DORCHESTER WEALTH MANAGEMENT Co Buys 2,965 Shares of Open Text Co. (NASDAQ:OTEX)

DORCHESTER WEALTH MANAGEMENT Co boosted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 256,149 shares of the software maker’s stock after purchasing an additional 2,965 shares during the period. Open Text makes up approximately 1.4% of DORCHESTER WEALTH MANAGEMENT Co’s holdings, making the stock its 27th largest position. DORCHESTER WEALTH MANAGEMENT Co owned about 0.10% of Open Text worth $7,137,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Creative Planning grew its position in shares of Open Text by 23.7% during the 3rd quarter. Creative Planning now owns 30,102 shares of the software maker’s stock valued at $1,002,000 after acquiring an additional 5,760 shares during the period. Blue Trust Inc. grew its position in shares of Open Text by 435.7% during the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock valued at $32,000 after acquiring an additional 793 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Open Text by 28,811.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 127,210 shares of the software maker’s stock valued at $4,239,000 after acquiring an additional 126,770 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Open Text during the 3rd quarter valued at $465,000. Finally, Assenagon Asset Management S.A. grew its position in shares of Open Text by 1.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 18,872 shares of the software maker’s stock valued at $629,000 after acquiring an additional 322 shares during the period. Institutional investors own 70.37% of the company’s stock.

Open Text Stock Down 2.3 %

Shares of OTEX stock opened at $26.83 on Friday. The stock has a market cap of $7.08 billion, a P/E ratio of 10.91 and a beta of 1.12. Open Text Co. has a 52 week low of $26.81 and a 52 week high of $40.55. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company’s fifty day simple moving average is $28.36 and its two-hundred day simple moving average is $30.46.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. Analysts predict that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be given a dividend of $0.2625 per share. This represents a $1.05 annualized dividend and a dividend yield of 3.91%. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Friday, March 7th. Open Text’s dividend payout ratio is currently 42.68%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OTEX. BMO Capital Markets cut their price objective on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research report on Friday, November 1st. StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 27th. Scotiabank lowered their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. TD Securities lowered their target price on shares of Open Text from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Sunday, February 9th. Finally, UBS Group began coverage on shares of Open Text in a research note on Tuesday, December 17th. They set a “neutral” rating and a $32.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $35.18.

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.