Riggs Asset Managment Co. Inc. grew its position in shares of Microsoft Co. (NASDAQ:MSFT – Get Rating) by 297.9% during the second quarter, Holdings Channel reports. The institutional investor owned 12,487 shares of the software giant’s stock after purchasing an additional 9,349 shares during the quarter. Riggs Asset Managment Co. Inc.’s holdings in Microsoft were worth $3,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Northwest Wealth Management LLC lifted its holdings in shares of Microsoft by 0.8% during the 1st quarter. Northwest Wealth Management LLC now owns 4,536 shares of the software giant’s stock valued at $1,399,000 after purchasing an additional 37 shares during the last quarter. Flynn Zito Capital Management LLC increased its position in shares of Microsoft by 0.4% in the 1st quarter. Flynn Zito Capital Management LLC now owns 10,532 shares of the software giant’s stock valued at $3,247,000 after acquiring an additional 38 shares during the period. Financial Advisors Network Inc. increased its position in shares of Microsoft by 1.1% in the 2nd quarter. Financial Advisors Network Inc. now owns 3,482 shares of the software giant’s stock valued at $894,000 after acquiring an additional 39 shares during the period. Trinity Financial Advisors LLC increased its position in shares of Microsoft by 0.9% in the 1st quarter. Trinity Financial Advisors LLC now owns 4,636 shares of the software giant’s stock valued at $1,429,000 after acquiring an additional 40 shares during the period. Finally, Atlas Financial Advisors Inc. increased its position in shares of Microsoft by 3.3% in the 1st quarter. Atlas Financial Advisors Inc. now owns 1,267 shares of the software giant’s stock valued at $391,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 69.29% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on MSFT shares. Moffett Nathanson started coverage on Microsoft in a research report on Thursday, September 22nd. They issued a “hold” rating and a $285.00 target price on the stock. JPMorgan Chase & Co. cut their target price on Microsoft from $305.00 to $275.00 in a research report on Wednesday, October 26th. StockNews.com initiated coverage on Microsoft in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Fundamental Research cut their price target on Microsoft to $270.00 and set a “buy” rating on the stock in a research report on Tuesday, November 8th. Finally, Mizuho cut their price target on Microsoft from $320.00 to $305.00 and set a “buy” rating on the stock in a research report on Wednesday, October 26th. Three investment analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $300.64.
Microsoft Trading Up 1.2 %
Microsoft (NASDAQ:MSFT – Get Rating) last released its earnings results on Tuesday, October 25th. The software giant reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.05. Microsoft had a net margin of 34.37% and a return on equity of 42.10%. The business had revenue of $50.12 billion for the quarter, compared to analyst estimates of $49.70 billion. During the same period last year, the company posted $2.27 EPS. The business’s revenue was up 10.6% on a year-over-year basis. Analysts expect that Microsoft Co. will post 9.62 EPS for the current fiscal year.
Microsoft Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 8th. Stockholders of record on Thursday, November 17th will be given a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 1.11%. The ex-dividend date is Wednesday, November 16th. This is a positive change from Microsoft’s previous quarterly dividend of $0.62. Microsoft’s payout ratio is presently 29.31%.
In other news, CMO Christopher C. Capossela sold 5,000 shares of Microsoft stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $266.25, for a total transaction of $1,331,250.00. Following the sale, the chief marketing officer now owns 109,837 shares of the company’s stock, valued at approximately $29,244,101.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.03% of the company’s stock.
Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. The company operates in three segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity and Business Processes segment offers Office, Exchange, SharePoint, Microsoft Teams, Office 365 Security and Compliance, Microsoft Viva, and Skype for Business; Skype, Outlook.com, OneDrive, and LinkedIn; and Dynamics 365, a set of cloud-based and on-premises business solutions for organizations and enterprise divisions.
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