Corebridge Financial Inc. Has $8.03 Million Stock Position in Garmin Ltd. (NYSE:GRMN)

Corebridge Financial Inc. grew its stake in Garmin Ltd. (NYSE:GRMN) by 0.5% during the 4th quarter, HoldingsChannel reports. The firm owned 38,940 shares of the scientific and technical instruments company’s stock after acquiring an additional 212 shares during the quarter. Corebridge Financial Inc.’s holdings in Garmin were worth $8,032,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Cerity Partners LLC raised its stake in Garmin by 53.0% during the third quarter. Cerity Partners LLC now owns 43,035 shares of the scientific and technical instruments company’s stock worth $7,575,000 after acquiring an additional 14,912 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Garmin by 578.6% during the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 162 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Garmin by 12.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 18,877 shares of the scientific and technical instruments company’s stock valued at $3,323,000 after purchasing an additional 2,114 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Garmin by 0.3% in the third quarter. The Manufacturers Life Insurance Company now owns 109,361 shares of the scientific and technical instruments company’s stock valued at $19,251,000 after buying an additional 366 shares in the last quarter. Finally, FMR LLC grew its stake in Garmin by 40.8% during the third quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock worth $664,540,000 after buying an additional 1,093,219 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Garmin Stock Down 0.1 %

Shares of GRMN opened at $216.61 on Friday. The stock’s fifty day simple moving average is $217.34 and its 200-day simple moving average is $202.52. The firm has a market capitalization of $41.68 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 1.36 and a beta of 0.96. Garmin Ltd. has a 12-month low of $138.86 and a 12-month high of $246.50.

Garmin (NYSE:GRMN) last released its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.51. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the company posted $1.72 EPS. The company’s revenue was up 22.9% compared to the same quarter last year. Analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is presently 49.25%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on GRMN shares. Morgan Stanley raised Garmin to a “sell” rating and boosted their target price for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. Tigress Financial boosted their price objective on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. Barclays raised their target price on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a report on Thursday, February 20th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $210.80.

Insider Buying and Selling at Garmin

In other news, CEO Clifton A. Pemble sold 7,202 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $227.14, for a total transaction of $1,635,862.28. Following the completion of the transaction, the chief executive officer now directly owns 149,525 shares in the company, valued at approximately $33,963,108.50. The trade was a 4.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Patrick Desbois sold 6,911 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $227.15, for a total transaction of $1,569,833.65. Following the completion of the sale, the chief operating officer now owns 63,048 shares in the company, valued at $14,321,353.20. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,342 shares of company stock worth $5,486,094. Insiders own 19.54% of the company’s stock.

About Garmin

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.