TE Connectivity Ltd. (NYSE:TEL – Get Free Report) declared a quarterly dividend on Monday, March 20th, Wall Street Journal reports. Shareholders of record on Friday, February 16th will be given 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 dividend yield of 1.65%. The ex-dividend date is Thursday, February 15th.
TE Connectivity has raised its dividend by an average of 7.0% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. TE Connectivity has a payout ratio of 28.1% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Performance
TEL opened at $143.29 on Tuesday. The firm has a market cap of $44.53 billion, a P/E ratio of 13.59, a PEG 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 50 day simple moving average of $138.01 and a two-hundred day simple moving average of $131.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.86 and a quick ratio of 1.16.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Citigroup assumed coverage on shares of TE Connectivity in a research note on Friday, January 5th. They set a “neutral” rating and a $146.00 price target on the stock. Truist Financial upped their price target on shares of TE Connectivity from $148.00 to $153.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Stifel Nicolaus upped their price target on shares of TE Connectivity from $140.00 to $145.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. StockNews.com raised shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Robert W. Baird increased their target price on shares of TE Connectivity from $147.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $146.67.
Insiders Place Their Bets
In other TE Connectivity news, insider Steven T. Merkt sold 99,777 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $144.00, for a total transaction of $14,367,888.00. Following the transaction, the insider now directly owns 30,459 shares in the company, valued at approximately $4,386,096. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.86% of the stock is owned by company insiders.
Hedge Funds Weigh In On TE Connectivity
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of TE Connectivity by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 27,621,186 shares of the electronics maker’s stock valued at $3,617,824,000 after purchasing an additional 308,580 shares during the last quarter. State Street Corp raised its position in TE Connectivity by 19.5% during the 1st quarter. State Street Corp now owns 14,149,636 shares of the electronics maker’s stock worth $1,851,648,000 after buying an additional 2,309,835 shares during the last quarter. Geode Capital Management LLC raised its position in TE Connectivity by 1.2% during the 1st quarter. Geode Capital Management LLC now owns 5,332,553 shares of the electronics maker’s stock worth $697,471,000 after buying an additional 62,134 shares during the last quarter. Norges Bank purchased a new position in TE Connectivity during the 4th quarter worth approximately $584,131,000. Finally, Morgan Stanley raised its position in TE Connectivity by 56.5% during the 4th quarter. Morgan Stanley now owns 3,569,840 shares of the electronics maker’s stock worth $409,818,000 after buying an additional 1,289,023 shares during the last quarter. 90.75% of the stock is owned by hedge funds and other institutional investors.
TE Connectivity declared that its Board of Directors has authorized a share buyback program on Tuesday, December 12th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the electronics maker to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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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