Savvy Advisors Inc. Invests $246,000 in Garmin Ltd. (NYSE:GRMN)

Key Points

• Savvy Advisors Inc. has invested approximately $246,000 in Garmin Ltd. by purchasing 1,135 shares during the first quarter.
• Institutional investors and hedge funds collectively own 81.60% of Garmin's stock, with notable increases in holdings from firms like GAMMA Investing LLC and Congress Asset Management Co.
• Garmin announced a quarterly dividend of $0.90 per share, yielding 1.5%, to be paid on September 26th to stockholders of record as of September 12th.

Savvy Advisors Inc. bought a new stake in shares of Garmin Ltd. (NYSE:GRMN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,135 shares of the scientific and technical instruments company's stock, valued at approximately $246,000.

Several other institutional investors also recently bought and sold shares of the stock. Kestra Private Wealth Services LLC raised its position in shares of Garmin by 18.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 8,559 shares of the scientific and technical instruments company's stock worth $1,858,000 after acquiring an additional 1,347 shares in the last quarter. Concurrent Investment Advisors LLC raised its position in shares of Garmin by 23.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,304 shares of the scientific and technical instruments company's stock worth $500,000 after acquiring an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Garmin by 46.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 89,715 shares of the scientific and technical instruments company's stock worth $19,480,000 after acquiring an additional 28,543 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of Garmin by 255.2% in the 1st quarter. Golden State Wealth Management LLC now owns 444 shares of the scientific and technical instruments company's stock worth $96,000 after acquiring an additional 319 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Garmin in the 1st quarter worth approximately $1,383,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Garmin Stock Performance

GRMN stock traded down $1.30 during midday trading on Thursday, reaching $235.28. 539,906 shares of the company traded hands, compared to its average volume of 943,991. Garmin Ltd. has a 52-week low of $160.94 and a 52-week high of $246.50. The business has a 50 day moving average of $217.02 and a 200-day moving average of $209.85. The firm has a market capitalization of $45.29 billion, a price-to-earnings ratio of 29.01, a P/E/G ratio of 2.59 and a beta of 0.99.

Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings data 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 return on equity of 20.00% and a net margin of 23.21%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business posted $1.58 earnings per share. The company's quarterly revenue was up 20.4% compared to the same quarter last year. Research analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.5%. Garmin's dividend payout ratio (DPR) is presently 44.39%.

Insider Buying and Selling

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 sale, the chief financial officer directly owned 29,146 shares in the company, 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 SEC, which is available at this link. Also, CEO Clifton A. Pemble sold 7,899 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were 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 in the company, valued at approximately $28,785,484.50. This trade represents a 5.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.38% of the company's stock.

Analyst Upgrades and Downgrades

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

About Garmin

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.