TD Asset Management Inc Buys 411,131 Shares of Open Text Corporation $OTEX

TD Asset Management Inc grew its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 19.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,559,128 shares of the software maker’s stock after acquiring an additional 411,131 shares during the period. TD Asset Management Inc owned 1.02% of Open Text worth $83,453,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Cidel Asset Management Inc. raised its stake in shares of Open Text by 4.5% during the 3rd quarter. Cidel Asset Management Inc. now owns 973,317 shares of the software maker’s stock worth $36,389,000 after purchasing an additional 41,867 shares in the last quarter. Picton Mahoney Asset Management bought a new stake in shares of Open Text during the 3rd quarter worth approximately $11,668,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Open Text by 456.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,312,755 shares of the software maker’s stock worth $86,429,000 after purchasing an additional 1,896,755 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich bought a new stake in shares of Open Text during the 3rd quarter worth approximately $10,052,000. Finally, Public Sector Pension Investment Board raised its stake in shares of Open Text by 257.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 89,452 shares of the software maker’s stock worth $3,344,000 after purchasing an additional 64,416 shares in the last quarter. Institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OTEX. Barclays boosted their target price on Open Text from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Scotiabank decreased their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Wall Street Zen raised Open Text from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Scotia decreased their target price on Open Text from $50.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Friday, May 8th. Finally, Raymond James Financial decreased their target price on Open Text from $42.00 to $35.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $33.67.

Open Text Stock Performance

Shares of NASDAQ OTEX opened at $23.65 on Friday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s fifty day moving average price is $22.92 and its two-hundred day moving average price is $26.82. Open Text Corporation has a one year low of $20.00 and a one year high of $39.90. The firm has a market cap of $5.74 billion, a price-to-earnings ratio of 11.54 and a beta of 1.05.

Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its quarterly earnings data on Thursday, May 7th. The software maker reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. Open Text had a return on equity of 24.77% and a net margin of 9.91%.The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same period in the prior year, the firm posted $0.82 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities analysts forecast that Open Text Corporation will post 4.05 EPS for the current year.

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, June 5th. Open Text’s dividend payout ratio is 53.66%.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.