TD Waterhouse Canada Inc. Has $45.23 Million Stake in Open Text Corporation $OTEX

TD Waterhouse Canada Inc. raised its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 3.3% in the second quarter, Holdings Channel reports. The fund owned 1,977,244 shares of the software maker’s stock after purchasing an additional 63,757 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Open Text were worth $45,232,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its holdings in shares of Open Text by 75.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,437,335 shares of the software maker’s stock valued at $36,307,000 after purchasing an additional 619,527 shares during the last quarter. United Services Automobile Association bought a new position in Open Text in the 1st quarter valued at approximately $213,000. EverSource Wealth Advisors LLC boosted its position in Open Text by 39.7% in the second quarter. EverSource Wealth Advisors LLC now owns 2,005 shares of the software maker’s stock valued at $59,000 after buying an additional 570 shares in the last quarter. Cerity Partners LLC boosted its position in Open Text by 3.4% in the second quarter. Cerity Partners LLC now owns 49,003 shares of the software maker’s stock valued at $1,431,000 after buying an additional 1,612 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Open Text by 16.8% during the second quarter. Qube Research & Technologies Ltd now owns 46,500 shares of the software maker’s stock worth $1,360,000 after buying an additional 6,700 shares during the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTEX. Weiss Ratings reiterated a “hold (c-)” rating on shares of Open Text in a research note on Wednesday, June 24th. Citigroup boosted their price objective on Open Text from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Scotiabank dropped their target price on Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research report on Friday, August 7th. Royal Bank Of Canada cut their price target on Open Text from $30.00 to $27.00 and set a “sector perform” rating on the stock in a research note on Friday, May 8th. Finally, Barclays boosted their price target on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Three equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Open Text currently has a consensus rating of “Hold” and an average target price of $32.46.

Open Text Stock Performance

Shares of Open Text stock opened at $24.85 on Friday. The stock has a market cap of $6.02 billion, a price-to-earnings ratio of 9.63 and a beta of 1.02. Open Text Corporation has a twelve month low of $19.77 and a twelve month high of $39.90. The company’s fifty day moving average is $23.92 and its 200 day moving average is $23.35. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.43.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its earnings results on Thursday, August 6th. The software maker reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.21. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.29 billion. Open Text had a return on equity of 25.76% and a net margin of 12.26%.Open Text’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.97 EPS. Sell-side analysts forecast that Open Text Corporation will post 3.72 EPS for the current year.

Open Text Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.5%. This is a positive change from Open Text’s previous quarterly dividend of $0.28. The ex-dividend date is Friday, September 4th. Open Text’s dividend payout ratio is 42.64%.

Open Text Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.