Wedge Capital Management L L P NC Takes $61.02 Million Position in TE Connectivity Ltd. $TEL

Key Points

• Wedge Capital Management L L P NC invested approximately $61.02 million in TE Connectivity Ltd., acquiring 361,772 shares, making it the firm's 19th largest position.
• Several analysts have recently raised their price targets for TE Connectivity, with Citi setting the highest target at $230.00 and an average rating of "Moderate Buy."
• TE Connectivity announced a quarterly dividend of $0.71 per share, with a scheduled payout date of December 12, 2023.

Wedge Capital Management L L P NC purchased a new position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 361,772 shares of the electronics maker's stock, valued at approximately $61,020,000. TE Connectivity comprises 1.1% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 19th largest holding. Wedge Capital Management L L P NC owned 0.12% of TE Connectivity at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Vantage Wealth increased its stake in shares of TE Connectivity by 24.6% during the 2nd quarter. Vantage Wealth now owns 120,145 shares of the electronics maker's stock worth $20,265,000 after purchasing an additional 23,735 shares during the last quarter. CX Institutional grew its stake in TE Connectivity by 6.4% in the 2nd quarter. CX Institutional now owns 3,478 shares of the electronics maker's stock valued at $587,000 after buying an additional 208 shares in the last quarter. Baker Tilly Wealth Management LLC grew its stake in TE Connectivity by 32.1% in the 2nd quarter. Baker Tilly Wealth Management LLC now owns 3,261 shares of the electronics maker's stock valued at $550,000 after buying an additional 793 shares in the last quarter. Fulton Bank N.A. grew its stake in TE Connectivity by 81.2% in the 2nd quarter. Fulton Bank N.A. now owns 2,694 shares of the electronics maker's stock valued at $454,000 after buying an additional 1,207 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in TE Connectivity by 11.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,270 shares of the electronics maker's stock valued at $7,542,000 after buying an additional 4,565 shares in the last quarter. Hedge funds and other institutional investors own 91.43% of the company's stock.

TE Connectivity Stock Performance

TE Connectivity stock traded down $1.19 during midday trading on Friday, reaching $216.12. 4,017,204 shares of the company traded hands, compared to its average volume of 1,597,904. The firm has a market capitalization of $63.86 billion, a price-to-earnings ratio of 44.75, a price-to-earnings-growth ratio of 2.57 and a beta of 1.23. The business has a 50 day moving average of $202.40 and a two-hundred day moving average of $169.86. TE Connectivity Ltd. has a 12 month low of $116.30 and a 12 month high of $218.76. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.52 and a quick ratio of 0.96.

TE Connectivity (NYSE:TEL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.91 earnings per share. TE Connectivity has set its Q4 2025 guidance at 2.270-2.270 EPS. As a group, research analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 21st will be given a $0.71 dividend. The ex-dividend date is Friday, November 21st. This represents a $2.84 annualized dividend and a yield of 1.3%. TE Connectivity's dividend payout ratio (DPR) is presently 58.80%.

Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, insider Aaron Kyle Stucki sold 52,900 shares of the 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 directly owned 23,667 shares in the company, valued at approximately $4,562,524.26. This trade represents a 69.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John S. Jenkins sold 45,850 shares of the 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 completion of the transaction, the executive vice president owned 24,625 shares in the company, valued at $5,154,751.25. The trade was a 65.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,645 shares of company stock valued at $27,267,158 over the last three months. Insiders own 0.90% of the company's stock.

Wall Street Analysts Forecast Growth

TEL has been the subject of a number of recent research reports. Citigroup lifted their price objective on shares of TE Connectivity from $200.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Bank of America raised their price target on shares of TE Connectivity from $168.00 to $190.00 and gave the company a "buy" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. raised their price target on shares of TE Connectivity from $186.00 to $204.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. The Goldman Sachs Group reiterated a "buy" rating on shares of TE Connectivity in a research report on Friday, July 11th. Finally, Truist Financial raised their price target on TE Connectivity from $156.00 to $200.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, TE Connectivity presently has an average rating of "Moderate Buy" and a consensus target price of $199.55.

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.