California Public Employees Retirement System Has $119.84 Million Stock Holdings in Garmin Ltd. (NYSE:GRMN)

California Public Employees Retirement System increased its holdings in Garmin Ltd. (NYSE:GRMN) by 0.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 932,299 shares of the scientific and technical instruments company’s stock after purchasing an additional 6,858 shares during the period. California Public Employees Retirement System’s holdings in Garmin were worth $119,838,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GRMN. Handelsbanken Fonder AB increased its holdings in shares of Garmin by 68.9% during the fourth quarter. Handelsbanken Fonder AB now owns 82,894 shares of the scientific and technical instruments company’s stock worth $10,655,000 after buying an additional 33,812 shares in the last quarter. CWM LLC increased its holdings in shares of Garmin by 4.0% during the fourth quarter. CWM LLC now owns 4,015 shares of the scientific and technical instruments company’s stock worth $516,000 after buying an additional 155 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Garmin by 1.6% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,431 shares of the scientific and technical instruments company’s stock worth $2,755,000 after buying an additional 335 shares in the last quarter. Lindbrook Capital LLC increased its holdings in shares of Garmin by 32.0% during the fourth quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock worth $60,000 after buying an additional 113 shares in the last quarter. Finally, abrdn plc increased its holdings in shares of Garmin by 59.3% during the fourth quarter. abrdn plc now owns 84,425 shares of the scientific and technical instruments company’s stock worth $10,852,000 after buying an additional 31,413 shares in the last quarter. Institutional investors and hedge funds own 73.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on GRMN shares. StockNews.com raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Tuesday. Bank of America raised their price target on shares of Garmin from $120.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Barrington Research raised their price target on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. Tigress Financial reissued a “strong-buy” rating and issued a $175.00 price target (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. raised their price target on shares of Garmin from $139.00 to $155.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Garmin has a consensus rating of “Hold” and an average target price of $142.33.

Insider Activity

In other news, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the completion of the transaction, the vice president now owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $135.18, for a total value of $349,710.66. Following the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at approximately $969,781.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the sale, the chief executive officer now directly owns 159,319 shares in the company, valued at $21,379,016.61. The disclosure for this sale can be found here. Insiders sold 99,476 shares of company stock valued at $14,166,944 in the last quarter. Company insiders own 19.89% of the company’s stock.

Garmin Stock Performance

GRMN opened at $142.51 on Wednesday. The company has a fifty day moving average price of $141.30 and a two-hundred day moving average price of $127.10. Garmin Ltd. has a 52 week low of $94.89 and a 52 week high of $149.54. The firm has a market capitalization of $27.33 billion, a PE ratio of 21.24, a P/E/G ratio of 4.62 and a beta of 0.98.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.32. Garmin had a net margin of 24.67% and a return on equity of 16.60%. The firm had revenue of $1.48 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the business earned $1.35 EPS. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. Equities analysts forecast that Garmin Ltd. will post 5.45 EPS for the current year.

Garmin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio (DPR) is 43.52%.

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.