Northwestern Mutual Wealth Management Co. increased its holdings in shares of TE Connectivity Ltd. (NYSE:TEL – Free Report) by 2,766.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 277,270 shares of the electronics maker’s stock after purchasing an additional 267,598 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in TE Connectivity were worth $63,082,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of TEL. Phoenix Financial Ltd. lifted its position in TE Connectivity by 18.5% during the fourth quarter. Phoenix Financial Ltd. now owns 2,326 shares of the electronics maker’s stock worth $529,000 after acquiring an additional 363 shares during the last quarter. Bessemer Group Inc. lifted its position in TE Connectivity by 8.9% during the fourth quarter. Bessemer Group Inc. now owns 790,986 shares of the electronics maker’s stock worth $179,958,000 after acquiring an additional 64,846 shares during the last quarter. Arbejdsmarkedets Tillaegspension acquired a new stake in TE Connectivity during the fourth quarter worth approximately $22,403,000. Western Wealth Management LLC acquired a new stake in TE Connectivity during the fourth quarter worth approximately $210,000. Finally, Allworth Financial LP lifted its position in TE Connectivity by 110.5% during the fourth quarter. Allworth Financial LP now owns 5,326 shares of the electronics maker’s stock worth $1,212,000 after acquiring an additional 2,796 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.
TE Connectivity Stock Up 0.2%
Shares of TEL opened at $205.54 on Monday. TE Connectivity Ltd. has a one year low of $155.37 and a one year high of $252.56. The company has a market cap of $60.00 billion, a P/E ratio of 20.99, a P/E/G ratio of 1.45 and a beta of 1.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.89 and a quick ratio of 1.20. The firm has a 50 day simple moving average of $212.61 and a two-hundred day simple moving average of $224.83.
TE Connectivity announced that its Board of Directors has authorized a stock repurchase program on Wednesday, March 11th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the electronics maker to reacquire up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
TE Connectivity Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 22nd will be given a dividend of $0.78 per share. This is an increase from TE Connectivity’s previous quarterly dividend of $0.71. This represents a $3.12 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, May 22nd. TE Connectivity’s dividend payout ratio (DPR) is presently 29.01%.
Insider Buying and Selling
In other news, insider Shadrak W. Kroeger sold 9,400 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $215.00, for a total transaction of $2,021,000.00. Following the completion of the transaction, the insider directly owned 25,976 shares in the company, valued at approximately $5,584,840. This represents a 26.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 28,200 shares of company stock worth $6,211,332 in the last three months. 0.60% of the stock is owned by insiders.
Analysts Set New Price Targets
Several brokerages have issued reports on TEL. HSBC downgraded shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $234.00 price objective for the company. in a research report on Thursday, April 23rd. Truist Financial cut their price objective on shares of TE Connectivity from $244.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, April 23rd. Wall Street Zen downgraded shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Jefferies Financial Group upgraded shares of TE Connectivity from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 15th. Finally, Weiss Ratings upgraded shares of TE Connectivity from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $256.57.
Get Our Latest Stock Report on TE Connectivity
About TE Connectivity
TE Connectivity (NYSE: TEL) is a global industrial technology company that designs and manufactures connectivity and sensor solutions used to enable the flow of power and data in a wide range of applications. Its product portfolio includes electrical connectors, cable and wire harness assemblies, sensors, relays and switches, fiber-optic and coaxial interconnects, and other passive and active components that provide mechanical and electrical connections in complex systems.
The company’s products and engineered solutions serve diverse end markets such as automotive and transportation, industrial equipment, data communications and networks, aerospace and defense, medical devices, and energy.
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