Penobscot Wealth Management grew its stake in Microsoft Co. (NASDAQ:MSFT – Get Rating) by 3.5% during the 2nd quarter, Holdings Channel reports. The firm owned 7,676 shares of the software giant’s stock after purchasing an additional 256 shares during the quarter. Microsoft makes up approximately 1.9% of Penobscot Wealth Management’s investment portfolio, making the stock its 16th largest position. Penobscot Wealth Management’s holdings in Microsoft were worth $1,971,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of MSFT. Platform Technology Partners boosted its position in Microsoft by 6.5% during the second quarter. Platform Technology Partners now owns 38,385 shares of the software giant’s stock worth $9,859,000 after acquiring an additional 2,344 shares during the last quarter. Highland Financial Advisors LLC acquired a new position in Microsoft during the second quarter worth about $408,000. Van Hulzen Asset Management LLC boosted its position in Microsoft by 11.4% during the second quarter. Van Hulzen Asset Management LLC now owns 115,153 shares of the software giant’s stock worth $29,575,000 after acquiring an additional 11,758 shares during the last quarter. Bedel Financial Consulting Inc. boosted its position in Microsoft by 1.8% during the second quarter. Bedel Financial Consulting Inc. now owns 33,415 shares of the software giant’s stock worth $8,582,000 after acquiring an additional 581 shares during the last quarter. Finally, GW Henssler & Associates Ltd. boosted its position in Microsoft by 1.5% during the second quarter. GW Henssler & Associates Ltd. now owns 135,372 shares of the software giant’s stock worth $34,767,000 after acquiring an additional 1,938 shares during the last quarter. Institutional investors and hedge funds own 69.29% of the company’s stock.
Microsoft Stock Performance
Shares of MSFT opened at $247.58 on Thursday. Microsoft Co. has a 1 year low of $213.43 and a 1 year high of $344.30. The company has a market cap of $1.85 trillion, a price-to-earnings ratio of 26.68, a price-to-earnings-growth ratio of 2.33 and a beta of 0.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 1.84. The firm has a fifty day moving average of $237.22 and a 200-day moving average of $255.68.
Microsoft Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 8th. Shareholders of record on Thursday, November 17th will be given a $0.68 dividend. The ex-dividend date is Wednesday, November 16th. This is a boost from Microsoft’s previous quarterly dividend of $0.62. This represents a $2.72 annualized dividend and a yield of 1.10%. Microsoft’s payout ratio is 29.31%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on the stock. Cowen lowered their price target on shares of Microsoft from $310.00 to $285.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. UBS Group set a $300.00 target price on shares of Microsoft in a research note on Monday. Raymond James reduced their target price on shares of Microsoft from $300.00 to $280.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. Wells Fargo & Company reduced their target price on shares of Microsoft from $315.00 to $300.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 26th. Finally, Royal Bank of Canada reduced their target price on shares of Microsoft from $380.00 to $310.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. Three research analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $300.64.
Insiders Place Their Bets
In other Microsoft news, CMO Christopher C. Capossela sold 5,000 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was 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 in the company, valued at approximately $29,244,101.25. The transaction was disclosed in a filing with the SEC, which is available 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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