IFP Advisors Inc has increased its investment in Oracle Corporation (NYSE: ORCL) by 17.2% during the second quarter of 2023. According to the company’s latest 13F filing with the Securities and Exchange Commission (SEC), IFP Advisors now holds 47,280 shares of the enterprise software giant, having purchased an additional 6,952 shares during this period. The value of these holdings amounts to approximately $10,447,000.
Several other institutional investors have also adjusted their positions in Oracle recently. For example, Legend Financial Advisors Inc. acquired a new stake valued at $34,000, while HighMark Wealth Management LLC invested $38,000. Redmont Wealth Advisors LLC and Inlight Wealth Management LLC each made new acquisitions worth $27,000 and $28,000, respectively, during the first quarter. Additionally, Iron Horse Wealth Management LLC significantly raised its stake by 284.9% in the first quarter, now owning 204 shares valued at $29,000. Currently, institutional investors and hedge funds hold 42.44% of Oracle’s stock.
Oracle’s Stock Performance and Dividend Announcement
As of the latest trading session on Friday, Oracle’s stock opened at $296.95. The company has experienced a 12-month price range, with a low of $118.86 and a high of $345.72. Oracle boasts a market capitalization of $846.54 billion, a P/E ratio of 68.74, and a PEG ratio of 3.11. The company’s 50-day moving average price stands at $265.72, while the 200-day moving average is at $208.90.
In an important announcement, Oracle revealed a quarterly dividend of $0.50 per share, set to be paid on October 23, 2023. Shareholders on record as of October 9, 2023, will receive this dividend, which translates to an annualized amount of $2.00 and a yield of 0.7%. The company’s dividend payout ratio (DPR) is currently 46.30%.
Insider Transactions and Analyst Ratings
In recent insider activity, Clayton M. Magouyrk, an executive at Oracle, sold 21,241 shares on September 12, 2023, at an average price of $297.11, totaling $6,310,913.51. Following this transaction, Magouyrk retains 78,000 shares valued at approximately $23,174,580. This sale represents a 21.40% decrease in his ownership.
Additionally, Director Naomi O. Seligman sold 3,303 shares on July 16, 2023, at an average price of $233.32, for a total of $770,655.96. After this transaction, Seligman owns 31,447 shares valued at around $7,337,214.04. Over the last three months, insiders have sold a combined total of 104,314 shares, amounting to $31,272,223. Currently, corporate insiders hold 40.90% of the company’s stock.
Equity analysts have expressed varied opinions on Oracle’s stock. William Blair reaffirmed an “outperform” rating, while Westpark Capital raised its target price from $195.00 to $246.00, recommending a “buy.” DA Davidson increased its target price from $220.00 to $300.00 and assigned a “neutral” rating. Similarly, JPMorgan Chase & Co. adjusted its target price from $185.00 to $210.00, maintaining a “neutral” stance. Overall, Oracle has received two “Strong Buy” ratings, twenty-seven “Buy” ratings, nine “Hold” ratings, and two “Sell” ratings, leading to a consensus rating of “Moderate Buy” with an average target price of $306.43, according to data from MarketBeat.com.
Oracle Corporation continues to provide a range of products and services for enterprise information technology environments globally. Its offerings include cloud software applications across various sectors, including enterprise resource planning, performance management, and healthcare solutions.
