Garmin Ltd. (NASDAQ:GRMN) announced a quarterly dividend on Wednesday, June 9th, Wall Street Journal reports. Shareholders of record on Tuesday, March 15th will be given a dividend of 0.67 per share by the scientific and technical instruments company on Thursday, March 31st. This represents a $2.68 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Monday, March 14th.
Garmin has raised its dividend by 17.7% over the last three years and has increased its dividend annually for the last 1 consecutive years. Garmin has a dividend payout ratio of 49.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Garmin to earn $5.79 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 46.3%.
Shares of NASDAQ GRMN opened at $142.60 on Friday. Garmin has a twelve month low of $90.12 and a twelve month high of $145.20. The stock has a market cap of $27.40 billion, a price-to-earnings ratio of 26.12, a P/E/G ratio of 3.98 and a beta of 1.04. The stock has a 50 day moving average price of $139.72.
In other news, Director Philip Straub sold 5,898 shares of Garmin stock in a transaction that occurred on Monday, May 10th. The shares were sold at an average price of $144.74, for a total transaction of $853,676.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sean Biddlecombe sold 1,079 shares of Garmin stock in a transaction that occurred on Friday, April 30th. The shares were sold at an average price of $137.56, for a total transaction of $148,427.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 248,468 shares of company stock worth $35,248,096. 21.39% of the stock is owned by corporate insiders.
Several analysts recently commented on GRMN shares. Morgan Stanley raised their price target on shares of Garmin from $134.00 to $138.00 and gave the company an “equal weight” rating in a research report on Thursday, April 29th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Garmin from $120.00 to $130.00 and gave the stock a “hold” rating in a research note on Thursday, February 18th. Zacks Investment Research downgraded shares of Garmin from a “buy” rating to a “hold” rating and set a $144.00 price target on the stock. in a research note on Monday, May 3rd. Finally, Credit Suisse Group boosted their price target on shares of Garmin from $129.00 to $140.00 and gave the company a “neutral” rating in a research note on Thursday, April 29th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Garmin has a consensus rating of “Hold” and a consensus price target of $135.57.
Garmin Company Profile
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.
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