Pictet Asset Management Holding SA Sells 47,724 Shares of Garmin Ltd. (NYSE:GRMN)

Pictet Asset Management Holding SA trimmed its stake in Garmin Ltd. (NYSE:GRMN - Free Report) by 8.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 538,718 shares of the scientific and technical instruments company's stock after selling 47,724 shares during the period. Pictet Asset Management Holding SA owned about 0.28% of Garmin worth $111,116,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Geneos Wealth Management Inc. increased its stake in shares of Garmin by 1.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,863 shares of the scientific and technical instruments company's stock valued at $591,000 after buying an additional 49 shares during the period. Curbstone Financial Management Corp raised its holdings in Garmin by 1.3% during the 4th quarter. Curbstone Financial Management Corp now owns 3,886 shares of the scientific and technical instruments company's stock worth $802,000 after purchasing an additional 50 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Garmin by 26.8% in the 4th quarter. Larson Financial Group LLC now owns 241 shares of the scientific and technical instruments company's stock worth $50,000 after purchasing an additional 51 shares during the period. Addison Advisors LLC boosted its stake in shares of Garmin by 11.1% in the 4th quarter. Addison Advisors LLC now owns 522 shares of the scientific and technical instruments company's stock valued at $108,000 after purchasing an additional 52 shares during the last quarter. Finally, HB Wealth Management LLC increased its position in shares of Garmin by 1.4% during the fourth quarter. HB Wealth Management LLC now owns 3,821 shares of the scientific and technical instruments company's stock worth $788,000 after buying an additional 53 shares during the period. 81.60% of the stock is owned by institutional investors.

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Garmin Stock Up 0.3 %

GRMN traded up $0.73 during trading on Wednesday, hitting $218.30. 256,444 shares of the company's stock were exchanged, compared to its average volume of 944,756. The stock has a market cap of $42.00 billion, a P/E ratio of 29.86, a PEG ratio of 1.36 and a beta of 0.96. The business's 50 day moving average is $217.34 and its two-hundred day moving average is $203.59. Garmin Ltd. has a fifty-two week low of $138.86 and a fifty-two week high of $246.50.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.90 by $0.51. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The firm's revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.72 EPS. On average, sell-side analysts forecast that Garmin Ltd. will post 7.8 earnings per share for the current year.

Garmin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.90 per share. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.65%. Garmin's dividend payout ratio (DPR) is currently 49.25%.

Analysts Set New Price Targets

GRMN has been the topic of a number of research analyst reports. Tigress Financial upped their price target on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. raised their price target on shares of Garmin from $219.00 to $260.00 and gave the stock a "neutral" rating in a report on Thursday, February 20th. Barclays lifted their price target on shares of Garmin from $158.00 to $188.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Finally, Morgan Stanley raised shares of Garmin to a "sell" rating and increased their price objective for the stock from $164.00 to $171.00 in a research report on Tuesday, February 11th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Garmin presently has a consensus rating of "Hold" and a consensus target price of $210.80.

Insider Activity at Garmin

In other news, VP Susan Lyman sold 2,829 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $215.51, for a total value of $609,677.79. Following the completion of the transaction, the vice president now directly owns 8,432 shares of the company's stock, valued at $1,817,180.32. This represents a 25.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of the business's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $227.15, for a total value of $1,569,833.65. Following the completion of the transaction, the chief operating officer now directly owns 63,048 shares in the company, valued at approximately $14,321,353.20. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 24,342 shares of company stock valued at $5,486,094. 19.54% of the stock is owned by insiders.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.