1,658 Shares in TE Connectivity Ltd. (NYSE:TEL) Purchased by Merit Financial Group LLC

Merit Financial Group LLC acquired a new position in TE Connectivity Ltd. (NYSE:TEL) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,658 shares of the electronics maker’s stock, valued at approximately $237,000.

Other institutional investors have also added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. raised its holdings in shares of TE Connectivity by 4.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock worth $36,732,000 after buying an additional 9,670 shares during the period. Glenmede Trust Co. NA increased its stake in TE Connectivity by 13.9% in the third quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock worth $29,322,000 after purchasing an additional 23,755 shares during the period. Venturi Wealth Management LLC lifted its position in shares of TE Connectivity by 1,632.0% during the third quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock worth $989,000 after purchasing an additional 6,169 shares during the last quarter. Waverton Investment Management Ltd boosted its stake in shares of TE Connectivity by 8.2% during the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock valued at $213,089,000 after purchasing an additional 106,688 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its holdings in shares of TE Connectivity by 21.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock worth $10,471,000 after purchasing an additional 12,140 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Price Performance

Shares of TEL opened at $154.64 on Friday. The company has a 50 day moving average of $147.62 and a two-hundred day moving average of $148.88. The company has a market cap of $46.16 billion, a price-to-earnings ratio of 24.70, a price-to-earnings-growth ratio of 2.12 and a beta of 1.32. The company has a quick ratio of 1.08, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. TE Connectivity Ltd. has a twelve month low of $137.61 and a twelve month high of $159.98.

TE Connectivity (NYSE:TEL) last announced its 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 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 $3,916,310.63 billion. During the same period in the prior year, the company posted $1.84 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. As a group, analysts predict that TE Connectivity Ltd. will post 8.1 earnings per share for the current fiscal year.

TE Connectivity declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 30th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

TEL has been the subject of several research reports. Wells Fargo & Company boosted their price objective on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday. Bank of America raised their price objective on TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday. Citigroup upped their target price on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday. 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. Finally, Hsbc Global Res raised shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $167.00.

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.