TD Waterhouse Canada Inc. Has $27.17 Million Position in Open Text Co. (NASDAQ:OTEX)

TD Waterhouse Canada Inc. grew its stake in shares of Open Text Co. (NASDAQ:OTEX - Free Report) TSE: OTC by 93.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 963,139 shares of the software maker's stock after acquiring an additional 466,007 shares during the period. TD Waterhouse Canada Inc. owned 0.37% of Open Text worth $27,165,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of OTEX. Choreo LLC purchased a new position in Open Text in the fourth quarter valued at about $564,000. Franklin Resources Inc. grew its stake in shares of Open Text by 19.9% in the 3rd quarter. Franklin Resources Inc. now owns 205,891 shares of the software maker's stock valued at $7,086,000 after buying an additional 34,135 shares in the last quarter. Canoe Financial LP increased its holdings in Open Text by 127.3% in the fourth quarter. Canoe Financial LP now owns 150,000 shares of the software maker's stock worth $4,242,000 after buying an additional 84,000 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in Open Text in the fourth quarter worth approximately $2,372,000. Finally, Allspring Global Investments Holdings LLC raised its position in Open Text by 30.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,476 shares of the software maker's stock valued at $4,705,000 after acquiring an additional 39,266 shares in the last quarter. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Stock Performance

Shares of OTEX stock traded up $0.13 during trading hours on Friday, reaching $27.00. 720,034 shares of the company's stock were exchanged, compared to its average volume of 811,992. Open Text Co. has a fifty-two week low of $22.79 and a fifty-two week high of $36.25. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $7.01 billion, a P/E ratio of 10.98 and a beta of 1.13. The business has a fifty day moving average price of $25.76 and a 200-day moving average price of $28.39.

Open Text (NASDAQ:OTEX - Get Free Report) TSE: OTC last released its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, beating the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Open Text's previous quarterly dividend of $0.26. Open Text's dividend payout ratio (DPR) is presently 42.68%.

Analyst Ratings Changes

Several brokerages have recently commented on OTEX. Royal Bank of Canada dropped their price target on shares of Open Text from $31.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday. Barclays lowered their target price on shares of Open Text from $36.00 to $29.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. StockNews.com cut Open Text from a "strong-buy" rating to a "buy" rating in a research report on Monday, January 27th. TD Securities lowered their price objective on Open Text from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Sunday, February 9th. Finally, National Bankshares cut their price objective on Open Text from $38.00 to $34.00 and set a "sector perform" rating on the stock in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $34.09.

Open Text Company 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.