TE Connectivity Ltd. $TEL Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its TE Connectivity stake by 12.9%, selling 40,885 shares and retaining 276,177 shares valued at about $58.3 million. Institutional investors collectively own 91.43% of the company.
• TE Connectivity beat quarterly earnings and revenue estimates, reporting $3.14 in EPS and $5.31 billion in revenue; revenue rose 11.9% year over year. The company declared a quarterly dividend of $0.78 per share.
• Analysts give the stock a consensus “Moderate Buy” rating, with an average price target of $255.50; TEL opened at $218.85 in the article’s cited session.

Pictet Asset Management Holding SA trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 12.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 276,177 shares of the electronics maker's stock after selling 40,885 shares during the period. Pictet Asset Management Holding SA owned approximately 0.10% of TE Connectivity worth $58,298,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TEL. Bell Investment Advisors Inc boosted its holdings in TE Connectivity by 56.1% in the third quarter. Bell Investment Advisors Inc now owns 128 shares of the electronics maker's stock valued at $27,000 after purchasing an additional 46 shares during the last quarter. JNBA Financial Advisors grew its position in TE Connectivity by 67.1% during the 2nd quarter. JNBA Financial Advisors now owns 127 shares of the electronics maker's stock worth $26,000 after purchasing an additional 51 shares during the period. Legacy Wealth Asset Management LLC raised its stake in shares of TE Connectivity by 0.7% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 7,837 shares of the electronics maker's stock valued at $1,580,000 after buying an additional 52 shares during the last quarter. First Citizens Bank & Trust Co. lifted its holdings in shares of TE Connectivity by 0.8% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 6,577 shares of the electronics maker's stock valued at $1,388,000 after buying an additional 52 shares during the period. Finally, First County Bank CT lifted its holdings in shares of TE Connectivity by 2.4% in the 3rd quarter. First County Bank CT now owns 2,326 shares of the electronics maker's stock valued at $491,000 after buying an additional 54 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Price Performance

Shares of TEL opened at $218.85 on Tuesday. TE Connectivity Ltd. has a 1-year low of $190.27 and a 1-year high of $252.56. The stock has a market cap of $63.36 billion, a PE ratio of 19.77, a P/E/G ratio of 1.39 and a beta of 1.15. The firm has a 50-day simple moving average of $212.49 and a two-hundred day simple moving average of $212.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.73 and a quick ratio of 1.18.

TE Connectivity (NYSE:TEL - Get Free Report) last posted its earnings results on Wednesday, October 28th. The electronics maker reported $3.14 earnings per share for the quarter, beating the consensus estimate of $3.07 by $0.07. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. TE Connectivity had a net margin of 16.36% and a return on equity of 25.55%. The firm's revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.44 EPS. As a group, analysts forecast that TE Connectivity Ltd. will post 13.43 EPS for the current year.

TE Connectivity Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 20th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, November 20th. TE Connectivity's dividend payout ratio (DPR) is currently 28.18%.

Analyst Ratings Changes

A number of brokerages have recently commented on TEL. Fox Advisors downgraded TE Connectivity from an "overweight" rating to an "equal weight" rating in a research note on Monday, November 2nd. Wells Fargo & Company lifted their price target on TE Connectivity from $209.00 to $220.00 and gave the company a "cautious" rating in a research report on Friday, September 11th. Jefferies Financial Group decreased their price target on TE Connectivity from $265.00 to $235.00 and set a "buy" rating for the company in a report on Thursday, July 23rd. Truist Financial lowered their price target on shares of TE Connectivity from $240.00 to $215.00 and set a "hold" rating on the stock in a report on Thursday, July 23rd. Finally, Citigroup upped their target price on shares of TE Connectivity from $230.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, October 29th. Eleven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $255.50.

TE Connectivity Company Profile

TE Connectivity NYSE: TEL designs and manufactures connectivity and sensor solutions used to transmit data, power and signals. Its products include connectors, terminals, relays, antennas and sensors, as well as related components and systems.

The company serves customers in industries including automotive, industrial equipment, communications, aerospace and defense, medical technology, and energy. Its products are used in applications ranging from vehicles and factory automation to telecommunications infrastructure and aircraft.

TE Connectivity operates internationally and traces its history to Tyco Electronics, which became an independent company following its separation from Tyco International in 2007.

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