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

Banque Pictet & Cie SA acquired a new position in TE Connectivity Ltd. (NYSE:TEL - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 29,843 shares of the electronics maker's stock, valued at approximately $4,267,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in TEL. Nordea Investment Management AB purchased a new position in TE Connectivity during the fourth quarter valued at approximately $149,211,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in TE Connectivity by 2,330.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 753,572 shares of the electronics maker's stock valued at $107,738,000 after purchasing an additional 722,565 shares in the last quarter. Franklin Resources Inc. lifted its holdings in TE Connectivity by 31.1% during the third 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 in the last quarter. EdgePoint Investment Group Inc. lifted its holdings in 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 valued at $508,481,000 after purchasing an additional 694,917 shares in the last quarter. Finally, State Street Corp lifted its holdings in TE Connectivity by 2.1% during the third quarter. State Street Corp now owns 12,852,607 shares of the electronics maker's stock valued at $1,940,615,000 after purchasing an additional 268,837 shares in the last quarter. Hedge funds and other institutional investors own 91.43% of the company's stock.

Insider Activity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the company's stock in a transaction dated 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.90% of the company's stock.

TE Connectivity Price Performance

TEL traded up $1.60 during trading hours on Tuesday, hitting $154.37. The company's stock had a trading volume of 1,243,102 shares, compared to its average volume of 1,630,996. The business's 50-day moving average price is $146.82 and its 200-day moving average price is $148.15. TE Connectivity Ltd. has a 12 month low of $137.61 and a 12 month high of $159.98. The stock has a market cap of $46.05 billion, a price-to-earnings ratio of 24.66, 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 - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping 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 company had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.92 billion. During the same quarter in the previous year, the business posted $1.84 earnings per share. TE Connectivity's quarterly revenue was up .1% on a year-over-year basis. Sell-side analysts expect that TE Connectivity Ltd. will post 7.95 earnings per share for the current fiscal year.

TE Connectivity declared that its board has initiated a stock 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 reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

TEL has been the topic of several analyst reports. Bank of America lifted their price target on shares of TE Connectivity from $167.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, January 23rd. Wells Fargo & Company lifted their price target on shares of TE Connectivity from $151.00 to $155.00 and gave the company an "equal weight" rating in a report on Thursday, January 23rd. Citigroup boosted their target price on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a "neutral" rating in a report on Wednesday, January 22nd. HSBC raised shares of TE Connectivity from a "reduce" rating to a "hold" rating and set a $166.00 target price on the stock in a report on Thursday, January 23rd. Finally, StockNews.com downgraded shares of TE Connectivity from a "strong-buy" rating to a "buy" rating in a report on Tuesday, February 11th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, TE Connectivity currently has a consensus rating of "Hold" and a consensus target price 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.