TE Connectivity Ltd (TEL) Plans $0.40 Quarterly Dividend
TE Connectivity Ltd (NYSE:TEL) declared a quarterly dividend on Wednesday, February 7th, RTT News reports. Shareholders of record on Friday, February 23rd will be given a dividend of 0.40 per share by the electronics maker on Friday, March 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.61%.
TE Connectivity has raised its dividend payment by an average of 11.9% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. TE Connectivity has a dividend payout ratio of 30.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect TE Connectivity to earn $5.90 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 27.1%.
TE Connectivity (NYSE TEL) opened at $99.55 on Thursday. TE Connectivity has a fifty-two week low of $71.93 and a fifty-two week high of $108.23. The company has a market cap of $34,818.60, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 1.66 and a beta of 1.11. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.58 and a quick ratio of 1.03.
TE Connectivity declared that its board has approved a stock buyback plan on Friday, December 8th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In other TE Connectivity news, COO Joseph B. Donahue sold 1,238 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $93.23, for a total transaction of $115,418.74. Following the sale, the chief operating officer now directly owns 52,134 shares in the company, valued at $4,860,452.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas J. Lynch sold 76,183 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $103.61, for a total transaction of $7,893,320.63. Following the sale, the insider now owns 254,715 shares in the company, valued at $26,391,021.15. The disclosure for this sale can be found here. Insiders have sold 764,702 shares of company stock worth $74,389,656 over the last quarter. Corporate insiders own 0.70% of the company’s stock.
Several equities analysts recently commented on TEL shares. Wells Fargo & Co upped their price target on shares of TE Connectivity from $112.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research note on Monday, January 15th. Royal Bank of Canada restated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of TE Connectivity in a research note on Monday, October 30th. Stifel Nicolaus restated a “buy” rating and issued a $98.00 price target on shares of TE Connectivity in a research note on Friday, November 3rd. Finally, Morgan Stanley upped their price target on shares of TE Connectivity from $97.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $137.09.
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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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