Oracle Corporation (NYSE:ORCL) Shares Acquired by Eastern Bank

Key Points

• Eastern Bank increased its stake in Oracle Corporation by 27.2%, now owning 364,253 shares valued at approximately $50.9 million.
• Oracle reported a 12-month revenue growth of 11.3% and topped EPS estimates, achieving $1.70 against a consensus of $1.64.
• Numerous investment firms have upgraded Oracle's ratings, leading to target price increases, with price targets now reaching as high as $275.00.

Eastern Bank increased its stake in Oracle Corporation (NYSE:ORCL - Free Report) by 27.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 364,253 shares of the enterprise software provider's stock after acquiring an additional 77,862 shares during the period. Oracle comprises approximately 1.0% of Eastern Bank's portfolio, making the stock its 28th largest position. Eastern Bank's holdings in Oracle were worth $50,926,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of ORCL. Redmont Wealth Advisors LLC purchased a new stake in shares of Oracle in the 1st quarter worth about $27,000. Inlight Wealth Management LLC purchased a new stake in Oracle during the 1st quarter valued at $28,000. Iron Horse Wealth Management LLC increased its position in Oracle by 284.9% during the first quarter. Iron Horse Wealth Management LLC now owns 204 shares of the enterprise software provider's stock valued at $29,000 after acquiring an additional 151 shares during the last quarter. Sunbeam Capital Management LLC purchased a new stake in shares of Oracle during the 4th quarter valued at about $30,000. Finally, Hurley Capital LLC purchased a new stake in shares of Oracle in the 4th quarter worth $33,000. Hedge funds and other institutional investors own 42.44% of the company's stock.

Oracle Price Performance

NYSE ORCL traded up $0.56 on Wednesday, hitting $250.54. The company had a trading volume of 8,386,083 shares, compared to its average volume of 11,441,882. The company has a market capitalization of $703.72 billion, a PE ratio of 57.73, a PEG ratio of 3.73 and a beta of 1.39. The company's fifty day moving average price is $209.84 and its 200-day moving average price is $173.44. The company has a debt-to-equity ratio of 4.07, a current ratio of 0.75 and a quick ratio of 0.75. Oracle Corporation has a 12-month low of $118.86 and a 12-month high of $253.07.

Oracle (NYSE:ORCL - Get Free Report) last released its earnings results on Wednesday, June 11th. The enterprise software provider reported $1.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.64 by $0.06. The business had revenue of $15.90 billion during the quarter, compared to analyst estimates of $15.58 billion. Oracle had a net margin of 21.68% and a return on equity of 87.34%. The company's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.63 earnings per share. As a group, analysts predict that Oracle Corporation will post 5 earnings per share for the current year.

Oracle Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 24th. Shareholders of record on Thursday, July 10th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.80%. The ex-dividend date was Thursday, July 10th. Oracle's dividend payout ratio (DPR) is presently 46.08%.

Insider Buying and Selling at Oracle

In related news, Vice Chairman Jeffrey Henley sold 400,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $190.42, for a total transaction of $76,168,000.00. Following the completion of the transaction, the insider owned 1,097,576 shares in the company, valued at approximately $209,000,421.92. The trade was a 26.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Maria Smith sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $232.99, for a total value of $2,329,900.00. Following the completion of the transaction, the executive vice president directly owned 40,807 shares of the company's stock, valued at $9,507,622.93. This trade represents a 19.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 448,669 shares of company stock valued at $85,555,309. Corporate insiders own 42.20% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ORCL shares. CIBC reissued a "buy" rating on shares of Oracle in a research note on Monday, June 9th. Evercore ISI lifted their price target on Oracle from $215.00 to $270.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Guggenheim boosted their target price on Oracle from $220.00 to $250.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Piper Sandler upgraded Oracle from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $190.00 to $270.00 in a report on Thursday, July 10th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Oracle in a research report on Wednesday, June 18th. Nine research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $218.29.

Oracle Company Profile

Oracle Corporation offers 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 Cerner healthcare, Oracle Advertising, and NetSuite applications suite, as well as Oracle Fusion Sales, Service, and Marketing.