.29.

KLA (NASDAQ:KLAC) last announced its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.08 by $0.33. KLA had a net margin of 29.58% and a return on equity of 108.60%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter last year, the firm earned $5.26 EPS. The business’s revenue was up 35.5% compared to the same quarter last year. Research analysts anticipate that KLA Co. will post 31.59 EPS for the current fiscal year.

KLA declared that its Board of Directors has initiated a share repurchase program on Wednesday, April 30th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

KLA Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th will be paid a $1.90 dividend. This is an increase from KLA’s previous quarterly dividend of $1.70. The ex-dividend date is Monday, May 19th. This represents a $7.60 annualized dividend and a dividend yield of 1.01%. KLA’s payout ratio is 27.63%.

About KLA

KLA Corporation, together with its subsidiaries, engages in the design, manufacture, and marketing of process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. It operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection.