Meiji Yasuda Asset Management Co Ltd. Sells 3,147 Shares of Garmin Ltd. $GRMN

Key Points

• Meiji Yasuda Asset Management reduced its stake in Garmin Ltd. by 17.8%, selling 3,147 shares during the first quarter, leaving them with 14,526 shares valued at approximately $3.15 million.
• Garmin's stock received mixed analyst ratings, with Barclays maintaining an "underweight" rating and a target price of $167, while JPMorgan upgraded their target to $250 and issued a "neutral" rating.
• CEO Clifton A. Pemble sold 7,899 shares at an average price of $203.25, a 5.28% decrease in his holdings, while insiders have sold a total of 19,960 shares worth approximately $4.38 million over the last 90 days.

Meiji Yasuda Asset Management Co Ltd. decreased its position in Garmin Ltd. (NYSE:GRMN - Free Report) by 17.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,526 shares of the scientific and technical instruments company's stock after selling 3,147 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Garmin were worth $3,154,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Groupe la Francaise acquired a new stake in shares of Garmin in the 1st quarter valued at about $33,000. TFC Financial Management Inc. raised its stake in shares of Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock valued at $34,000 after purchasing an additional 147 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Garmin in the first quarter valued at about $34,000. Zions Bancorporation National Association UT acquired a new stake in shares of Garmin in the first quarter valued at about $38,000. Finally, Garde Capital Inc. acquired a new stake in shares of Garmin in the first quarter valued at about $40,000. Institutional investors and hedge funds own 81.60% of the company's stock.

Insider Buying and Selling

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider owned 36,092 shares in the company, valued at $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer owned 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,960 shares of company stock worth $4,376,918. Company insiders own 15.38% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on GRMN shares. JPMorgan Chase & Co. lifted their target price on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Barclays reaffirmed 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. Finally, Morgan Stanley lifted their target price on Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Garmin has an average rating of "Hold" and an average target price of $222.00.

Garmin Stock Performance

Garmin stock traded down $3.11 during midday trading on Friday, reaching $238.07. 528,634 shares of the company's stock were exchanged, compared to its average volume of 797,916. Garmin Ltd. has a 52 week low of $160.94 and a 52 week high of $246.50. The firm has a market cap of $45.83 billion, a price-to-earnings ratio of 29.36, a P/E/G ratio of 2.65 and a beta of 1.00. The stock's 50-day simple moving average is $230.27 and its 200 day simple moving average is $212.58.

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

Garmin Company 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.