Chicago Capital LLC has significantly increased its stake in Oracle Corporation (NYSE: ORCL), boosting its holdings by 50.7% during the second quarter of 2023. According to a recent Form 13F filing with the Securities and Exchange Commission (SEC), the fund now owns 103,303 shares of Oracle, having acquired an additional 34,737 shares in this period. As of the end of the last reporting period, Chicago Capital’s investment was valued at approximately $22,585,000.
Several other institutional investors have also adjusted their positions in Oracle. For instance, Nuveen LLC purchased a new stake valued at $732,692,000 during the first quarter. Vanguard Group Inc. increased its holdings by 2.2%, now owning 160,925,413 shares valued at $22,498,982,000. This was accomplished after acquiring an additional 3,513,464 shares. Meanwhile, Kingstone Capital Partners Texas LLC and Mitsubishi UFJ Asset Management Co. Ltd. both made substantial investments, with the latter increasing its position by an impressive 79.2%.
Hedge funds and institutional investors collectively hold around 42.44% of Oracle’s stock, indicating strong institutional confidence in the company.
Analysts Adjust Ratings and Price Targets
Oracle has recently been the focus of numerous analyst reports. Piper Sandler raised its price target for Oracle from $270.00 to $330.00, maintaining an “overweight” rating. Similarly, Sanford C. Bernstein adjusted its target price from $363.00 to $364.00, while Redburn Partners set a target of $175.00. Westpark Capital increased its target from $195.00 to $246.00, supporting a “buy” rating. Oppenheimer also reaffirmed its “outperform” rating.
The consensus rating for Oracle currently stands at “Moderate Buy,” with an average target price of $304.71. Analysts have issued varied opinions on the stock, with two recommending a Strong Buy, twenty-five advising Buy, nine suggesting Hold, and two issuing Sell ratings.
Insider Trading Activity
In related news, insider Clayton M. Magouyrk sold 21,241 shares of Oracle on September 12, 2023, at an average price of $297.11, totaling approximately $6,310,913.51. Following the transaction, Magouyrk retained 78,000 shares, valued around $23,174,580, marking a 21.40% decrease in his position. This sale was disclosed in an SEC filing.
On the other hand, Director Rona Alison Fairhead purchased 480 shares on July 7, 2023, at an average cost of $233.87 per share, amounting to $112,257.60. Fairhead now directly owns 22,110 shares worth about $5,170,865.70, reflecting a 2.22% increase in her holdings. In total, insiders have sold 112,092 shares valued at $32,960,165 over the past three months, with corporate insiders holding approximately 42.20% of the company’s stock.
Oracle’s Recent Performance and Dividend Announcement
As of September 12, 2023, Oracle’s stock opened at $282.68, having seen a 0.3% decrease. The company’s 50-day moving average price is $258.97, and its 200-day moving average price is $202.09. Oracle has a market capitalization of $803.29 billion, a P/E ratio of 65.44, and a debt-to-equity ratio of 3.33.
Oracle recently released its quarterly earnings report on September 9, 2023, revealing earnings per share (EPS) of $1.47, slightly missing the consensus estimate of $1.48. Revenue for the quarter reached $14.93 billion, compared to the expected $15.04 billion, marking a 12.2% increase from the previous year. The company has set its Q2 2026 guidance between $1.270 and $1.310 EPS.
Additionally, Oracle has announced a quarterly dividend of $0.50 per share, payable on October 23, 2023, to shareholders on record as of October 9, 2023. This dividend represents an annualized amount of $2.00 and a yield of 0.7%, with a dividend payout ratio of 46.30%.
Oracle Corporation continues to be a prominent player in the enterprise information technology sector, offering a wide range of products and services, including cloud software applications for various industries.
