Toronto Dominion Bank Sells 59,775 Shares of Open Text Co. (NASDAQ:OTEX)

Toronto Dominion Bank reduced its stake in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 10.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 516,330 shares of the software maker’s stock after selling 59,775 shares during the quarter. Toronto Dominion Bank owned approximately 0.20% of Open Text worth $14,598,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OTEX. Assenagon Asset Management S.A. boosted its position in Open Text by 5.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 19,921 shares of the software maker’s stock valued at $563,000 after buying an additional 1,049 shares during the period. Wedge Capital Management L L P NC purchased a new stake in shares of Open Text in the fourth quarter valued at approximately $2,372,000. Avior Wealth Management LLC grew its stake in Open Text by 11.5% in the fourth quarter. Avior Wealth Management LLC now owns 44,662 shares of the software maker’s stock worth $1,265,000 after purchasing an additional 4,600 shares in the last quarter. DGS Capital Management LLC increased its holdings in Open Text by 2.0% during the 4th quarter. DGS Capital Management LLC now owns 26,477 shares of the software maker’s stock worth $750,000 after purchasing an additional 530 shares during the period. Finally, Blue Trust Inc. raised its position in Open Text by 40.8% during the 4th quarter. Blue Trust Inc. now owns 1,373 shares of the software maker’s stock valued at $39,000 after purchasing an additional 398 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on OTEX. BMO Capital Markets cut their price target on Open Text from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Friday, May 2nd. TD Securities cut their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Sunday, February 9th. Scotiabank lowered their price target on shares of Open Text from $35.00 to $30.00 and set a “sector perform” rating for the company in a research report on Monday, April 28th. CIBC cut their price objective on shares of Open Text from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Finally, Citigroup upped their target price on Open Text from $29.00 to $43.00 and gave the stock a “negative” rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Open Text presently has an average rating of “Hold” and an average target price of $32.30.

Open Text Stock Performance

Shares of OTEX opened at $28.12 on Tuesday. Open Text Co. has a 12 month low of $22.79 and a 12 month high of $34.20. The stock has a fifty day moving average price of $26.10 and a 200-day moving average price of $27.67. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.50. The firm has a market cap of $7.30 billion, a PE ratio of 11.43 and a beta of 1.15.

Open Text (NASDAQ:OTEX) (TSE:OTC) last released its earnings results on Wednesday, April 30th. The software maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. Open Text had a net margin of 12.21% and a return on equity of 23.23%. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the firm earned $0.94 EPS. Open Text’s revenue was down 13.3% compared to the same quarter last year. Equities research analysts predict that Open Text Co. will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.2625 per share. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Friday, June 6th. Open Text’s dividend payout ratio (DPR) is presently 42.86%.

About Open Text

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.