Meridian Wealth Management LLC Invests $328,000 in Garmin Ltd. $GRMN

Key Points

• Meridian Wealth Management LLC has invested approximately $328,000 in Garmin Ltd., acquiring 1,510 shares in the first quarter of 2023.
• Garmin recently announced a quarterly dividend of $0.90 per share, scheduled for distribution to stockholders on September 26th, representing an annualized dividend yield of 1.5%.
• The company's earnings report indicated a 20.4% increase in revenue year-over-year, reaching $1.81 billion, and exceeded analysts' earnings per share expectations by $0.27.

Meridian Wealth Management LLC bought a new position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,510 shares of the scientific and technical instruments company's stock, valued at approximately $328,000.

A number of other institutional investors have also recently added to or reduced their stakes in GRMN. TFC Financial Management Inc. lifted its stake in Garmin by 1,633.3% during the first 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 last quarter. Wayfinding Financial LLC acquired a new stake in shares of Garmin during the 1st quarter valued at $34,000. Zions Bancorporation National Association UT acquired a new position in shares of Garmin in the 1st quarter worth $38,000. Garde Capital Inc. acquired a new stake in shares of Garmin during the first quarter worth $40,000. Finally, Olde Wealth Management LLC acquired a new stake in Garmin during the 1st quarter worth about $43,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 7,899 shares of Garmin stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the completion of the transaction, the chief executive officer directly owned 141,626 shares in the company, 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. Corporate insiders own 19.54% of the company's stock.

Garmin Stock Performance

Shares of GRMN stock traded down $0.39 during trading on Monday, hitting $231.96. 192,173 shares of the company were exchanged, compared to its average volume of 938,578. The business's 50-day simple moving average is $218.12 and its 200 day simple moving average is $210.02. Garmin Ltd. has a twelve month low of $160.94 and a twelve month high of $246.50. The firm has a market capitalization of $44.65 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 2.59 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last issued its earnings results on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the business posted $1.58 EPS. The company's revenue for the quarter was up 20.4% on a year-over-year basis. On average, equities analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.6%. Garmin's dividend payout ratio (DPR) is 44.39%.

Analyst Ratings Changes

Several research analysts have commented on GRMN shares. JPMorgan Chase & Co. raised their target price on shares of Garmin from $215.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Barclays reaffirmed an "underweight" rating and issued a $167.00 price objective (up previously from $152.00) on shares of Garmin in a research note on Wednesday, July 30th. Finally, Morgan Stanley boosted their target price on shares of Garmin from $172.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $222.00.

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.