Bank of Nova Scotia Has $19.80 Million Stock Position in Teradyne, Inc. $TER

Key Points

• Bank of Nova Scotia cut its Teradyne stake by 76.7% in the first quarter, though it still held 66,776 shares valued at about $19.8 million.
• Teradyne’s latest earnings beat expectations, with EPS of $2.56 versus $2.11 expected and revenue of $1.28 billion, up 87% from a year earlier.
• Analyst sentiment remains positive: several firms raised price targets, and the stock currently carries a Moderate Buy consensus with a $394.53 average price target.

Bank of Nova Scotia reduced its holdings in Teradyne, Inc. (NASDAQ:TER - Free Report) by 76.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,776 shares of the company's stock after selling 220,357 shares during the period. Bank of Nova Scotia's holdings in Teradyne were worth $19,796,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd acquired a new stake in Teradyne in the 4th quarter worth $28,000. CYBER HORNET ETFs LLC acquired a new position in shares of Teradyne during the second quarter valued at about $35,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Teradyne in the fourth quarter valued at about $37,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Teradyne in the fourth quarter valued at about $41,000. Finally, Cornerstone Planning Group LLC lifted its stake in shares of Teradyne by 149.1% in the first quarter. Cornerstone Planning Group LLC now owns 142 shares of the company's stock valued at $42,000 after buying an additional 85 shares during the period. 99.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Teradyne

In other news, CEO Gregory Stephen Smith sold 4,000 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $423.03, for a total value of $1,692,120.00. Following the completion of the sale, the chief executive officer directly owned 120,470 shares in the company, valued at approximately $50,962,424.10. This trade represents a 3.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Ryan Driscoll sold 680 shares of Teradyne stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $377.60, for a total value of $256,768.00. Following the completion of the transaction, the vice president directly owned 7,665 shares of the company's stock, valued at $2,894,304. This represents a 8.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 14,941 shares of company stock valued at $5,444,112 in the last three months. Corporate insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TER. Stifel Nicolaus boosted their price target on Teradyne from $325.00 to $390.00 and gave the company a "buy" rating in a research note on Tuesday, April 28th. Cantor Fitzgerald raised their price objective on Teradyne from $400.00 to $550.00 and gave the stock an "overweight" rating in a research report on Monday, June 29th. JPMorgan Chase & Co. raised Teradyne from a "neutral" rating to an "overweight" rating and set a $400.00 price objective on the stock in a report on Thursday, April 30th. UBS Group boosted their price objective on Teradyne from $440.00 to $500.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Finally, Morgan Stanley set a $387.00 target price on Teradyne in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Teradyne currently has a consensus rating of "Moderate Buy" and a consensus price target of $394.53.

Teradyne Stock Performance

Shares of NASDAQ TER opened at $349.92 on Friday. The stock has a market cap of $54.78 billion, a PE ratio of 64.80, a PEG ratio of 1.01 and a beta of 1.74. The business has a fifty day moving average of $382.42 and a two-hundred day moving average of $332.85. Teradyne, Inc. has a 52-week low of $89.18 and a 52-week high of $487.91.

Teradyne (NASDAQ:TER - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.45. Teradyne had a net margin of 22.55% and a return on equity of 31.79%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. The firm's quarterly revenue was up 87.0% compared to the same quarter last year. Analysts predict that Teradyne, Inc. will post 7.2 earnings per share for the current year.

Teradyne Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 21st were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.52 dividend on an annualized basis and a yield of 0.1%. This is a positive change from Teradyne's previous quarterly dividend of $0.12. Teradyne's payout ratio is 9.63%.

Teradyne Company Profile

Teradyne, Inc is a global supplier of automatic test equipment and related services principally used to test semiconductors, wireless products and complex electronic systems. Founded in 1960, the company is headquartered in North Reading, Massachusetts, and has a long history of developing capital equipment and software that help semiconductor manufacturers, electronics OEMs and contract manufacturers validate product performance and reliability during design and production.

The company's product portfolio centers on automatic test equipment (ATE) and system-level test solutions that address chip- and board-level validation, burn-in and reliability screening.

Want to see what other hedge funds are holding TER? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teradyne, Inc. (NASDAQ:TER - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.