Royal Bank of Canada Boosts Holdings in TE Connectivity Ltd. (NYSE:TEL)

Royal Bank of Canada lifted its stake in TE Connectivity Ltd. (NYSE:TEL) by 95.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,277,319 shares of the electronics maker’s stock after purchasing an additional 623,652 shares during the period. Royal Bank of Canada owned 0.43% of TE Connectivity worth $182,618,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TEL. Wellington Management Group LLP purchased a new stake in shares of TE Connectivity in the 4th quarter worth about $909,598,000. Vanguard Group Inc. lifted its position in shares of TE Connectivity by 14.2% in the 4th quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock worth $4,629,225,000 after purchasing an additional 4,029,596 shares during the period. Norges Bank purchased a new stake in shares of TE Connectivity in the 4th quarter worth about $508,199,000. Clearbridge Investments LLC lifted its position in shares of TE Connectivity by 72.1% in the 4th quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker’s stock worth $581,148,000 after purchasing an additional 1,702,825 shares during the period. Finally, Amundi purchased a new stake in shares of TE Connectivity in the 4th quarter worth about $159,992,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Stock Up 0.6%

NYSE:TEL opened at $164.03 on Friday. The firm has a market cap of $48.64 billion, a P/E ratio of 26.20, a P/E/G ratio of 2.11 and a beta of 1.24. 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 $116.30 and a fifty-two week high of $164.11. The firm has a 50-day simple moving average of $142.01 and a two-hundred day simple moving average of $146.60.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.14. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business had revenue of $4.14 billion during the quarter, compared to analyst estimates of $3.97 billion. During the same period last year, the business earned $1.86 EPS. TE Connectivity’s revenue was up 4.4% compared to the same quarter last year. Analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be paid a $0.71 dividend. The ex-dividend date is Wednesday, May 21st. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.73%. TE Connectivity’s payout ratio is currently 62.42%.

Analysts Set New Price Targets

Several research analysts recently issued reports on TEL shares. The Goldman Sachs Group decreased their price target on shares of TE Connectivity from $190.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. increased their price target on shares of TE Connectivity from $146.00 to $148.00 and gave the stock a “neutral” rating in a research note on Thursday, April 24th. Wells Fargo & Company increased their price target on shares of TE Connectivity from $130.00 to $148.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 24th. UBS Group reiterated a “buy” rating and issued a $163.00 price target (up from $155.00) on shares of TE Connectivity in a research note on Thursday, April 24th. Finally, Truist Financial decreased their price target on shares of TE Connectivity from $163.00 to $156.00 and set a “hold” rating for the company in a research note on Thursday, April 24th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, TE Connectivity presently has a consensus rating of “Moderate Buy” and a consensus price target of $159.50.

Insider Transactions at TE Connectivity

In other news, insider Aaron Kyle Stucki sold 5,000 shares of TE Connectivity stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $160.00, for a total value of $800,000.00. Following the completion of the sale, the insider now directly owns 23,646 shares in the company, valued at $3,783,360. The trade was a 17.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John S. Jenkins sold 20,400 shares of TE Connectivity stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $162.85, for a total transaction of $3,322,140.00. Following the completion of the sale, the executive vice president now owns 24,625 shares of the company’s stock, valued at $4,010,181.25. This represents a 45.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 174,675 shares of company stock worth $27,062,559 over the last three months. 0.90% of the stock is currently owned by company insiders.

TE Connectivity Company 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.