Oracle Co. (NYSE:ORCL) Stake Trimmed by Covenant Asset Management LLC

Covenant Asset Management LLC lowered its stake in Oracle Co. (NYSE:ORCL) by 5.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,500 shares of the enterprise software provider’s stock after selling 1,000 shares during the quarter. Covenant Asset Management LLC’s holdings in Oracle were worth $1,054,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of ORCL. Evolution Wealth Advisors LLC increased its position in shares of Oracle by 346.0% during the second quarter. Evolution Wealth Advisors LLC now owns 446 shares of the enterprise software provider’s stock valued at $25,000 after purchasing an additional 346 shares during the period. Investors Research Corp bought a new stake in shares of Oracle during the first quarter valued at approximately $30,000. Covenant Multifamily Offices LLC bought a new stake in shares of Oracle during the first quarter valued at approximately $35,000. ERTS Wealth Advisors LLC bought a new stake in shares of Oracle during the fourth quarter valued at approximately $36,000. Finally, Contravisory Investment Management Inc. bought a new stake in shares of Oracle during the first quarter valued at approximately $44,000. 54.27% of the stock is currently owned by hedge funds and other institutional investors.

Oracle stock traded up $0.04 on Friday, reaching $58.33. The company’s stock had a trading volume of 3,060,636 shares, compared to its average volume of 13,332,523. The company has a debt-to-equity ratio of 2.31, a quick ratio of 2.49 and a current ratio of 2.49. The stock has a market capitalization of $194.92 billion, a P/E ratio of 18.46, a price-to-earnings-growth ratio of 1.70 and a beta of 1.15. The company’s fifty day moving average is $56.78. Oracle Co. has a twelve month low of $42.40 and a twelve month high of $60.50.

Oracle (NYSE:ORCL) last posted its quarterly earnings data on Wednesday, June 19th. The enterprise software provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.18. The company had revenue of $11.14 billion for the quarter, compared to analyst estimates of $10.93 billion. Oracle had a return on equity of 40.95% and a net margin of 28.06%. The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.99 earnings per share. As a group, equities research analysts forecast that Oracle Co. will post 3.5 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Tuesday, July 16th. Oracle’s dividend payout ratio is currently 30.38%.

In other news, EVP Dorian Daley sold 100,000 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $56.92, for a total transaction of $5,692,000.00. Following the transaction, the executive vice president now owns 177,919 shares of the company’s stock, valued at $10,127,149.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Edward Screven sold 600,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $54.96, for a total value of $32,976,000.00. Following the transaction, the insider now directly owns 2,812,345 shares in the company, valued at approximately $154,566,481.20. The disclosure for this sale can be found here. Insiders have sold 1,956,250 shares of company stock worth $109,889,375 in the last ninety days. 32.00% of the stock is currently owned by insiders.

ORCL has been the topic of a number of analyst reports. Raymond James set a C$19.50 price target on Heroux Devtek and gave the company an “outperform” rating in a research report on Thursday, June 20th. Wells Fargo & Co reiterated an “outperform” rating on shares of Applied Materials in a research report on Thursday, June 20th. Morgan Stanley lowered their price target on Tesla from $97.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 21st. KeyCorp upped their price target on Paylocity from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. Finally, William Blair reiterated an “outperform” rating on shares of American Software in a research report on Thursday, June 20th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and ten have assigned a buy rating to the company’s stock. Oracle currently has a consensus rating of “Hold” and an average price target of $54.58.

About Oracle

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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Institutional Ownership by Quarter for Oracle (NYSE:ORCL)

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