Wells Fargo & Company MN Has $247.17 Million Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Wells Fargo & Company MN lowered its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 4.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,728,832 shares of the electronics maker’s stock after selling 71,900 shares during the period. Wells Fargo & Company MN’s holdings in TE Connectivity were worth $247,171,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. boosted its position in TE Connectivity by 4.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after purchasing an additional 9,670 shares during the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of TE Connectivity during the 4th quarter valued at about $2,920,000. Meyer Handelman Co. grew its stake in shares of TE Connectivity by 9.9% in the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after buying an additional 9,175 shares in the last quarter. abrdn plc acquired a new position in TE Connectivity in the fourth quarter worth approximately $15,739,000. Finally, Truist Financial Corp raised its position in TE Connectivity by 32.8% during the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock valued at $18,509,000 after acquiring an additional 31,991 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

Insider Activity at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of TE Connectivity stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the completion of the transaction, the insider now directly owns 25,976 shares of the company’s stock, valued at approximately $3,812,497.52. This trade represents a 49.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is owned by insiders.

Analysts Set New Price Targets

TEL has been the topic of several analyst reports. Truist Financial dropped their price target on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Robert W. Baird increased their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Bank of America boosted 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. Citigroup increased their price objective on TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Finally, StockNews.com lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, TE Connectivity presently has an average rating of “Hold” and a consensus price target of $167.00.

TE Connectivity Stock Performance

TEL opened at $121.92 on Friday. The stock has a market cap of $36.38 billion, a PE ratio of 19.48, a P/E/G ratio of 2.11 and a beta of 1.25. TE Connectivity Ltd. has a 1 year low of $120.99 and a 1 year high of $159.98. The stock’s 50 day simple moving average is $147.64 and its 200-day simple moving average is $148.05. 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 results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm 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 firm posted $1.84 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Wednesday, May 21st. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s dividend payout ratio (DPR) is 45.37%.

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.