Open Text Corporation (NASDAQ:OTEX) Declares Quarterly Dividend of $0.28

Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) announced a quarterly dividend on Tuesday, November 3rd. Shareholders of record on Friday, December 4th will be given a dividend of $0.28 per share by the software maker on Friday, December 18th. This represents a $1.12 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Friday, December 4th.

Open Text has a payout ratio of 26.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Open Text to earn $3.86 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 29.0%.

Open Text Stock Down 1.8%

Shares of OTEX traded down $0.47 during midday trading on Thursday, hitting $26.12. The company had a trading volume of 1,836,419 shares, compared to its average volume of 1,936,618. The company’s 50-day simple moving average is $24.41 and its 200-day simple moving average is $23.88. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $6.31 billion, a P/E ratio of 10.12 and a beta of 0.98. Open Text has a 1 year low of $19.77 and a 1 year high of $38.29.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, November 5th. The software maker reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.11. Open Text had a return on equity of 25.76% and a net margin of 12.26%. During the same quarter in the prior year, the firm earned $1.05 earnings per share. The business’s quarterly revenue was down 4.0% on a year-over-year basis. As a group, sell-side analysts expect that Open Text will post 3.72 EPS for the current year.

Analyst Upgrades and Downgrades

OTEX has been the subject of a number of recent research reports. Scotia decreased their price target on shares of Open Text from $40.00 to $33.00 and set a “sector outperform” rating for the company in a research note on Friday, August 7th. Citigroup increased their price objective on shares of Open Text from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Raymond James Financial lowered shares of Open Text from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $35.00 to $29.50 in a report on Thursday, August 6th. UBS Group lifted their price objective on shares of Open Text from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Open Text from a “hold” rating to a “buy” rating in a research note on Saturday, September 5th. Three analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Open Text has a consensus rating of “Hold” and an average price target of $30.95.

Open Text Company Profile

OpenText Corporation is a Canadian enterprise software company that develops solutions for managing, securing and exchanging business information. Its offerings help organizations organize content, automate business processes, connect with customers and partners, and manage information across cloud, on-premises and hybrid environments.

The company’s portfolio includes enterprise content management, business network and integration services, customer experience tools, cybersecurity and information governance solutions, and software for managing enterprise applications and information technology operations.