Whittier Trust Co. of Nevada Inc. has reduced its holdings in Chunghwa Telecom Co., Ltd. by 3.2% during the first quarter of 2024. According to a disclosure filed with the Securities & Exchange Commission, Whittier Trust now owns 7,183 shares after selling 241 shares, with these holdings valued at approximately $282,000 at the end of the quarter.
This move comes as a number of institutional investors have made significant changes to their positions in Chunghwa Telecom. For instance, Northern Trust Corp has increased its stake by an impressive 420.8% in the fourth quarter, now holding 676,302 shares worth $25,463,000 after acquiring an additional 546,436 shares.
Institutional Investor Activity
Other notable adjustments were made by Schroder Investment Management Group, which raised its holdings by 2.3% during the same quarter, now owning 650,358 shares valued at $24,662,000. Similarly, Dimensional Fund Advisors LP increased its stake by 0.8%, bringing its total to 424,763 shares worth $16,003,000.
In the first quarter, Rhumbline Advisers also expanded its position by 3.5%, now holding 264,373 shares valued at $10,366,000. Furthermore, American Century Companies Inc. raised its holdings by 15.3% in the fourth quarter, acquiring 255,122 shares worth $9,605,000. Overall, institutional investors now own 2.11% of Chunghwa Telecom’s stock.
Market Performance and Future Outlook
As for the stock’s performance, Chunghwa Telecom (NYSE: CHT) opened at $44.43 on Friday. The stock has a 50-day moving average of $44.68 and a 200-day moving average of $40.95. Over the past year, it has reached a low of $36.29 and a high of $47.03. The company boasts a market capitalization of $34.46 billion, a price-to-earnings ratio of 29.82, and a beta of 0.25.
Chunghwa Telecom recently reported its quarterly earnings, revealing earnings per share of $0.38, matching analysts’ expectations. The company generated revenue of $1.85 billion, which was below the projected $56.11 billion. Its net margin stands at 16.29%, with a return on equity of 9.63%. Analysts forecast an earnings per share of $1.44 for the current fiscal year.
In addition to these developments, Chunghwa Telecom declared an annual dividend of $1.6695, scheduled for distribution on August 8, 2024. Shareholders of record as of July 3, 2024 will receive this dividend, which represents a yield of 2.9%, an increase from the previous annual dividend of $1.47. The company’s dividend payout ratio is currently 87.25%.
Chunghwa Telecom Co., Ltd. provides a range of telecommunication services both in Taiwan and internationally. Its operations span several segments, including Consumer Business, Enterprise Business, International Business, and Others, offering fixed-line telephone services, mobile plans, broadband, and internet services.
