Vanguard Group Inc. Raises Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Key Points

• Vanguard Group Inc. increased its ownership in TE Connectivity by 17.0%, acquiring an additional 5,502,415 shares to total 37,881,410 shares, valued at over $5.35 billion.
• TE Connectivity's recent quarterly earnings surpassed expectations, reporting an EPS of $2.27 against forecasts of $2.08, with revenues of $4.53 billion.
• The company declared a $0.71 quarterly dividend, representing an annualized yield of 1.4%, payable on September 12th to shareholders recorded by August 22nd.

Vanguard Group Inc. increased its holdings in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 17.0% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,881,410 shares of the electronics maker's stock after purchasing an additional 5,502,415 shares during the period. Vanguard Group Inc. owned approximately 12.77% of TE Connectivity worth $5,353,401,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Legacy Capital Group California Inc. purchased a new stake in shares of TE Connectivity in the 1st quarter valued at $855,000. Cary Street Partners Investment Advisory LLC boosted its stake in shares of TE Connectivity by 13.0% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 1,154 shares of the electronics maker's stock valued at $163,000 after purchasing an additional 133 shares in the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of TE Connectivity by 45.5% in the 1st quarter. Atria Wealth Solutions Inc. now owns 7,961 shares of the electronics maker's stock valued at $1,125,000 after purchasing an additional 2,490 shares in the last quarter. Empower Advisory Group LLC purchased a new stake in TE Connectivity during the 1st quarter valued at $203,000. Finally, Costello Asset Management INC purchased a new stake in TE Connectivity during the 1st quarter valued at $28,000. Hedge funds and other institutional investors own 91.43% of the company's stock.

TE Connectivity Trading Up 1.1%

Shares of TEL traded up $2.28 during midday trading on Friday, hitting $202.20. The stock had a trading volume of 1,435,403 shares, compared to its average volume of 2,277,235. TE Connectivity Ltd. has a 1 year low of $116.30 and a 1 year high of $212.76. The firm has a market cap of $59.75 billion, a PE ratio of 41.86, a price-to-earnings-growth ratio of 2.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.52 and a quick ratio of 0.96. The stock's 50 day moving average is $178.45 and its 200 day moving average is $157.92.

TE Connectivity (NYSE:TEL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 EPS for the quarter, topping the consensus estimate of $2.08 by $0.19. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.30 billion. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The firm's revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.91 EPS. As a group, analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

TE Connectivity Dividend Announcement

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

Insider Transactions at TE Connectivity

In other news, insider Aaron Kyle Stucki sold 52,900 shares of TE Connectivity stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $192.78, for a total value of $10,198,062.00. Following the transaction, the insider owned 23,667 shares of the company's stock, valued at $4,562,524.26. The trade was a 69.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John S. Jenkins sold 45,850 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $209.33, for a total transaction of $9,597,780.50. Following the sale, the executive vice president directly owned 24,625 shares in the company, valued at approximately $5,154,751.25. This represents a 65.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 220,626 shares of company stock worth $39,510,585. 0.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Vertical Research raised shares of TE Connectivity from a "hold" rating to a "buy" rating and set a $170.00 price target for the company in a research report on Friday, April 25th. Hsbc Global Res raised shares of TE Connectivity from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Truist Financial increased their price target on shares of TE Connectivity from $156.00 to $200.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. Bank of America raised their target price on shares of TE Connectivity from $168.00 to $190.00 and gave the stock a "buy" rating in a research report on Thursday, July 10th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of TE Connectivity in a research report on Friday, July 11th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $194.80.

TE Connectivity Company 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.