Tocqueville Asset Management L.P. Trims Holdings in Oracle Co. (ORCL)
Tocqueville Asset Management L.P. lowered its position in Oracle Co. (NYSE:ORCL) by 2.6% in the third quarter, Holdings Channel reports. The institutional investor owned 514,814 shares of the enterprise software provider’s stock after selling 14,010 shares during the period. Tocqueville Asset Management L.P.’s holdings in Oracle were worth $26,544,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Alps Advisors Inc. raised its stake in shares of Oracle by 6,303.9% during the second quarter. Alps Advisors Inc. now owns 731,200 shares of the enterprise software provider’s stock worth $34,571,000 after purchasing an additional 719,782 shares during the last quarter. Synovus Financial Corp raised its stake in shares of Oracle by 4.1% during the second quarter. Synovus Financial Corp now owns 196,825 shares of the enterprise software provider’s stock worth $8,679,000 after purchasing an additional 7,667 shares during the last quarter. Personal Capital Advisors Corp raised its stake in shares of Oracle by 6.8% during the second quarter. Personal Capital Advisors Corp now owns 134,305 shares of the enterprise software provider’s stock worth $5,917,000 after purchasing an additional 8,552 shares during the last quarter. MUFG Securities EMEA plc raised its stake in shares of Oracle by 23.0% during the second quarter. MUFG Securities EMEA plc now owns 253,338 shares of the enterprise software provider’s stock worth $11,162,000 after purchasing an additional 47,338 shares during the last quarter. Finally, Veritas Asset Management LLP raised its stake in shares of Oracle by 1.8% during the second quarter. Veritas Asset Management LLP now owns 7,711,045 shares of the enterprise software provider’s stock worth $339,749,000 after purchasing an additional 136,800 shares during the last quarter. Institutional investors own 50.97% of the company’s stock.
Oracle stock opened at $46.00 on Friday. The company has a current ratio of 3.43, a quick ratio of 3.43 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $193.24 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 1.57 and a beta of 1.11. Oracle Co. has a fifty-two week low of $42.57 and a fifty-two week high of $53.48.
Oracle announced that its board has authorized a stock buyback plan on Monday, September 17th that permits the company to repurchase $12.00 billion in outstanding shares. This repurchase authorization permits the enterprise software provider to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
Several research analysts have issued reports on the company. Zacks Investment Research upgraded Oracle from a “sell” rating to a “hold” rating in a research report on Wednesday. MED cut their price objective on Oracle from $56.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, October 10th. They noted that the move was a valuation call. Credit Suisse Group reiterated a “buy” rating and issued a $60.00 price objective on shares of Oracle in a research report on Wednesday, October 24th. Needham & Company LLC assumed coverage on Oracle in a research report on Monday, October 22nd. They issued a “hold” rating for the company. Finally, KeyCorp reiterated a “hold” rating on shares of Oracle in a research report on Wednesday, September 12th. Seventeen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Oracle presently has an average rating of “Hold” and an average price target of $53.71.
In other Oracle news, Director Hector Garcia-Molina sold 3,750 shares of the company’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $50.01, for a total value of $187,537.50. Following the sale, the director now owns 27,969 shares of the company’s stock, valued at $1,398,729.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dorian Daley sold 131,696 shares of the company’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $50.93, for a total value of $6,707,277.28. Following the completion of the sale, the executive vice president now directly owns 109,615 shares in the company, valued at approximately $5,582,691.95. The disclosure for this sale can be found here. Insiders sold 142,946 shares of company stock worth $7,257,365 in the last three months. 32.00% of the stock is owned by corporate insiders.
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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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