Foster Victor Wealth Advisors LLC Boosts Holdings in Garmin Ltd. $GRMN

Key Points

• Foster Victor Wealth Advisors LLC increased its stake in Garmin Ltd. by 5.7% during the second quarter, totaling 76,987 shares worth approximately $16.7 million.
• Garmin announced quarterly earnings of $2.17 EPS, surpassing analysts' expectations of $1.90 EPS, and reported a revenue of $1.81 billion for the quarter, reflecting a 20.4% year-over-year increase.
• Analysts have mixed opinions on Garmin's stock with a current average rating of "Hold" and a price target averaging $223.75, while some firms have adjusted their price targets significantly.

Foster Victor Wealth Advisors LLC lifted its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 5.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,987 shares of the scientific and technical instruments company's stock after purchasing an additional 4,173 shares during the period. Garmin comprises 1.1% of Foster Victor Wealth Advisors LLC's portfolio, making the stock its 28th largest position. Foster Victor Wealth Advisors LLC's holdings in Garmin were worth $16,715,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Fulton Bank N.A. lifted its holdings in Garmin by 2.6% in the 2nd quarter. Fulton Bank N.A. now owns 1,883 shares of the scientific and technical instruments company's stock worth $393,000 after buying an additional 47 shares in the last quarter. Arrow Investment Advisors LLC lifted its stake in shares of Garmin by 3.6% in the second quarter. Arrow Investment Advisors LLC now owns 1,412 shares of the scientific and technical instruments company's stock worth $295,000 after acquiring an additional 49 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Garmin by 7.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 783 shares of the scientific and technical instruments company's stock valued at $163,000 after purchasing an additional 52 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in Garmin by 2.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,251 shares of the scientific and technical instruments company's stock worth $489,000 after purchasing an additional 59 shares during the last quarter. Finally, Harbour Investments Inc. increased its holdings in Garmin by 31.8% during the 1st quarter. Harbour Investments Inc. now owns 265 shares of the scientific and technical instruments company's stock worth $58,000 after purchasing an additional 64 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Price Performance

Shares of NYSE:GRMN opened at $237.32 on Wednesday. The stock has a market cap of $45.68 billion, a price-to-earnings ratio of 29.26, a PEG ratio of 2.59 and a beta of 1.00. Garmin Ltd. has a 12 month low of $160.94 and a 12 month high of $246.50. The stock's 50 day moving average price is $233.08 and its 200 day moving average price is $213.09.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.27. Garmin had a net margin of 23.21% and a return on equity of 20.00%. The company had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the company posted $1.58 EPS. The business's revenue was up 20.4% compared to the same quarter last year. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. On average, sell-side analysts expect that Garmin Ltd. will post 7.8 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GRMN shares. Morgan Stanley lifted their price target on shares of Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research note on Friday. JPMorgan Chase & Co. upped their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Barclays reiterated an "underweight" rating and issued a $167.00 target price (up previously from $152.00) on shares of Garmin in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Garmin presently has an average rating of "Hold" and an average target price of $223.75.

Insider Buying and Selling

In related news, insider Cheng-Wei Wang sold 10,202 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total value of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares in the company, valued at approximately $8,390,668.16. This represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Douglas G. Boessen sold 1,859 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $215.00, for a total transaction of $399,685.00. Following the transaction, the chief financial officer directly owned 29,146 shares in the company, valued at $6,266,390. The trade was a 6.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 19.54% of the stock is owned by insiders.

Garmin Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.

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