Covenant Asset Management LLC Has $3.15 Million Stock Position in Oracle Co. (NYSE:ORCL)

Covenant Asset Management LLC lowered its stake in Oracle Co. (NYSE:ORCL) by 2.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 18,510 shares of the enterprise software provider’s stock after selling 500 shares during the period. Covenant Asset Management LLC’s holdings in Oracle were worth $3,154,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in shares of Oracle by 148.8% during the first quarter. Janus Henderson Group PLC now owns 12,872,300 shares of the enterprise software provider’s stock valued at $1,616,855,000 after acquiring an additional 7,699,141 shares during the last quarter. PineStone Asset Management Inc. raised its stake in shares of Oracle by 131.2% during the second quarter. PineStone Asset Management Inc. now owns 3,911,201 shares of the enterprise software provider’s stock valued at $552,262,000 after acquiring an additional 2,219,450 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Oracle by 97.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,242,647 shares of the enterprise software provider’s stock valued at $532,920,000 after acquiring an additional 2,093,893 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Oracle by 16,023.4% during the third quarter. International Assets Investment Management LLC now owns 2,065,083 shares of the enterprise software provider’s stock valued at $351,890,000 after acquiring an additional 2,052,275 shares during the last quarter. Finally, Altshuler Shaham Ltd raised its stake in shares of Oracle by 5,853.1% during the second quarter. Altshuler Shaham Ltd now owns 1,552,580 shares of the enterprise software provider’s stock valued at $219,224,000 after acquiring an additional 1,526,500 shares during the last quarter. Institutional investors and hedge funds own 42.44% of the company’s stock.

Insiders Place Their Bets

In other Oracle news, EVP Maria Smith sold 6,320 shares of Oracle stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $165.00, for a total value of $1,042,800.00. Following the sale, the executive vice president now owns 42,889 shares of the company’s stock, valued at approximately $7,076,685. The trade was a 12.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 42.20% of the company’s stock.

Oracle Stock Up 1.1 %

Oracle stock opened at $192.81 on Friday. Oracle Co. has a fifty-two week low of $99.26 and a fifty-two week high of $196.04. The stock has a market cap of $534.29 billion, a PE ratio of 49.69, a price-to-earnings-growth ratio of 3.48 and a beta of 1.02. The firm’s 50-day simple moving average is $175.02 and its 200 day simple moving average is $148.68. The company has a debt-to-equity ratio of 6.68, a quick ratio of 0.72 and a current ratio of 0.72.

Oracle (NYSE:ORCL) last released its quarterly earnings results on Monday, September 9th. The enterprise software provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.06. Oracle had a net margin of 20.40% and a return on equity of 171.38%. The business had revenue of $13.31 billion for the quarter, compared to analysts’ expectations of $13.23 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. Research analysts predict that Oracle Co. will post 5 EPS for the current fiscal year.

Oracle Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 24th. Shareholders of record on Thursday, October 10th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Thursday, October 10th. Oracle’s dividend payout ratio is 41.24%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Oracle from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Piper Sandler lifted their target price on shares of Oracle from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. BMO Capital Markets lifted their target price on shares of Oracle from $160.00 to $173.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 10th. Citigroup lifted their target price on shares of Oracle from $140.00 to $157.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, Guggenheim lifted their target price on shares of Oracle from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Eleven analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $169.52.

About Oracle

Oracle Corporation offers products and services that address enterprise information technology environments worldwide. Its Oracle cloud software as a service offering include various cloud software applications, including Oracle Fusion cloud enterprise resource planning (ERP), Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Cerner healthcare, Oracle Advertising, and NetSuite applications suite, as well as Oracle Fusion Sales, Service, and Marketing.