InterDigital Inc (IDCC)

[Gamco]

Mackenzie Financial Corp Shows Confidence in InterDigital’s Success with Recent Acquisition
Yasmim Mendonça by Yasmim Mendonça July 21, 2023

In a recent development, Mackenzie Financial Corp has acquired a new stake in InterDigital, Inc. (NASDAQ:IDCC), as stated in its Form 13F filing with the Securities and Exchange Commission (SEC). The firm has obtained 7,331 shares of the wireless communications provider’s stock, which holds an estimated value of approximately $534,000. This acquisition signifies Mackenzie Financial Corp’s growing interest in InterDigital’s potential for success and further solidifies its presence in the market.

InterDigital (NASDAQ:IDCC) recently published its quarterly earnings results on Thursday, May 4th. Surpassing analysts’ expectations, the wireless communications provider reported earnings per share (EPS) of $4.00 for the quarter. This impressive figure exceeded consensus estimates by a substantial margin of $3.38. Furthermore, InterDigital boasted a noteworthy return on equity (ROE) of 28.17% and an impressive net margin of 32.38%. During this quarter, the company recorded revenue worth $202.37 million, greatly surpassing analysts’ predictions that stood at $97.40 million.

With such exceptional financial performance and consistently exceeding projected estimates, InterDigital is poised for future growth and continued success within the wireless communications sector. Sell-side analysts anticipate that the company will post earnings per share of 7.12 for the current year – a reflection of its strong standing and promising trajectory.

Various equities research analysts have expressed their opinions on InterDigital’s stock performance as well. StockNews.com recently initiated coverage on shares of InterDigital and assigned them a “buy” rating – signaling confidence in their potential for growth and profitability going forward. Additionally, Bank of America upgraded their rating from “neutral” to “buy,” raising their price objective from $55.00 to an impressive $105.00 per share.

This positive reception from renowned investment firms indicates widespread optimism towards InterDigital’s future prospects. As a result, the stock has garnered an average rating of “buy” based on data from Bloomberg. Furthermore, analysts have established a consensus price target of $92.50, further bolstering InterDigital’s promising outlook.

In conclusion, Mackenzie Financial Corp’s recent acquisition of InterDigital’s shares highlights their interest in the company’s potential for success. With exceptional quarterly earnings and strong financial performance, InterDigital has continuously surpassed analysts’ expectations and positioned itself for future growth. Analysts’ positive views and elevated price targets further solidify their confidence in InterDigital’s outlook. It is clear that the wireless communications provider has successfully established a reputation as a key player within the industry.

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