Meyer Handelman Co. Has $9.02 Million Position in Salesforce, Inc. (NYSE:CRM)

Meyer Handelman Co. lifted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 35,091 shares of the CRM provider’s stock after purchasing an additional 46 shares during the period. Meyer Handelman Co.’s holdings in Salesforce were worth $9,022,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Marks Group Wealth Management Inc lifted its position in shares of Salesforce by 0.7% during the fourth quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after purchasing an additional 257 shares in the last quarter. Spartan Planning & Wealth Management boosted its position in Salesforce by 66.3% in the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after buying an additional 625 shares during the last quarter. Roman Butler Fullerton & Co. increased its stake in shares of Salesforce by 1.4% in the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock valued at $2,206,000 after buying an additional 105 shares during the period. Parnassus Investments LLC raised its position in shares of Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after acquiring an additional 18,397 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in shares of Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after acquiring an additional 194,224 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Up 1.3 %

Shares of Salesforce stock traded up $3.21 during trading hours on Tuesday, reaching $254.52. 4,031,585 shares of the company’s stock were exchanged, compared to its average volume of 6,660,056. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $248.27 and a two-hundred day moving average of $273.40. The stock has a market cap of $246.63 billion, a P/E ratio of 45.78, a P/E/G ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the prior year, the firm posted $1.15 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 2,106 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $280.00, for a total value of $589,680.00. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $284.73, for a total value of $4,270,950.00. Following the transaction, the chief executive officer now owns 12,557,327 shares in the company, valued at approximately $3,575,447,716.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Brian Millham sold 2,106 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $280.00, for a total transaction of $589,680.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 215,042 shares of company stock valued at $56,019,545. Company insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CRM shares. Wedbush dropped their price objective on Salesforce from $325.00 to $315.00 and set an “outperform” rating for the company in a report on Wednesday, May 29th. UBS Group cut their price objective on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Raymond James reaffirmed a “strong-buy” rating and set a $325.00 target price (down previously from $380.00) on shares of Salesforce in a report on Thursday, May 30th. Evercore ISI cut their price target on Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Finally, Stifel Nicolaus reduced their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

Salesforce Company Profile

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.