DAVENPORT & Co LLC lowered its stake in shares of Microsoft Co. (NASDAQ:MSFT) by 3.1% during the third quarter, Holdings Channel reports. The fund owned 1,259,339 shares of the software giant’s stock after selling 40,649 shares during the quarter. Microsoft comprises 2.0% of DAVENPORT & Co LLC’s portfolio, making the stock its 6th biggest holding. DAVENPORT & Co LLC’s holdings in Microsoft were worth $169,732,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Biltmore Family Office LLC lifted its position in Microsoft by 55.2% during the third quarter. Biltmore Family Office LLC now owns 81,815 shares of the software giant’s stock worth $11,375,000 after buying an additional 29,101 shares during the period. Osborn Williams & Donohoe LLC lifted its position in Microsoft by 1.9% during the third quarter. Osborn Williams & Donohoe LLC now owns 191,534 shares of the software giant’s stock worth $26,629,000 after buying an additional 3,503 shares during the period. Signaturefd LLC lifted its position in Microsoft by 7.8% during the third quarter. Signaturefd LLC now owns 62,263 shares of the software giant’s stock worth $8,656,000 after buying an additional 4,525 shares during the period. Peoples Financial Services CORP. lifted its position in Microsoft by 1.2% during the third quarter. Peoples Financial Services CORP. now owns 41,155 shares of the software giant’s stock worth $5,722,000 after buying an additional 495 shares during the period. Finally, Massey Quick Simon & CO. LLC lifted its position in Microsoft by 47.1% during the third quarter. Massey Quick Simon & CO. LLC now owns 11,745 shares of the software giant’s stock worth $1,633,000 after buying an additional 3,759 shares during the period. 72.19% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Frank H. Brod sold 4,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $141.05, for a total transaction of $564,200.00. Following the sale, the insider now directly owns 64,152 shares in the company, valued at approximately $9,048,639.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CMO Christopher C. Capossela sold 3,372 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $138.06, for a total value of $465,538.32. Following the sale, the chief marketing officer now owns 136,623 shares in the company, valued at $18,862,171.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 318,757 shares of company stock worth $43,735,918. Company insiders own 1.38% of the company’s stock.
Microsoft (NASDAQ:MSFT) last announced its earnings results on Thursday, July 18th. The software giant reported $1.37 EPS for the quarter, beating the consensus estimate of $1.21 by $0.16. The business had revenue of $33.72 billion for the quarter, compared to the consensus estimate of $32.80 billion. Microsoft had a return on equity of 39.26% and a net margin of 31.18%. The company’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the business posted $1.13 EPS. Analysts predict that Microsoft Co. will post 5.21 earnings per share for the current year.
Microsoft announced that its Board of Directors has authorized a share repurchase plan on Wednesday, September 18th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the software giant to reacquire up to 3.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be issued a dividend of $0.51 per share. This is an increase from Microsoft’s previous quarterly dividend of $0.46. This represents a $2.04 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend is Wednesday, November 20th. Microsoft’s dividend payout ratio (DPR) is presently 38.74%.
A number of equities analysts have recently commented on MSFT shares. UBS Group set a $162.00 price objective on Microsoft and gave the stock a “buy” rating in a report on Friday, July 19th. Goldman Sachs Group set a $151.00 price objective on Microsoft and gave the stock a “buy” rating in a report on Friday, July 19th. Jefferies Financial Group upgraded Microsoft from a “hold” rating to a “buy” rating and set a $160.00 price objective on the stock in a report on Monday, October 7th. Deutsche Bank set a $155.00 price objective on Microsoft and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, Nomura set a $161.00 price objective on Microsoft and gave the stock a “buy” rating in a report on Tuesday, October 15th. Three analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $152.97.
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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