Banque Pictet & Cie SA Makes New Investment in Garmin Ltd. (NYSE:GRMN)

Banque Pictet & Cie SA acquired a new position in Garmin Ltd. (NYSE:GRMN) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 21,512 shares of the scientific and technical instruments company’s stock, valued at approximately $4,437,000.

A number of other large investors have also modified their holdings of the company. Exchange Traded Concepts LLC raised its position in shares of Garmin by 4,398.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,339 shares of the scientific and technical instruments company’s stock worth $412,000 after purchasing an additional 2,287 shares during the last quarter. Creative Planning grew its stake in Garmin by 3.7% during the 3rd quarter. Creative Planning now owns 34,736 shares of the scientific and technical instruments company’s stock valued at $6,115,000 after acquiring an additional 1,244 shares in the last quarter. Vontobel Holding Ltd. grew its stake in Garmin by 0.6% during the 3rd quarter. Vontobel Holding Ltd. now owns 37,340 shares of the scientific and technical instruments company’s stock valued at $6,573,000 after acquiring an additional 227 shares in the last quarter. Teamwork Financial Advisors LLC grew its stake in Garmin by 173.7% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 15,637 shares of the scientific and technical instruments company’s stock valued at $2,753,000 after acquiring an additional 9,924 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Garmin by 0.6% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,724 shares of the scientific and technical instruments company’s stock valued at $4,176,000 after acquiring an additional 148 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance

NYSE:GRMN opened at $212.37 on Friday. The stock has a market capitalization of $40.78 billion, a P/E ratio of 26.95, a PEG ratio of 1.33 and a beta of 0.98. The company has a 50 day moving average price of $212.89 and a 200 day moving average price of $193.37. Garmin Ltd. has a fifty-two week low of $121.20 and a fifty-two week high of $223.33.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GRMN shares. Tigress Financial upped their price objective on shares of Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a research note on Monday, December 16th. Barclays increased their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $171.00.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 19.54% of the stock is currently owned by corporate insiders.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.