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

DORCHESTER WEALTH MANAGEMENT Co boosted its position in shares of Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 1.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 256,149 shares of the software maker’s stock after acquiring an additional 2,965 shares during the quarter. Open Text makes up about 1.4% of DORCHESTER WEALTH MANAGEMENT Co’s portfolio, making the stock its 27th biggest position. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Open Text were worth $7,137,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in Open Text by 435.7% in the 3rd quarter. Blue Trust Inc. now owns 975 shares of the software maker’s stock worth $32,000 after acquiring an additional 793 shares in the last quarter. Cromwell Holdings LLC grew its stake in Open Text by 29.6% in the 3rd quarter. Cromwell Holdings LLC now owns 1,663 shares of the software maker’s stock worth $55,000 after acquiring an additional 380 shares in the last quarter. Allworth Financial LP grew its stake in Open Text by 20.7% in the 4th quarter. Allworth Financial LP now owns 2,564 shares of the software maker’s stock worth $73,000 after acquiring an additional 439 shares in the last quarter. Vest Financial LLC bought a new position in Open Text in the 4th quarter worth about $267,000. Finally, Farther Finance Advisors LLC grew its stake in Open Text by 74.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,701 shares of the software maker’s stock worth $290,000 after acquiring an additional 3,719 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OTEX has been the topic of a number of research analyst reports. Scotiabank dropped 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. UBS Group assumed coverage on shares of Open Text in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $32.00 price target for the company. Royal Bank of Canada lowered their price target on shares of Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Barclays upped their price target on shares of Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Finally, StockNews.com cut shares of Open Text from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 27th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Open Text presently has an average rating of “Hold” and an average target price of $35.18.

Open Text Trading Down 2.3 %

NASDAQ:OTEX opened at $26.83 on Friday. Open Text Co. has a 52 week low of $26.81 and a 52 week high of $40.55. The firm has a 50 day moving average of $28.36 and a 200 day moving average of $30.46. 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 stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of 10.91 and a beta of 1.12.

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

Open Text Increases Dividend

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