Marvell Technology Inc (NASDAQ: MRVL) said on Friday that its Board of Directors had authorized a regular quarterly cash dividend of $0.06 per share of common stock.
The dividend was kept unchanged from the previous quarterly dividend payment.
The dividend will be paid on July 31st to shareholders of record as of the close of business on July 12th 2024, the company said.
Stock Performance
The shares of Marvell Technology Inc (MRVL) closed 1.84% ($1.35) lower at $71.89 on Nasdaq on Friday, as they snapped a two-day streak of gains.
The company’s total market cap now stands at $62.228 billion.
The shares of Marvell Technology Inc (MRVL) went up 62.82% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 19.20% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 25 out of 26 surveyed investment analysts had rated Marvell Technology Inc’s stock as “Buy”, while 1 – as “Hold”. The median price target on the stock stands at $91.09, which translates into a 26.71% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $100.00.
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