SP Asset Management Acquires New Position in Oracle Co. (ORCL)
SP Asset Management acquired a new stake in shares of Oracle Co. (NYSE:ORCL) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 134,726 shares of the enterprise software provider’s stock, valued at approximately $6,156,000. Oracle comprises about 1.7% of SP Asset Management’s holdings, making the stock its 16th biggest holding.
Several other large investors also recently made changes to their positions in the company. Rainier Group Investment Advisory LLC purchased a new stake in Oracle in the first quarter worth about $106,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Oracle in the second quarter worth about $126,000. Financial Gravity Wealth Inc. purchased a new stake in Oracle in the first quarter worth about $130,000. Clearwater Capital Advisors LLC purchased a new stake in Oracle in the first quarter worth about $134,000. Finally, Omnia Family Wealth LLC lifted its holdings in Oracle by 439.6% in the first quarter. Omnia Family Wealth LLC now owns 3,076 shares of the enterprise software provider’s stock worth $141,000 after buying an additional 2,506 shares during the period. 53.40% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on ORCL shares. TheStreet upgraded shares of Oracle from a “c+” rating to a “b” rating in a report on Tuesday, June 19th. Nomura dropped their price target on shares of Oracle from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, June 14th. Credit Suisse Group restated a “buy” rating and set a $60.00 price target on shares of Oracle in a research report on Thursday, June 7th. Goldman Sachs Group reissued a “buy” rating and issued a $55.00 price target on shares of Oracle in a research note on Tuesday, September 18th. Finally, KeyCorp reissued a “hold” rating on shares of Oracle in a research note on Friday, June 15th. Sixteen research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $53.92.
Oracle (NYSE:ORCL) last announced its quarterly earnings data on Monday, September 17th. The enterprise software provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. The firm had revenue of $9.20 billion during the quarter, compared to analysts’ expectations of $9.26 billion. Oracle had a net margin of 9.74% and a return on equity of 25.60%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 earnings per share. research analysts predict that Oracle Co. will post 3.07 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 30th. Investors of record on Tuesday, October 16th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Monday, October 15th. Oracle’s dividend payout ratio (DPR) is currently 26.95%.
Oracle announced that its Board of Directors has authorized a stock repurchase program on Monday, September 17th that authorizes the company to buyback $12.00 billion in shares. This buyback authorization authorizes the enterprise software provider to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.
In other Oracle news, Director Naomi O. Seligman sold 45,000 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $48.09, for a total transaction of $2,164,050.00. Following the completion of the transaction, the director now owns 27,969 shares in the company, valued at approximately $1,345,029.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dorian Daley sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $45.13, for a total transaction of $2,256,500.00. Following the transaction, the executive vice president now owns 57,267 shares of the company’s stock, valued at approximately $2,584,459.71. The disclosure for this sale can be found here. Insiders sold 102,500 shares of company stock valued at $4,785,013 in the last 90 days. Company insiders own 29.00% of the company’s stock.
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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