Summit Global Investments increased its stake in shares of Microsoft Co. (NASDAQ:MSFT) by 0.5% during the 2nd quarter, Holdings Channel reports. The fund owned 18,290 shares of the software giant’s stock after purchasing an additional 100 shares during the quarter. Summit Global Investments’ holdings in Microsoft were worth $2,450,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Microsoft by 1.3% in the second quarter. Vanguard Group Inc. now owns 613,005,516 shares of the software giant’s stock valued at $82,118,218,000 after purchasing an additional 7,724,483 shares during the period. Northern Trust Corp grew its holdings in Microsoft by 0.4% in the second quarter. Northern Trust Corp now owns 96,567,563 shares of the software giant’s stock valued at $12,936,190,000 after purchasing an additional 385,074 shares during the period. Nuveen Asset Management LLC grew its holdings in Microsoft by 2,651.8% in the second quarter. Nuveen Asset Management LLC now owns 67,353,275 shares of the software giant’s stock valued at $9,022,645,000 after purchasing an additional 64,905,685 shares during the period. Janus Henderson Group PLC grew its holdings in Microsoft by 0.7% in the second quarter. Janus Henderson Group PLC now owns 52,986,086 shares of the software giant’s stock valued at $7,097,675,000 after purchasing an additional 342,648 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Microsoft by 2.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,368,268 shares of the software giant’s stock valued at $4,603,974,000 after purchasing an additional 782,124 shares during the period. 72.16% of the stock is currently owned by hedge funds and other institutional investors.
In other Microsoft news, insider Frank H. Brod sold 4,000 shares of Microsoft stock in a transaction on Monday, July 29th. The stock was sold at an average price of $141.05, for a total value of $564,200.00. Following the sale, the insider now owns 64,152 shares in the company, valued at $9,048,639.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kathleen T. Hogan sold 40,000 shares of Microsoft stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $135.25, for a total value of $5,410,000.00. Following the completion of the sale, the executive vice president now owns 198,042 shares in the company, valued at approximately $26,785,180.50. The disclosure for this sale can be found here. Insiders sold 318,757 shares of company stock worth $43,735,918 in the last 90 days. Company insiders own 1.38% of the company’s stock.
Microsoft (NASDAQ:MSFT) last announced its quarterly earnings data on Thursday, July 18th. The software giant reported $1.37 EPS for the quarter, topping the Zacks’ consensus estimate of $1.21 by $0.16. Microsoft had a return on equity of 39.26% and a net margin of 31.18%. The firm had revenue of $33.72 billion for the quarter, compared to the consensus estimate of $32.80 billion. During the same quarter last year, the business posted $1.13 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. As a group, equities analysts forecast that Microsoft Co. will post 5.23 earnings per share for the current year.
Microsoft announced that its board has approved a share buyback plan on Wednesday, September 18th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the software giant to buy up to 3.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a $0.51 dividend. The ex-dividend date of this dividend is Wednesday, November 20th. This represents a $2.04 dividend on an annualized basis and a yield of 1.49%. This is an increase from Microsoft’s previous quarterly dividend of $0.46. Microsoft’s payout ratio is currently 38.74%.
A number of analysts have recently issued reports on MSFT shares. Raymond James lifted their price target on Microsoft from $160.00 to $163.00 and gave the stock a “strong-buy” rating in a research note on Friday, July 19th. Stifel Nicolaus lifted their price target on Microsoft from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Jefferies Financial Group set a $93.00 price target on Microsoft and gave the stock a “sell” rating in a research note on Friday, July 19th. CIBC lifted their price target on Microsoft from $145.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Finally, Wedbush reaffirmed an “outperform” rating on shares of Microsoft in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $149.21.
Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. Its company's Productivity and Business Processes segment offers Office 365 commercial products and services, such as Office, Exchange, SharePoint, Skype for Business, Microsoft Teams, and related Client Access Licenses (CALs); Office 365 consumer services, including Skype, Outlook.com, and OneDrive; LinkedIn online professional network; and Dynamics business solutions comprising financial management, enterprise resource planning, customer relationship management, supply chain management, and analytics applications for small and medium businesses, large organizations, and divisions of enterprises.
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