Open Text Co. (OTEX) To Go Ex-Dividend on November 29th

Open Text Co. (NASDAQ:OTEX) (TSE:OTC) declared a quarterly dividend on Tuesday, October 29th,Zacks Dividends reports. Shareholders of record on Friday, November 29th will be paid a dividend of 0.262 per share by the software maker on Friday, December 20th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from Open Text’s previous quarterly dividend of $0.19.

Open Text has increased its dividend by an average of 10.9% annually over the last three years. Open Text has a dividend payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Open Text to earn $3.74 per share next year, which means the company should continue to be able to cover its $1.05 annual dividend with an expected future payout ratio of 28.1%.

Open Text Stock Down 0.9 %

Shares of OTEX opened at $30.02 on Wednesday. The firm has a market cap of $7.98 billion, a PE ratio of 17.35 and a beta of 1.13. The company’s fifty day moving average is $31.81 and its two-hundred day moving average is $31.02. Open Text has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.54.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings results on Thursday, October 31st. The software maker reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. Open Text had a net margin of 8.35% and a return on equity of 24.34%. Open Text’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the business earned $0.90 EPS. Analysts forecast that Open Text will post 3.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OTEX. Royal Bank of Canada lowered shares of Open Text from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $45.00 to $33.00 in a report on Friday, November 1st. BMO Capital Markets reduced their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating on the stock in a report on Friday, November 1st. Barclays reduced their target price on shares of Open Text from $36.00 to $34.00 and set an “equal weight” rating on the stock in a report on Friday, November 1st. Scotiabank reduced 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 report on Friday, November 1st. Finally, Jefferies Financial Group reduced their target price on shares of Open Text from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $35.90.

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.