Banque Pictet & Cie SA Makes New $4.27 Million Investment in TE Connectivity Ltd. (NYSE:TEL)

Banque Pictet & Cie SA bought a new position in shares of TE Connectivity Ltd. (NYSE:TEL) in the 4th quarter, HoldingsChannel.com reports. The fund bought 29,843 shares of the electronics maker’s stock, valued at approximately $4,267,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of TE Connectivity by 2.1% during the third quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock worth $1,940,615,000 after buying an additional 268,837 shares during the period. Geode Capital Management LLC boosted its position in shares of TE Connectivity by 1.3% during the third quarter. Geode Capital Management LLC now owns 5,981,870 shares of the electronics maker’s stock worth $899,681,000 after buying an additional 75,658 shares during the period. EdgePoint Investment Group Inc. boosted its position in shares of TE Connectivity by 26.0% during the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after buying an additional 694,917 shares during the period. Franklin Resources Inc. boosted its position in shares of TE Connectivity by 31.1% during the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock worth $445,603,000 after buying an additional 712,228 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of TE Connectivity by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,762,099 shares of the electronics maker’s stock worth $266,059,000 after buying an additional 9,864 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on TEL. Bank of America raised their price target on TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. HSBC upgraded TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target on the stock in a research note on Thursday, January 23rd. Truist Financial cut their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. StockNews.com cut TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, Wells Fargo & Company lifted their target price on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $167.00.

TE Connectivity Price Performance

Shares of TEL opened at $152.87 on Friday. TE Connectivity Ltd. has a twelve month low of $137.61 and a twelve month high of $159.98. The stock’s 50 day moving average is $146.78 and its two-hundred day moving average is $148.23. The firm has a market capitalization of $45.61 billion, a PE ratio of 24.42, a P/E/G ratio of 2.01 and a beta of 1.32. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the previous year, the company earned $1.84 EPS. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. Research analysts anticipate that TE Connectivity Ltd. will post 7.95 earnings per share for the current year.

TE Connectivity announced that its Board of Directors has approved a stock buyback program on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at TE Connectivity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $151.13, for a total transaction of $587,744.57. Following the sale, the insider now owns 25,976 shares of the company’s stock, valued at $3,925,752.88. The trade was a 13.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

About TE Connectivity

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.