Southport Management L.L.C. Acquires Shares of 20,000 Oracle Co. (ORCL)
Southport Management L.L.C. acquired a new stake in Oracle Co. (NYSE:ORCL) in the 3rd quarter, HoldingsChannel reports. The fund acquired 20,000 shares of the enterprise software provider’s stock, valued at approximately $967,000. Oracle makes up about 2.6% of Southport Management L.L.C.’s investment portfolio, making the stock its 13th biggest holding.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC lifted its holdings in Oracle by 947.4% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,990 shares of the enterprise software provider’s stock valued at $100,000 after purchasing an additional 1,800 shares during the last quarter. Burt Wealth Advisors lifted its holdings in Oracle by 4.3% during the 2nd quarter. Burt Wealth Advisors now owns 2,151 shares of the enterprise software provider’s stock valued at $107,000 after purchasing an additional 88 shares during the last quarter. ETF Managers Group LLC acquired a new stake in Oracle during the 2nd quarter valued at $133,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its holdings in Oracle by 17.4% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,702 shares of the enterprise software provider’s stock valued at $135,000 after purchasing an additional 400 shares during the last quarter. Finally, Monroe Bank & Trust MI lifted its holdings in Oracle by 30.5% during the 2nd quarter. Monroe Bank & Trust MI now owns 2,885 shares of the enterprise software provider’s stock valued at $144,000 after purchasing an additional 675 shares during the last quarter. 57.92% of the stock is owned by institutional investors.
In related news, Director Hector Garcia-Molina sold 3,750 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $48.83, for a total value of $183,112.50. Following the transaction, the director now owns 18,125 shares in the company, valued at $885,043.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Naomi O. Seligman sold 45,000 shares of Oracle stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $51.34, for a total value of $2,310,300.00. Following the completion of the transaction, the director now owns 62,498 shares in the company, valued at approximately $3,208,647.32. The disclosure for this sale can be found here. Insiders sold 1,956,250 shares of company stock worth $98,313,363 in the last 90 days. 29.00% of the stock is owned by company insiders.
Oracle (NYSE:ORCL) last issued its quarterly earnings results on Thursday, December 14th. The enterprise software provider reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.02. Oracle had a return on equity of 20.49% and a net margin of 25.48%. The company had revenue of $9.63 billion for the quarter, compared to analysts’ expectations of $9.57 billion. During the same quarter last year, the business earned $0.61 earnings per share. Oracle’s revenue was up 6.2% on a year-over-year basis. analysts expect that Oracle Co. will post 2.68 EPS for the current fiscal year.
Oracle declared that its board has initiated a share buyback plan on Thursday, December 14th that allows the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization allows the enterprise software provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 24th. Investors of record on Wednesday, January 10th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date was Tuesday, January 9th. Oracle’s payout ratio is currently 32.62%.
Several brokerages have issued reports on ORCL. Vetr raised Oracle from a “hold” rating to a “buy” rating and set a $51.77 price target for the company in a report on Monday. ValuEngine raised Oracle from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Instinet began coverage on Oracle in a report on Wednesday, January 24th. They set a “buy” rating and a $51.12 price target for the company. BMO Capital Markets cut their price target on Oracle from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, December 15th. Finally, Royal Bank of Canada set a $51.00 price target on Oracle and gave the company a “neutral” rating in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and thirty have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $55.39.
Oracle Corporation (Oracle) provides products and services that address all aspects of corporate information technology (IT) environments, including application, platform and infrastructure. The Company’s businesses include cloud and on-premise software, hardware and services. Its cloud and on-premise software business consists of three segments, including cloud software and on-premise software, which includes Software as a Service (SaaS) and Platform as a Service (PaaS) offerings, cloud infrastructure as a service (IaaS) and software license updates and product support.
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