Mackenzie Financial Corp Acquires 293,291 Shares of Salesforce, Inc. (NYSE:CRM)

Mackenzie Financial Corp lifted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 100.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 585,861 shares of the CRM provider’s stock after buying an additional 293,291 shares during the quarter. Mackenzie Financial Corp owned about 0.06% of Salesforce worth $195,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tallon Kerry Patrick purchased a new position in Salesforce during the 4th quarter valued at about $236,000. Red Door Wealth Management LLC grew its position in Salesforce by 7.5% during the 4th quarter. Red Door Wealth Management LLC now owns 20,680 shares of the CRM provider’s stock valued at $6,914,000 after purchasing an additional 1,451 shares during the last quarter. Secure Asset Management LLC grew its position in Salesforce by 5.5% during the 4th quarter. Secure Asset Management LLC now owns 7,351 shares of the CRM provider’s stock valued at $2,458,000 after purchasing an additional 380 shares during the last quarter. Apeiron RIA LLC purchased a new stake in Salesforce during the 4th quarter valued at about $264,000. Finally, Montecito Bank & Trust grew its position in Salesforce by 12.6% during the 4th quarter. Montecito Bank & Trust now owns 4,270 shares of the CRM provider’s stock valued at $1,428,000 after purchasing an additional 477 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Morgan Stanley lowered their price objective on Salesforce from $405.00 to $393.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Cantor Fitzgerald assumed coverage on Salesforce in a research report on Wednesday, April 23rd. They issued an “overweight” rating and a $210.00 target price for the company. Loop Capital decreased their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Salesforce in a research report on Wednesday, March 19th. Finally, Piper Sandler dropped their target price on Salesforce from $400.00 to $315.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have given a buy rating and five have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus target price of $351.59.

Insider Buying and Selling

In related news, insider Srinivas Tallapragada sold 6,697 shares of the firm’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider now owns 41,422 shares of the company’s stock, valued at $12,219,490. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Miguel Milano sold 705 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now directly owns 9,323 shares in the company, valued at approximately $2,605,219.12. This trade represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,011 shares of company stock valued at $13,038,373 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Salesforce Stock Performance

Shares of CRM opened at $273.05 on Friday. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The stock has a fifty day moving average price of $268.46 and a 200-day moving average price of $306.58. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market cap of $262.51 billion, a PE ratio of 44.91, a P/E/G ratio of 2.58 and a beta of 1.42.

Salesforce Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.62%. This is an increase from Salesforce’s previous quarterly dividend of $0.40. Salesforce’s dividend payout ratio is 26.10%.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.