Westover Capital Advisors LLC Buys 2,173 Shares of Salesforce Inc. (NYSE:CRM)

Key Points

• Westover Capital Advisors LLC increased its position in Salesforce Inc. by 97.9% in Q1, adding 2,173 shares for a total worth of approximately $1,179,000.
• Salesforce's latest earnings report showed a quarterly EPS of $2.58, exceeding estimates, with revenue of $9.83 billion, representing a year-over-year increase of 7.6%.
• The company's recent dividend cut resulted in an annualized dividend of $1.66 and a yield of 0.62%, while the dividend payout ratio stands at 25.98%.

Westover Capital Advisors LLC increased its position in Salesforce Inc. (NYSE:CRM - Free Report) by 97.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,392 shares of the CRM provider's stock after buying an additional 2,173 shares during the period. Westover Capital Advisors LLC's holdings in Salesforce were worth $1,179,000 at the end of the most recent reporting period.

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

Salesforce Trading Up 0.5%

NYSE CRM traded up $1.41 during trading hours on Friday, hitting $269.11. 4,013,320 shares of the company's stock were exchanged, compared to its average volume of 6,704,325. The stock has a 50-day simple moving average of $268.07 and a 200 day simple moving average of $284.27. Salesforce Inc. has a 1-year low of $230.00 and a 1-year high of $369.00. The firm has a market cap of $257.27 billion, a price-to-earnings ratio of 42.11, a PEG ratio of 2.43 and a beta of 1.36. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14.

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

Salesforce Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were paid a $0.416 dividend. The ex-dividend date was Wednesday, June 18th. This represents a $1.66 dividend on an annualized basis and a yield of 0.62%. Salesforce's dividend payout ratio (DPR) is presently 25.98%.

Insider Buying and Selling

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $266.56, for a total value of $599,760.00. Following the completion of the sale, the chief executive officer owned 11,911,571 shares of the company's stock, valued at approximately $3,175,148,365.76. This trade represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 33,479 shares of company stock valued at $9,091,796 over the last ninety days. Company insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. JMP Securities reiterated a "market outperform" rating and issued a $430.00 price objective on shares of Salesforce in a research report on Friday, July 11th. Citigroup cut their price objective on Salesforce from $320.00 to $295.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Cantor Fitzgerald cut Salesforce from an "overweight" rating to a "cautious" rating in a report on Thursday, July 10th. Wells Fargo & Company boosted their target price on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a research note on Thursday, May 29th. Finally, Morgan Stanley restated an "overweight" rating and issued a $404.00 target price (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat, Salesforce currently has an average rating of "Moderate Buy" and a consensus price target of $348.16.

About Salesforce

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.