The Manufacturers Life Insurance Company Has $107.98 Million Stock Holdings in Open Text Corporation $OTEX

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Open Text Corporation by 11.4%, selling 547,273 shares during the first quarter, now holding approximately 1.64% of the company valued at $107.98 million.
• Open Text has declared a quarterly dividend of $0.275 per share, increasing from a previous dividend of $0.26, resulting in an annual yield of 3.3%.
• The company reported $0.97 earnings per share for the last quarter, surpassing analysts' expectations and showing a downward trend in revenue of 3.8% year-over-year.

The Manufacturers Life Insurance Company lowered its stake in Open Text Corporation (NASDAQ:OTEX - Free Report) TSE: OTC by 11.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,255,015 shares of the software maker's stock after selling 547,273 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.64% of Open Text worth $107,979,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. JARISLOWSKY FRASER Ltd grew its position in Open Text by 11.8% during the 4th quarter. JARISLOWSKY FRASER Ltd now owns 18,547,256 shares of the software maker's stock worth $522,879,000 after purchasing an additional 1,957,695 shares in the last quarter. Vanguard Group Inc. grew its position in Open Text by 6.1% during the 1st quarter. Vanguard Group Inc. now owns 11,151,279 shares of the software maker's stock worth $281,447,000 after purchasing an additional 639,514 shares in the last quarter. Mackenzie Financial Corp grew its position in Open Text by 9.2% during the 1st quarter. Mackenzie Financial Corp now owns 5,876,003 shares of the software maker's stock worth $148,299,000 after purchasing an additional 492,897 shares in the last quarter. Turtle Creek Asset Management Inc. grew its position in Open Text by 2.1% during the 4th quarter. Turtle Creek Asset Management Inc. now owns 5,366,703 shares of the software maker's stock worth $151,985,000 after purchasing an additional 109,550 shares in the last quarter. Finally, Letko Brosseau & Associates Inc. grew its position in Open Text by 11.8% during the 1st quarter. Letko Brosseau & Associates Inc. now owns 4,860,805 shares of the software maker's stock worth $122,664,000 after purchasing an additional 512,050 shares in the last quarter. Institutional investors own 70.37% of the company's stock.

Open Text Stock Performance

NASDAQ:OTEX traded down $0.18 during midday trading on Tuesday, reaching $32.89. The stock had a trading volume of 1,919,140 shares, compared to its average volume of 1,287,600. Open Text Corporation has a 1-year low of $22.79 and a 1-year high of $34.20. The firm's fifty day simple moving average is $30.08 and its 200-day simple moving average is $27.91. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a market capitalization of $8.36 billion, a P/E ratio of 19.93 and a beta of 1.15.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last posted its earnings results on Thursday, August 7th. The software maker reported $0.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.11. Open Text had a net margin of 8.43% and a return on equity of 22.52%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the business posted $0.98 EPS. Open Text's revenue was down 3.8% compared to the same quarter last year. On average, equities research analysts forecast that Open Text Corporation will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.275 dividend. This is a boost from Open Text's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a yield of 3.3%. Open Text's payout ratio is currently 66.67%.

Analysts Set New Price Targets

Several equities analysts have weighed in on OTEX shares. Scotiabank lifted their price objective on shares of Open Text from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 12th. Barclays reissued a "positive" rating on shares of Open Text in a research note on Friday, August 8th. Jefferies Financial Group lowered shares of Open Text from a "buy" rating to a "hold" rating and set a $33.00 target price for the company. in a research note on Tuesday, August 12th. Wall Street Zen raised shares of Open Text from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Royal Bank Of Canada lifted their target price on shares of Open Text from $30.00 to $35.00 and gave the company a "sector perform" rating in a research note on Tuesday. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Open Text has an average rating of "Hold" and an average target price of $33.10.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.