Whittier Trust Co. of Nevada Inc. has decreased its stake in Chunghwa Telecom Co., Ltd. (NYSE: CHT) by 3.2% during the first quarter of 2024. According to a recent disclosure with the Securities and Exchange Commission, the firm now owns 7,183 shares of the Taiwanese telecommunications provider after selling 241 shares. At the end of the quarter, these holdings were valued at approximately $282,000.
Several other institutional investors have also adjusted their positions in Chunghwa Telecom recently. Notably, Northern Trust Corp increased its holdings by an impressive 420.8% during the fourth quarter of 2023, bringing its total to 676,302 shares worth $25.46 million. Similarly, Schroder Investment Management Group raised its stake by 2.3% during the same period, resulting in ownership of 650,358 shares valued at $24.66 million. Dimensional Fund Advisors LP and Rhumbline Advisers also boosted their stakes, while American Century Companies Inc. increased its holdings by 15.3%, now owning 255,122 shares worth $9.61 million. Overall, institutional investors currently hold 2.11% of Chunghwa Telecom’s stock.
Market Performance and Analyst Ratings
Chunghwa Telecom’s stock opened at $44.43 on the most recent trading day. The company has a 50-day moving average price of $44.68 and a 200-day moving average price of $40.95. Over the past year, the stock has fluctuated between a low of $36.29 and a high of $47.03. With a market capitalization of $34.46 billion, Chunghwa Telecom reports a price-to-earnings ratio of 29.82 and a beta of 0.25, indicating lower volatility compared to the broader market.
On April 14, 2024, Wall Street Zen downgraded Chunghwa Telecom’s rating from “buy” to “hold”, reflecting a cautious outlook amid changing market conditions.
Financial Results and Dividend Announcement
Chunghwa Telecom recently announced its quarterly earnings on May 8, 2024. The company reported earnings per share of $0.38, meeting analysts’ expectations. Its revenue for the quarter was $1.85 billion, significantly lower than the forecast of $56.11 billion. The company achieved a net margin of 16.29% and a return on equity of 9.63%. Analysts predict that Chunghwa Telecom will post an EPS of $1.44 for the current fiscal year.
In addition to its earnings, Chunghwa Telecom announced an increase in its annual dividend, set to be paid on August 8, 2024. Shareholders of record on July 3, 2024 will receive a dividend of $1.6695, which represents a dividend yield of 2.9%. This increase marks a rise from the previous annual dividend of $1.47, with a dividend payout ratio currently at 87.25%.
Chunghwa Telecom Co., Ltd. offers a range of telecommunication services in Taiwan and internationally, operating through multiple segments including Consumer Business, Enterprise Business, and International Business. The company provides fixed-line and mobile services, along with broadband and data services, catering to both individual and corporate customers.
For more details on institutional holdings and recent trades, investors can refer to resources like HoldingsChannel.com for the latest filings and insider activity related to Chunghwa Telecom Co., Ltd.
