CIBC Private Wealth Group LLC Has $338.72 Million Stock Position in TE Connectivity Ltd. (NYSE:TEL)

CIBC Private Wealth Group LLC cut its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,357,118 shares of the electronics maker’s stock after selling 56,983 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in TE Connectivity were worth $338,718,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. boosted its stake in shares of TE Connectivity by 4.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after purchasing an additional 9,670 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in TE Connectivity in the 4th quarter valued at approximately $2,920,000. Meyer Handelman Co. boosted its holdings in TE Connectivity by 9.9% in the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after acquiring an additional 9,175 shares during the last quarter. abrdn plc acquired a new stake in shares of TE Connectivity during the fourth quarter worth $15,739,000. Finally, Truist Financial Corp raised its stake in TE Connectivity by 32.8% during the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock worth $18,509,000 after buying an additional 31,991 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors.

TE Connectivity Price Performance

Shares of TEL stock opened at $142.04 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. TE Connectivity Ltd. has a fifty-two week low of $137.61 and a fifty-two week high of $159.98. The firm has a market cap of $42.38 billion, a P/E ratio of 22.69, a P/E/G ratio of 2.11 and a beta of 1.32. The business’s 50 day moving average price is $149.32 and its 200-day moving average price is $148.41.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the business posted $1.84 earnings per share. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities research analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be given a dividend of $0.71 per share. The ex-dividend date is Wednesday, May 21st. This represents a $2.84 annualized dividend and a dividend yield of 2.00%. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s payout ratio is currently 45.37%.

Insiders Place Their Bets

In other TE Connectivity news, insider Shadrak W. Kroeger sold 3,889 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $151.13, for a total transaction of $587,744.57. Following the transaction, the insider now owns 25,976 shares in the company, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TEL shares. Bank of America boosted their price objective on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Robert W. Baird lifted their price target on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Citigroup boosted their target price on shares of TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Finally, HSBC raised TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $167.00.

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.