Connecticut Wealth Management LLC Has $277,000 Stake in Garmin Ltd. (NYSE:GRMN)

Connecticut Wealth Management LLC boosted its position in Garmin Ltd. (NYSE:GRMN) by 7.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,153 shares of the scientific and technical instruments company’s stock after acquiring an additional 140 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Garmin were worth $277,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in shares of Garmin by 213.5% during the fourth quarter. Pacer Advisors Inc. now owns 41,557 shares of the scientific and technical instruments company’s stock worth $5,342,000 after buying an additional 28,301 shares during the last quarter. Peterson Wealth Services bought a new stake in shares of Garmin during the fourth quarter worth $2,365,000. Envestnet Asset Management Inc. lifted its holdings in shares of Garmin by 42.7% during the third quarter. Envestnet Asset Management Inc. now owns 125,389 shares of the scientific and technical instruments company’s stock worth $13,191,000 after purchasing an additional 37,532 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Garmin during the fourth quarter worth $8,691,000. Finally, SteelPeak Wealth LLC lifted its holdings in shares of Garmin by 369.6% during the fourth quarter. SteelPeak Wealth LLC now owns 14,087 shares of the scientific and technical instruments company’s stock worth $1,811,000 after purchasing an additional 11,087 shares during the period. 73.41% of the stock is owned by institutional investors.

Garmin Trading Up 0.6 %

GRMN stock traded up $1.01 during midday trading on Monday, hitting $166.98. The stock had a trading volume of 330,850 shares, compared to its average volume of 955,477. The firm has a market cap of $32.07 billion, a P/E ratio of 23.41, a price-to-earnings-growth ratio of 5.31 and a beta of 0.99. Garmin Ltd. has a 1-year low of $99.61 and a 1-year high of $167.70. The business has a fifty day moving average price of $145.23 and a two-hundred day moving average price of $129.61.

Garmin (NYSE:GRMN) last announced its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.42. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. The business’s quarterly revenue was up 20.4% compared to the same quarter last year. On average, equities analysts anticipate that Garmin Ltd. will post 5.58 EPS for the current year.

Garmin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.00 annualized dividend and a dividend yield of 1.80%. Garmin’s dividend payout ratio is currently 41.18%.

Analysts Set New Price Targets

A number of brokerages have recently commented on GRMN. Bank of America lifted their price target on shares of Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Barclays lifted their price target on shares of Garmin from $140.00 to $166.00 and gave the stock an “equal weight” rating in a report on Thursday. Barrington Research boosted their target price on shares of Garmin from $119.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, February 22nd. Tigress Financial restated a “strong-buy” rating and issued a $175.00 target price (up previously from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Garmin has a consensus rating of “Hold” and an average target price of $153.50.

Insider Activity

In other news, CEO Clifton A. Pemble sold 1,622 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the transaction, the chief executive officer now owns 159,319 shares in the company, valued at $21,379,016.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $134.19, for a total transaction of $217,656.18. Following the completion of the sale, the chief executive officer now directly owns 159,319 shares of the company’s stock, valued at $21,379,016.61. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Susan Lyman sold 2,587 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the sale, the vice president now directly owns 7,174 shares of the company’s stock, valued at $969,781.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,476 shares of company stock worth $14,166,944. Company insiders own 19.54% of the company’s stock.

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.