CIBC Asset Management Inc lowered its holdings in shares of Oracle Co. (NYSE:ORCL) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 305,688 shares of the enterprise software provider’s stock after selling 7,535 shares during the quarter. CIBC Asset Management Inc’s holdings in Oracle were worth $15,761,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of ORCL. Truvestments Capital LLC purchased a new position in Oracle during the third quarter worth approximately $107,000. WESPAC Advisors SoCal LLC purchased a new position in Oracle during the third quarter worth approximately $119,000. ELM Advisors LLC purchased a new position in Oracle during the third quarter worth approximately $122,000. Kiley Juergens Wealth Management LLC boosted its position in Oracle by 70.9% during the third quarter. Kiley Juergens Wealth Management LLC now owns 2,747 shares of the enterprise software provider’s stock worth $141,000 after purchasing an additional 1,140 shares in the last quarter. Finally, Palo Capital Inc. purchased a new position in Oracle during the third quarter worth approximately $141,000. Institutional investors own 53.38% of the company’s stock.
NYSE:ORCL opened at $50.61 on Friday. Oracle Co. has a one year low of $42.57 and a one year high of $53.48. The company has a quick ratio of 3.43, a current ratio of 3.43 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $203.88 billion, a P/E ratio of 17.95, a P/E/G ratio of 1.65 and a beta of 1.12.
Oracle (NYSE:ORCL) last posted its quarterly earnings results on Monday, September 17th. The enterprise software provider reported $0.71 EPS for the quarter, beating the consensus estimate of $0.68 by $0.03. Oracle had a return on equity of 25.60% and a net margin of 9.74%. The firm had revenue of $9.20 billion during the quarter, compared to analysts’ expectations of $9.26 billion. During the same quarter last year, the firm earned $0.62 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. As a group, equities research analysts anticipate that Oracle Co. will post 3.06 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 30th. Investors of record on Tuesday, October 16th were issued a $0.19 dividend. The ex-dividend date of this dividend was Monday, October 15th. This represents a $0.76 annualized dividend and a dividend yield of 1.50%. Oracle’s dividend payout ratio is presently 26.95%.
Oracle announced that its board has initiated a stock repurchase program on Monday, September 17th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the enterprise software provider to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
ORCL has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Oracle from a “sell” rating to a “hold” rating in a research report on Tuesday, August 28th. Rosenblatt Securities restated a “hold” rating and issued a $51.00 target price on shares of Oracle in a research report on Tuesday, October 30th. Wells Fargo & Co decreased their target price on Oracle from $62.50 to $60.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 18th. Credit Suisse Group restated a “buy” rating and issued a $60.00 target price on shares of Oracle in a research report on Tuesday, September 18th. Finally, Barclays raised their target price on Oracle from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, September 7th. Seventeen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $53.71.
In other Oracle news, Director Hector Garcia-Molina sold 3,750 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $49.42, for a total transaction of $185,325.00. Following the completion of the sale, the director now owns 27,969 shares of the company’s stock, valued at $1,382,227.98. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Dorian Daley sold 131,696 shares of the firm’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $50.93, for a total value of $6,707,277.28. Following the sale, the executive vice president now directly owns 109,615 shares of the company’s stock, valued at approximately $5,582,691.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,946 shares of company stock valued at $7,248,965. Insiders own 32.00% of the company’s stock.
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Oracle Corporation develops, manufactures, markets, sells, hosts, and supports application, platform, and infrastructure solutions for information technology (IT) environments worldwide. The company provides services in three primary layers of the cloud: Software as a Service, Platform as a Service, and Infrastructure as a Service.
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