Canada Pension Plan Investment Board Sells 29,799 Shares of Open Text Co. (NASDAQ:OTEX)

Canada Pension Plan Investment Board decreased its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 3.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 782,520 shares of the software maker’s stock after selling 29,799 shares during the period. Canada Pension Plan Investment Board owned about 0.29% of Open Text worth $32,584,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Jarislowsky Fraser Ltd raised its stake in Open Text by 1.0% in the first quarter. Jarislowsky Fraser Ltd now owns 16,804,467 shares of the software maker’s stock worth $647,296,000 after buying an additional 173,152 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Open Text by 3.0% during the third quarter. Vanguard Group Inc. now owns 9,462,111 shares of the software maker’s stock worth $250,178,000 after purchasing an additional 271,437 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Open Text by 11.7% during the second quarter. Mackenzie Financial Corp now owns 8,177,549 shares of the software maker’s stock worth $340,088,000 after purchasing an additional 858,348 shares in the last quarter. FIL Ltd increased its position in shares of Open Text by 381.6% during the first quarter. FIL Ltd now owns 7,207,235 shares of the software maker’s stock worth $277,997,000 after purchasing an additional 5,710,767 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Open Text by 113.0% during the first quarter. First Trust Advisors LP now owns 7,074,513 shares of the software maker’s stock worth $272,799,000 after purchasing an additional 3,753,772 shares in the last quarter. Institutional investors own 64.53% of the company’s stock.

Open Text Trading Up 2.0 %

OTEX stock opened at $37.57 on Wednesday. The company’s 50-day simple moving average is $35.71 and its 200-day simple moving average is $38.76. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 2.13. Open Text Co. has a 52-week low of $27.51 and a 52-week high of $43.25. The firm has a market cap of $10.20 billion, a P/E ratio of 29.12 and a beta of 1.05.

Open Text Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.00 annualized dividend and a dividend yield of 2.66%. Open Text’s dividend payout ratio (DPR) is presently 77.52%.

Analyst Ratings Changes

OTEX has been the topic of a number of recent analyst reports. BMO Capital Markets reduced their price target on Open Text from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 17th. StockNews.com lowered shares of Open Text from a “buy” rating to a “hold” rating in a report on Sunday, October 29th. CIBC boosted their price objective on shares of Open Text from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Barclays dropped their price objective on shares of Open Text from $44.00 to $40.00 and set an “equal weight” rating on the stock in a report on Thursday, October 12th. Finally, Citigroup dropped their price objective on shares of Open Text from $44.00 to $38.00 and set a “neutral” rating on the stock in a report on Monday, October 16th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $42.50.

About Open Text

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.