Bahl & Gaynor Inc. Reduces Stock Position in Oracle Co. (NYSE:ORCL)
Bahl & Gaynor Inc. lessened its stake in shares of Oracle Co. (NYSE:ORCL) by 12.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,657 shares of the enterprise software provider’s stock after selling 4,730 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Oracle were worth $1,578,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. First National Bank of South Miami boosted its position in Oracle by 104.6% in the fourth quarter. First National Bank of South Miami now owns 489 shares of the enterprise software provider’s stock valued at $26,000 after buying an additional 250 shares during the last quarter. Lloyd Advisory Services LLC. purchased a new stake in Oracle in the fourth quarter valued at approximately $26,000. Balentine LLC purchased a new stake in Oracle in the first quarter valued at approximately $31,000. Solstein Capital LLC purchased a new stake in Oracle in the 4th quarter worth approximately $33,000. Finally, ERTS Wealth Advisors LLC purchased a new stake in Oracle in the 4th quarter worth approximately $36,000. 48.14% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE ORCL traded down $0.82 during mid-day trading on Friday, reaching $53.71. 3,354,646 shares of the company’s stock were exchanged, compared to its average volume of 14,682,226. The firm has a market capitalization of $165.26 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 1.37 and a beta of 0.89. The company has a debt-to-equity ratio of 5.44, a quick ratio of 2.12 and a current ratio of 3.03. Oracle Co. has a 52-week low of $39.71 and a 52-week high of $60.50. The company’s 50-day moving average is $53.24 and its 200-day moving average is $52.56.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Wednesday, July 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Tuesday, July 14th. Oracle’s dividend payout ratio (DPR) is 27.75%.
Oracle announced that its board has initiated a share repurchase plan on Thursday, March 12th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the enterprise software provider to buy up to 9.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several research firms have commented on ORCL. Cleveland Research upgraded Oracle from a “neutral” rating to a “buy” rating in a research report on Monday, March 9th. Citigroup increased their price objective on Oracle from $45.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, June 17th. BNP Paribas downgraded Oracle from an “outperform” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research note on Monday, June 1st. Stifel Nicolaus increased their price objective on Oracle from $44.00 to $48.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. Finally, Argus downgraded Oracle from a “buy” rating to a “hold” rating in a research note on Friday, June 19th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $55.16.
In related news, CEO Safra Catz sold 1,000,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $51.73, for a total transaction of $51,730,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,368,592 shares in the company, valued at approximately $122,527,264.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Lawrence Joseph Ellison sold 1,400,000 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $55.60, for a total value of $77,840,000.00. Following the transaction, the chairman now owns 1,140,132,353 shares of the company’s stock, valued at $63,391,358,826.80. The disclosure for this sale can be found here. Company insiders own 36.60% 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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