TE Connectivity Ltd. (NYSE:TEL – Get Free Report) declared a quarterly dividend on Wednesday, March 15th, Wall Street Journal reports. Investors of record on Friday, February 16th will be paid a dividend of 0.59 per share by the electronics maker on Friday, March 1st. This represents a $2.36 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Thursday, February 15th.
TE Connectivity has increased its dividend by an average of 7.0% per year over the last three years and has raised its dividend every year for the last 2 years. TE Connectivity has a dividend payout ratio of 28.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect TE Connectivity to earn $8.24 per share next year, which means the company should continue to be able to cover its $2.36 annual dividend with an expected future payout ratio of 28.6%.
TE Connectivity Trading Down 0.5 %
Shares of TEL opened at $143.29 on Tuesday. The business’s 50-day moving average price is $138.01 and its 200 day moving average price is $131.38. The stock has a market capitalization of $44.53 billion, a P/E ratio of 13.59, a P/E/G ratio of 2.06 and a beta of 1.41. TE Connectivity has a 1-year low of $115.00 and a 1-year high of $146.84. The company has a current ratio of 1.86, a quick ratio of 1.16 and a debt-to-equity ratio of 0.27.
Wall Street Analysts Forecast Growth
TEL has been the topic of several research analyst reports. StockNews.com raised TE Connectivity from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Truist Financial boosted their price target on TE Connectivity from $148.00 to $153.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Robert W. Baird boosted their price target on TE Connectivity from $147.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Wells Fargo & Company began coverage on TE Connectivity in a research note on Friday, December 15th. They issued an “equal weight” rating and a $144.00 price target for the company. Finally, Citigroup began coverage on TE Connectivity in a research note on Friday, January 5th. They issued a “neutral” rating and a $146.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.67.
TE Connectivity declared that its board has authorized a stock buyback plan on Tuesday, December 12th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the electronics maker to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Insider Buying and Selling
In related news, insider Steven T. Merkt sold 99,777 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $144.00, for a total value of $14,367,888.00. Following the completion of the sale, the insider now directly owns 30,459 shares in the company, valued at approximately $4,386,096. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.86% of the company’s stock.
Institutional Investors Weigh In On TE Connectivity
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Money Concepts Capital Corp lifted its holdings in TE Connectivity by 101.3% in the 4th quarter. Money Concepts Capital Corp now owns 322 shares of the electronics maker’s stock worth $37,000 after purchasing an additional 162 shares during the last quarter. First Capital Advisors Group LLC. acquired a new stake in TE Connectivity in the 2nd quarter worth approximately $62,000. Milestone Investment Advisors LLC acquired a new position in shares of TE Connectivity during the first quarter worth approximately $63,000. ICA Group Wealth Management LLC acquired a new position in shares of TE Connectivity during the fourth quarter worth approximately $59,000. Finally, State of Wyoming acquired a new position in shares of TE Connectivity during the second quarter worth approximately $122,000. 90.75% of the stock is currently owned by institutional investors and hedge funds.
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.
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