Oracle (ORCL) Downgraded by Royal Bank of Canada to “Sector Perform”
A number of other brokerages have also recently commented on ORCL. Vetr cut shares of Oracle from a sell rating to a strong sell rating and set a $46.58 price objective on the stock. in a research note on Tuesday, September 12th. Rosenblatt Securities reissued a buy rating and issued a $58.00 price objective on shares of Oracle in a research note on Monday, September 11th. Canaccord Genuity initiated coverage on shares of Oracle in a research note on Friday, October 6th. They issued a buy rating and a $57.00 price objective on the stock. BTIG Research reissued a buy rating and issued a $58.00 price objective on shares of Oracle in a research note on Tuesday, September 19th. Finally, J P Morgan Chase & Co set a $55.00 price objective on shares of Oracle and gave the company a buy rating in a research note on Tuesday. Fourteen analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the company. Oracle currently has an average rating of Buy and an average target price of $55.02.
Shares of Oracle (NYSE:ORCL) traded down $1.89 on Friday, hitting $48.30. 75,172,521 shares of the stock were exchanged, compared to its average volume of 14,205,022. The company has a debt-to-equity ratio of 0.86, a current ratio of 3.63 and a quick ratio of 3.61. The stock has a market cap of $209,467.25, a P/E ratio of 19.16, a PEG ratio of 1.91 and a beta of 1.05. Oracle has a 1-year low of $38.30 and a 1-year high of $53.14.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 24th. Stockholders of record on Wednesday, January 10th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.57%. Oracle’s dividend payout ratio is currently 32.62%.
Oracle announced that its board has initiated a share repurchase plan on Thursday, December 14th that permits the company to buyback $12.00 billion in outstanding shares. This buyback authorization permits the enterprise software provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Jeffrey Berg sold 45,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $48.03, for a total transaction of $2,161,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dorian Daley sold 76,703 shares of the firm’s stock in a transaction that occurred on Wednesday, October 4th. The stock was sold at an average price of $49.00, for a total transaction of $3,758,447.00. The disclosure for this sale can be found here. Insiders have sold 302,026 shares of company stock worth $14,633,187 in the last quarter. Insiders own 29.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. boosted its holdings in shares of Oracle by 6,353.4% during the first quarter. Macquarie Group Ltd. now owns 18,640,774 shares of the enterprise software provider’s stock valued at $831,551,000 after acquiring an additional 18,351,920 shares during the period. BT Investment Management Ltd acquired a new position in shares of Oracle during the second quarter valued at $459,738,000. Harris Associates L P boosted its holdings in shares of Oracle by 17.9% during the second quarter. Harris Associates L P now owns 48,989,216 shares of the enterprise software provider’s stock valued at $2,456,319,000 after acquiring an additional 7,427,501 shares during the period. FMR LLC boosted its holdings in shares of Oracle by 24.8% during the second quarter. FMR LLC now owns 33,082,375 shares of the enterprise software provider’s stock valued at $1,658,750,000 after acquiring an additional 6,577,297 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Oracle by 2.6% during the second quarter. Vanguard Group Inc. now owns 206,441,876 shares of the enterprise software provider’s stock valued at $10,350,996,000 after acquiring an additional 5,270,359 shares during the period. 57.70% of the stock is owned by hedge funds and other institutional investors.
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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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