TD Asset Management Inc Trims Holdings in Salesforce Inc. (NYSE:CRM)

Key Points

• TD Asset Management Inc has decreased its stake in Salesforce Inc. by 6.0%, selling 49,563 shares during the first quarter and holding 772,814 shares valued at approximately $207 million.
• Despite some hedge funds reducing their stakes, others like Delaney Dennis R and Heartland Bank & Trust Co have increased their holdings significantly, reflecting 80.43% of the stock being owned by institutional investors.
• Salesforce recently announced an earnings report with an EPS of $2.58, exceeding analyst expectations, while also declaring a quarterly dividend with a yield of 0.62%.

TD Asset Management Inc reduced its holdings in Salesforce Inc. (NYSE:CRM - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 772,814 shares of the CRM provider's stock after selling 49,563 shares during the quarter. TD Asset Management Inc owned approximately 0.08% of Salesforce worth $207,392,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bernard Wealth Management Corp. acquired a new stake in shares of Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce during the fourth quarter worth $27,000. Capital A Wealth Management LLC increased its position in shares of Salesforce by 450.0% during the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after buying an additional 90 shares during the period. CBIZ Investment Advisory Services LLC increased its position in shares of Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after buying an additional 85 shares during the period. Finally, Abound Financial LLC acquired a new stake in shares of Salesforce during the first quarter worth $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Price Performance

NYSE:CRM traded down $0.53 during mid-day trading on Wednesday, hitting $266.86. 1,533,014 shares of the stock traded hands, compared to its average volume of 7,079,362. Salesforce Inc. has a 12-month low of $230.00 and a 12-month high of $369.00. The company has a market cap of $255.12 billion, a PE ratio of 41.79, a price-to-earnings-growth ratio of 2.45 and a beta of 1.36. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14. The business's 50-day moving average price is $267.33 and its 200 day moving average price is $283.24.

Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the business posted $2.44 earnings per share. Salesforce's revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts expect that Salesforce Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were given a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.62%. Salesforce's payout ratio is presently 25.98%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CRM shares. Citigroup decreased their price objective on shares of Salesforce from $320.00 to $295.00 and set a "neutral" rating for the company in a research report on Friday, May 30th. Sanford C. Bernstein increased their price objective on shares of Salesforce from $243.00 to $255.00 and gave the stock an "underperform" rating in a research report on Thursday, May 29th. Piper Sandler raised their price target on shares of Salesforce from $315.00 to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 28th. Guggenheim raised shares of Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Finally, Erste Group Bank cut shares of Salesforce from a "buy" rating to a "hold" rating in a research report on Thursday, June 5th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of "Moderate Buy" and an average price target of $348.16.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $269.11, for a total value of $605,497.50. Following the completion of the sale, the chief executive officer directly owned 11,911,571 shares in the company, valued at approximately $3,205,522,871.81. The trade was a 0.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 37,979 shares of company stock worth $10,303,399 in the last three months. Insiders own 3.20% of the company's stock.

Salesforce Company Profile

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.