Beutel Goodman & Co Ltd. Sells 804,503 Shares of Open Text Co. (NASDAQ:OTEX)

Beutel Goodman & Co Ltd. cut its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 9.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,542,572 shares of the software maker’s stock after selling 804,503 shares during the quarter. Beutel Goodman & Co Ltd.’s holdings in Open Text were worth $213,344,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in OTEX. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Open Text by 126.1% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock worth $2,871,000 after acquiring an additional 48,111 shares during the last quarter. Stifel Financial Corp acquired a new position in shares of Open Text during the third quarter valued at about $2,232,000. Verition Fund Management LLC bought a new stake in Open Text during the 3rd quarter worth approximately $950,000. Choreo LLC purchased a new stake in Open Text in the 4th quarter valued at $564,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Open Text by 3.3% during the third quarter. BNP Paribas Financial Markets now owns 11,093 shares of the software maker’s stock valued at $369,000 after purchasing an additional 351 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTEX has been the subject of a number of research reports. Barclays increased their target price on shares of Open Text from $34.00 to $36.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Citigroup raised their price objective on shares of Open Text from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. TD Securities decreased their target price on Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday, February 9th. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Finally, Royal Bank of Canada cut their target price on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.18.

Open Text Price Performance

Open Text stock opened at $25.29 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. Open Text Co. has a 52-week low of $24.86 and a 52-week high of $39.00. The firm’s fifty day moving average is $27.38 and its 200 day moving average is $29.52. The company has a market cap of $6.65 billion, a price-to-earnings ratio of 10.28 and a beta of 1.17.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.10. Open Text had a return on equity of 23.23% and a net margin of 12.21%. Sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were paid a $0.2625 dividend. This represents a $1.05 annualized dividend and a yield of 4.15%. The ex-dividend date was Friday, March 7th. This is a positive change from Open Text’s previous quarterly dividend of $0.26. Open Text’s payout ratio is 42.68%.

Open Text Profile

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.