Cigna Investments Inc. New Sells 1,295 Shares of TE Connectivity Ltd. (TEL)
Cigna Investments Inc. New lowered its stake in TE Connectivity Ltd. (NYSE:TEL) by 11.5% during the second quarter, Holdings Channel reports. The fund owned 9,993 shares of the electronics maker’s stock after selling 1,295 shares during the period. Cigna Investments Inc. New’s holdings in TE Connectivity were worth $786,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in TEL. Diversified Trust Co purchased a new stake in shares of TE Connectivity during the first quarter worth approximately $1,026,000. Retirement Systems of Alabama boosted its stake in shares of TE Connectivity by 2.0% in the first quarter. Retirement Systems of Alabama now owns 171,741 shares of the electronics maker’s stock worth $12,803,000 after buying an additional 3,318 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of TE Connectivity during the first quarter worth approximately $244,000. Oakbrook Investments LLC boosted its stake in shares of TE Connectivity by 93.4% in the first quarter. Oakbrook Investments LLC now owns 24,950 shares of the electronics maker’s stock worth $1,860,000 after buying an additional 12,050 shares in the last quarter. Finally, Telemus Capital LLC boosted its stake in shares of TE Connectivity by 12.9% in the first quarter. Telemus Capital LLC now owns 13,821 shares of the electronics maker’s stock worth $1,030,000 after buying an additional 1,581 shares in the last quarter. Institutional investors and hedge funds own 90.21% of the company’s stock.
TE Connectivity Ltd. (NYSE TEL) opened at 78.66 on Friday. The company has a market capitalization of $27.80 billion, a price-to-earnings ratio of 16.70 and a beta of 1.06. TE Connectivity Ltd. has a 52-week low of $60.08 and a 52-week high of $85.20. The company’s 50-day moving average is $80.24 and its 200-day moving average is $76.81.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.07. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same period in the prior year, the firm posted $1.08 earnings per share. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, analysts expect that TE Connectivity Ltd. will post $4.74 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Stockholders of record on Friday, August 25th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Wednesday, August 23rd. TE Connectivity’s payout ratio is 33.97%.
A number of brokerages have commented on TEL. BidaskClub cut shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Cowen and Company reiterated a “buy” rating and issued a $95.00 price target on shares of TE Connectivity in a research note on Thursday. Zacks Investment Research cut shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. Finally, Royal Bank Of Canada increased their price target on shares of TE Connectivity from $86.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $83.43.
In other news, COO Joseph B. Donahue sold 52,575 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $80.03, for a total value of $4,207,577.25. Following the sale, the chief operating officer now directly owns 93,484 shares of the company’s stock, valued at $7,481,524.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas J. Lynch sold 131,875 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $79.58, for a total transaction of $10,494,612.50. Following the completion of the sale, the insider now directly owns 450,694 shares in the company, valued at $35,866,228.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 726,407 shares of company stock worth $57,751,239. Insiders own 1.30% of the company’s stock.
About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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