Harvey Capital Management Inc. Lowers Position in Oracle Co. (NYSE:ORCL)

Harvey Capital Management Inc. cut its stake in Oracle Co. (NYSE:ORCLGet Rating) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,415 shares of the enterprise software provider’s stock after selling 200 shares during the quarter. Harvey Capital Management Inc.’s holdings in Oracle were worth $530,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Oracle in the fourth quarter valued at approximately $947,274,000. Nordea Investment Management AB grew its holdings in Oracle by 44.3% during the first quarter. Nordea Investment Management AB now owns 6,366,409 shares of the enterprise software provider’s stock valued at $531,468,000 after purchasing an additional 1,953,713 shares during the period. BlackRock Inc. grew its holdings in Oracle by 1.6% during the fourth quarter. BlackRock Inc. now owns 119,247,252 shares of the enterprise software provider’s stock valued at $10,399,550,000 after purchasing an additional 1,886,260 shares during the period. Renaissance Technologies LLC bought a new position in Oracle during the fourth quarter valued at $156,466,000. Finally, ANTIPODES PARTNERS Ltd grew its holdings in Oracle by 352.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 2,015,380 shares of the enterprise software provider’s stock valued at $166,732,000 after purchasing an additional 1,569,762 shares during the period. 42.33% of the stock is owned by hedge funds and other institutional investors.

NYSE ORCL opened at $70.87 on Tuesday. The stock’s 50-day simple moving average is $70.76 and its two-hundred day simple moving average is $77.88. Oracle Co. has a twelve month low of $63.76 and a twelve month high of $106.34. The company has a market capitalization of $188.86 billion, a price-to-earnings ratio of 29.53, a PEG ratio of 2.00 and a beta of 0.84.

Oracle (NYSE:ORCLGet Rating) last announced its quarterly earnings data on Monday, June 13th. The enterprise software provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.17. Oracle had a negative return on equity of 193.58% and a net margin of 15.83%. The firm had revenue of $11.84 billion for the quarter, compared to analysts’ expectations of $11.65 billion. During the same period last year, the firm earned $1.40 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Analysts expect that Oracle Co. will post 4.43 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 26th. Stockholders of record on Tuesday, July 12th will be paid a dividend of $0.32 per share. The ex-dividend date is Monday, July 11th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.81%. Oracle’s dividend payout ratio (DPR) is currently 53.33%.

Several brokerages have weighed in on ORCL. JPMorgan Chase & Co. set a $82.00 price objective on Oracle in a report on Thursday, June 16th. Wolfe Research cut their price target on Oracle from $105.00 to $83.00 in a report on Friday, March 11th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $75.00 price target on shares of Oracle in a report on Monday, June 27th. BNP Paribas raised Oracle from a “neutral” rating to an “outperform” rating and set a $90.00 price target for the company in a report on Wednesday, June 29th. Finally, Cowen cut their price target on Oracle from $107.00 to $98.00 and set an “outperform” rating for the company in a report on Thursday, June 9th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $90.26.

In related news, insider Edward Screven sold 419,174 shares of the firm’s stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $69.22, for a total value of $29,015,224.28. Following the sale, the insider now directly owns 2,492,613 shares of the company’s stock, valued at $172,538,671.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Safra Catz sold 1,000,000 shares of the firm’s stock in a transaction dated Friday, June 17th. The stock was sold at an average price of $68.08, for a total value of $68,080,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,118,592 shares in the company, valued at $76,153,743.36. The disclosure for this sale can be found here. Insiders have sold 3,399,174 shares of company stock worth $232,369,224 over the last ninety days. Insiders own 43.40% of the company’s stock.

Oracle Profile (Get Rating)

Oracle Corporation provides products and services that address enterprise information technology environments worldwide. Its Oracle cloud software as a service offering include various cloud software applications, including Oracle Fusion cloud enterprise resource planning (ERP), Oracle Fusion cloud enterprise performance management, Oracle Fusion cloud supply chain and manufacturing management, Oracle Fusion cloud human capital management, Oracle Fusion cloud advertising and customer experience, and NetSuite applications suite.

Further Reading

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Institutional Ownership by Quarter for Oracle (NYSE:ORCL)

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