Swiss National Bank Sells 14,900 Shares of TE Connectivity Ltd. (NYSE:TEL)

Key Points

• The Swiss National Bank reduced its stake in TE Connectivity Ltd. by 1.7%, selling 14,900 shares, leaving them with 843,700 shares worth $119.2 million.
• Recently, Goldman Sachs maintained a "buy" rating for TE Connectivity, while analysts from JPMorgan and Truist Financial have raised their price targets for the stock, contributing to an average target price of $194.80.
• TE Connectivity has declared a dividend of $0.71 per share, set to be paid on September 12th, representing an annualized dividend yield of 1.4%.

Swiss National Bank trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 1.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 843,700 shares of the electronics maker's stock after selling 14,900 shares during the quarter. Swiss National Bank owned 0.28% of TE Connectivity worth $119,232,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its holdings in TE Connectivity by 1.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,540 shares of the electronics maker's stock valued at $2,479,000 after buying an additional 192 shares during the last quarter. J. Safra Sarasin Holding AG boosted its stake in TE Connectivity by 128.4% in the fourth quarter. J. Safra Sarasin Holding AG now owns 15,524 shares of the electronics maker's stock valued at $2,219,000 after acquiring an additional 8,728 shares during the period. Beverly Hills Private Wealth LLC boosted its stake in TE Connectivity by 61.2% in the fourth quarter. Beverly Hills Private Wealth LLC now owns 11,103 shares of the electronics maker's stock valued at $1,587,000 after acquiring an additional 4,214 shares during the period. Ameriprise Financial Inc. boosted its stake in TE Connectivity by 11.8% in the fourth quarter. Ameriprise Financial Inc. now owns 5,603,251 shares of the electronics maker's stock valued at $801,101,000 after acquiring an additional 592,072 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in TE Connectivity by 2.1% in the first quarter. Assenagon Asset Management S.A. now owns 24,879 shares of the electronics maker's stock valued at $3,516,000 after acquiring an additional 511 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on TEL. UBS Group lifted their target price on TE Connectivity from $185.00 to $201.00 and gave the company a "buy" rating in a research note on Monday, July 14th. Wall Street Zen upgraded TE Connectivity from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. The Goldman Sachs Group restated a "buy" rating on shares of TE Connectivity in a research note on Friday, July 11th. HSBC upgraded TE Connectivity from a "hold" rating to a "buy" rating and set a $175.00 target price for the company in a research note on Thursday, April 24th. Finally, Robert W. Baird lifted their target price on TE Connectivity from $185.00 to $210.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, TE Connectivity presently has a consensus rating of "Moderate Buy" and a consensus price target of $197.55.

Insider Activity

In other news, insider Aaron Kyle Stucki sold 52,900 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $192.78, for a total transaction of $10,198,062.00. Following the transaction, the insider directly owned 23,667 shares in the company, valued at $4,562,524.26. The trade was a 69.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Malavika Sagar sold 1,945 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $207.20, for a total transaction of $403,004.00. Following the transaction, the senior vice president owned 4,716 shares in the company, valued at approximately $977,155.20. This represents a 29.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 138,795 shares of company stock valued at $26,401,597 in the last 90 days. Company insiders own 0.90% of the company's stock.

TE Connectivity Price Performance

Shares of NYSE TEL traded up $1.94 during trading on Wednesday, hitting $206.08. The company had a trading volume of 60,174 shares, compared to its average volume of 1,843,234. The company has a market cap of $60.89 billion, a P/E ratio of 42.54, a PEG ratio of 2.39 and a beta of 1.23. TE Connectivity Ltd. has a 52 week low of $116.30 and a 52 week high of $212.76. The business's 50-day moving average is $180.09 and its 200 day moving average is $158.56. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.52.

TE Connectivity (NYSE:TEL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.19. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same period in the previous year, the business earned $1.91 EPS. The company's revenue was up 13.9% on a year-over-year basis. Equities research analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 22nd. TE Connectivity's payout ratio is 58.80%.

TE Connectivity Profile

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.