Venturi Wealth Management LLC Acquires 5,274 Shares of TE Connectivity Ltd. (NYSE:TEL)

Venturi Wealth Management LLC raised its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 80.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,821 shares of the electronics maker’s stock after purchasing an additional 5,274 shares during the quarter. Venturi Wealth Management LLC’s holdings in TE Connectivity were worth $1,690,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB purchased a new stake in TE Connectivity in the fourth quarter worth about $149,211,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of TE Connectivity by 2,330.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 753,572 shares of the electronics maker’s stock worth $107,738,000 after acquiring an additional 722,565 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of TE Connectivity by 31.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after purchasing an additional 712,228 shares during the period. EdgePoint Investment Group Inc. grew its stake in TE Connectivity by 26.0% in the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after purchasing an additional 694,917 shares during the period. Finally, Principal Financial Group Inc. bought a new position in TE Connectivity in the fourth quarter worth $46,675,000. 91.43% of the stock is currently owned by institutional investors.

TE Connectivity Trading Up 1.0 %

NYSE:TEL opened at $154.37 on Wednesday. The company has a 50 day simple moving average of $146.90 and a two-hundred day simple moving average of $148.21. The company has a market cap of $46.05 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 2.07 and a beta of 1.32. TE Connectivity Ltd. has a 12 month low of $137.61 and a 12 month high of $159.98. 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 posted its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping the consensus estimate of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the business posted $1.84 EPS. TE Connectivity’s revenue was up .1% on a year-over-year basis. Research analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity declared that its board has authorized a share repurchase program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at TE Connectivity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the sale, the insider now directly owns 25,976 shares of the company’s stock, valued at $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TEL has been the subject of a number of recent research reports. HSBC raised shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target for the company in a research report on Thursday, January 23rd. StockNews.com upgraded TE Connectivity from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Wells Fargo & Company increased their target price on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Truist Financial lowered their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. Finally, Bank of America increased their price objective on shares of TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $167.00.

TE Connectivity 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.