Open Text Co. (NASDAQ:OTEX) Declares Quarterly Dividend of $0.26

by · The Cerbat Gem

Open Text Co. (NASDAQ:OTEX – Get Free Report) (TSE:OTC) announced a quarterly dividend on Tuesday, October 29th,Zacks Dividends reports. Investors 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 payment by an average of 10.9% per year over the last three years. Open Text has a dividend payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of NASDAQ:OTEX opened at $30.02 on Wednesday. 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 has a fifty-two week low of $27.50 and a fifty-two week high of $45.47. The firm has a 50-day simple moving average of $31.81 and a 200 day simple moving average of $31.02. The company has a market cap of $7.98 billion, a PE ratio of 17.35 and a beta of 1.13.

Open Text (NASDAQ:OTEX – Get Free Report) (TSE:OTC) last announced its quarterly earnings data 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. Open Text had a net margin of 8.35% and a return on equity of 24.34%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The company’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Open Text will post 3.37 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OTEX. National Bank Financial lowered shares of Open Text from an “outperform” rating to a “sector perform” rating in a research note on Friday, August 2nd. BMO Capital Markets reduced their target price on shares of Open Text from $33.00 to $32.00 and set a “market perform” rating for the company in a research note on Friday, November 1st. Jefferies Financial Group reduced their target price on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Scotiabank reduced their target price on shares of Open Text from $40.00 to $35.00 and set a “sector perform” rating for the company in a research note on Friday, November 1st. Finally, TD Securities reduced their target price on shares of Open Text from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.90.

Read Our Latest Research Report on OTEX

Open Text Company Profile

(Get Free Report)

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.

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