Connecticut Wealth Management LLC Boosts Holdings in Garmin Ltd. (NYSE:GRMN)

Connecticut Wealth Management LLC lifted its stake in Garmin Ltd. (NYSE:GRMN) by 7.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,153 shares of the scientific and technical instruments company’s stock after purchasing an additional 140 shares during the period. Connecticut Wealth Management LLC’s holdings in Garmin were worth $277,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Wetzel Investment Advisors Inc. purchased a new position in Garmin during the 4th quarter valued at about $26,000. Blue Trust Inc. lifted its position in Garmin by 35.2% during the 4th quarter. Blue Trust Inc. now owns 380 shares of the scientific and technical instruments company’s stock valued at $49,000 after acquiring an additional 99 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new position in Garmin during the 4th quarter valued at about $51,000. Headinvest LLC bought a new stake in Garmin in the third quarter worth $41,000. Finally, Lindbrook Capital LLC grew its stake in shares of Garmin by 32.0% in the fourth quarter. Lindbrook Capital LLC now owns 466 shares of the scientific and technical instruments company’s stock worth $60,000 after acquiring an additional 113 shares during the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.

Garmin Stock Performance

Shares of GRMN traded up $1.01 during mid-day trading on Monday, hitting $166.98. 330,850 shares of the company traded hands, compared to its average volume of 955,477. The stock has a market cap of $32.07 billion, a price-to-earnings ratio of 23.41, a P/E/G ratio of 5.31 and a beta of 0.99. The stock has a 50-day moving average price of $145.23 and a two-hundred day moving average price of $129.61. Garmin Ltd. has a 1 year low of $99.61 and a 1 year high of $167.70.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.42. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.25 billion. Garmin had a net margin of 24.96% and a return on equity of 17.26%. The firm’s revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.02 EPS. On average, analysts forecast that Garmin Ltd. will post 5.58 EPS for the current year.

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Friday, December 13th. Garmin’s dividend payout ratio is 41.18%.

Analyst Ratings Changes

GRMN has been the subject of several recent analyst reports. StockNews.com lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday. Bank of America lifted their target price on shares of Garmin from $120.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, April 3rd. Barrington Research increased their price target 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 price objective (up from $165.00) on shares of Garmin in a report on Tuesday, February 27th. Finally, JPMorgan Chase & Co. increased their target price on Garmin from $155.00 to $175.00 and gave the company a “neutral” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Garmin has an average rating of “Hold” and an average target price of $153.50.

Insiders Place Their Bets

In related news, CEO Clifton A. Pemble sold 1,622 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $21,379,016.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Garmin news, VP Susan Lyman sold 2,587 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $135.18, for a total transaction of $349,710.66. Following the transaction, the vice president now directly owns 7,174 shares in the company, valued at approximately $969,781.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 owns 159,319 shares of the company’s stock, valued at approximately $21,379,016.61. The disclosure for this sale can be found here. Over the last three months, insiders have sold 99,476 shares of company stock valued at $14,166,944. Insiders own 19.54% of the company’s stock.

Garmin 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.