Fintel reports that BlackRock has filed a 13G form with the SEC disclosing ownership of 21.05MM shares of TE Connectivity Ltd (TEL). This represents 6.6% of the company.
In their previous filing dated February 11, 2019 they reported 16.80MM shares and 4.96% of the company, an increase in shares of 25.28% and an increase in total ownership of 1.64% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 2.59% Upside
As of February 2, 2023, the average one-year price target for TE Connectivity is $138.45. The forecasts range from a low of $116.15 to a high of $168.00. The average price target represents an increase of 2.59% from its latest reported closing price of $134.95.
The projected annual revenue for TE Connectivity is $16,287MM, a decrease of 0.10%. The projected annual EPS is $6.99, a decrease of 0.81%.
Fund Sentiment
There are 1652 funds or institutions reporting positions in TE Connectivity. This is a decrease of 16 owner(s) or 0.96%.
Average portfolio weight of all funds dedicated to US:TEL is 0.3618%, a decrease of 1.0828%. Total shares owned by institutions increased in the last three months by 1.54% to 373,194K shares.
What are large shareholders doing?
Capital World Investors holds 18,851,110 shares representing 5.96% ownership of the company. In it's prior filing, the firm reported owning 18,915,729 shares, representing a decrease of 0.34%. The firm increased its portfolio allocation in TEL by 2.72% over the last quarter.
Dodge & Cox holds 16,911,094 shares representing 5.34% ownership of the company. In it's prior filing, the firm reported owning 17,088,935 shares, representing a decrease of 1.05%. The firm increased its portfolio allocation in TEL by 5.66% over the last quarter.
T. Rowe Price Investment Management holds 15,491,185 shares representing 4.90% ownership of the company.
Clearbridge Investments holds 11,044,265 shares representing 3.49% ownership of the company. In it's prior filing, the firm reported owning 10,756,755 shares, representing an increase of 2.60%. The firm increased its portfolio allocation in TEL by 8.35% over the last quarter.
PRWCX - T. Rowe Price Capital Appreciation Fund holds 9,919,477 shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 9,455,777 shares, representing an increase of 4.67%. The firm increased its portfolio allocation in TEL by 5.08% over the last quarter.
TE Connectivity Declares $0.56 Dividend
TE Connectivity said on March 9, 2022 that its board of directors declared a regular quarterly dividend of $0.56 per share ($2.24 annualized). Shareholders of record as of November 17, 2022 received the payment on December 2, 2022. Previously, the company paid $0.50 per share.
At the current share price of $134.95 / share, the stock's dividend yield is 1.66%. Looking back five years and taking a sample every week, the average dividend yield has been 1.86%, the lowest has been 1.22%, and the highest has been 3.37%. The standard deviation of yields is 0.36 (n=237).
The current dividend yield is 0.55 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.31. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.22%, demonstrating that it has increased its dividend over time.
TE Connectivity Background Information
(This description is provided by the company.)
TE Connectivity is a $12 billion global industrial technology leader creating a safer, sustainable, productive and connected future. Its broad range of connectivity and sensor solutions, proven in the harshest environments, enable advancements in transportation, industrial applications, medical technology, energy, data communications and the home. With approximately 80,000 employees, including more than 7,500 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
