Whittier Trust Co. of Nevada Inc. has decreased its holdings in Chunghwa Telecom Co., Ltd. by 3.2% during the first quarter of 2024, as reported in its latest filing with the Securities and Exchange Commission. The firm now owns 7,183 shares of the Taiwanese telecommunications provider after selling 241 shares in the period. The total value of Whittier Trust’s holdings in Chunghwa Telecom was approximately $282,000 at the close of the quarter.
A number of institutional investors and hedge funds have also made notable adjustments to their positions in Chunghwa Telecom. Northern Trust Corp significantly increased its holdings by 420.8% during the fourth quarter, acquiring an additional 546,436 shares to reach a total of 676,302 shares, valued at $25.46 million. Similarly, Schroder Investment Management Group raised its stake by 2.3%, owning 650,358 shares worth $24.66 million after adding 14,911 shares.
Dimensional Fund Advisors LP made a modest increase of 0.8% in its holdings, totaling 424,763 shares valued at $16 million. Meanwhile, Rhumbline Advisers increased its stake by 3.5% in the first quarter, now holding 264,373 shares valued at $10.37 million. Additionally, American Century Companies Inc. raised its holdings by 15.3% during the fourth quarter, now owning 255,122 shares worth $9.61 million. Collectively, institutional investors hold 2.11% of Chunghwa Telecom’s stock.
Recent Market Performance and Analyst Ratings
On April 14, 2024, Wall Street Zen downgraded Chunghwa Telecom from a “buy” to a “hold” rating. The stock opened at $44.43 on the last trading day, with a 50-day moving average at $44.68 and a 200-day moving average at $40.95. Chunghwa Telecom has experienced a fluctuation in its stock price, with a 52-week low of $36.29 and a high of $47.03. The company currently holds a market capitalization of $34.46 billion, a price-to-earnings ratio of 29.82, and a beta of 0.25.
In its latest earnings report issued on May 8, 2024, Chunghwa Telecom announced earnings of $0.38 per share for the quarter, matching analysts’ expectations. The company reported revenue of $1.85 billion, significantly lower than the forecast of $56.11 billion. Chunghwa Telecom’s net margin stood at 16.29%, with a return on equity of 9.63%. Analysts project that the company will report earnings of $1.44 per share for the current fiscal year.
Dividend Announcement and Corporate Overview
Chunghwa Telecom has recently declared an annual dividend to be distributed on August 8, 2024. Shareholders on record as of July 3, 2024 will receive a dividend of $1.6695. This increase reflects a boost from the previous annual dividend of $1.47, resulting in a dividend yield of 2.9%. The company’s current dividend payout ratio is 87.25%.
Chunghwa Telecom Co., Ltd. operates telecommunications services within Taiwan and internationally, through various segments including Consumer Business, Enterprise Business, and International Business. The company provides a range of services, including local and long-distance telephone services, mobile plans, broadband, and internet data services.
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