Summit Wealth & Retirement Planning Inc. Trims Stock Position in Microsoft Co. (NASDAQ:MSFT)

Summit Wealth & Retirement Planning Inc. cut its holdings in Microsoft Co. (NASDAQ:MSFT) by 1.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,281 shares of the software giant’s stock after selling 134 shares during the period. Microsoft accounts for about 1.1% of Summit Wealth & Retirement Planning Inc.’s portfolio, making the stock its 18th largest holding. Summit Wealth & Retirement Planning Inc.’s holdings in Microsoft were worth $3,254,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. McBroom & Associates LLC boosted its stake in Microsoft by 1.3% during the second quarter. McBroom & Associates LLC now owns 18,727 shares of the software giant’s stock worth $8,370,000 after buying an additional 234 shares during the period. Financial Futures Ltd Liability Co. acquired a new position in shares of Microsoft in the 2nd quarter worth approximately $634,000. Prudential PLC boosted its position in shares of Microsoft by 3.2% during the 2nd quarter. Prudential PLC now owns 621,354 shares of the software giant’s stock worth $277,714,000 after purchasing an additional 19,173 shares during the period. Fiduciary Planning LLC increased its holdings in Microsoft by 5.9% in the 2nd quarter. Fiduciary Planning LLC now owns 7,611 shares of the software giant’s stock valued at $3,402,000 after purchasing an additional 424 shares during the last quarter. Finally, Brooklyn FI LLC purchased a new stake in Microsoft in the second quarter valued at approximately $232,000. Institutional investors and hedge funds own 71.13% of the company’s stock.

Insider Buying and Selling

In other Microsoft news, CFO Amy Hood sold 38,000 shares of Microsoft stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $410.55, for a total value of $15,600,900.00. Following the transaction, the chief financial officer now directly owns 496,369 shares in the company, valued at approximately $203,784,292.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Microsoft news, CFO Amy Hood sold 38,000 shares of Microsoft stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $410.55, for a total value of $15,600,900.00. Following the transaction, the chief financial officer now directly owns 496,369 shares in the company, valued at approximately $203,784,292.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bradford L. Smith sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $402.59, for a total value of $16,103,600.00. Following the completion of the transaction, the insider now directly owns 544,847 shares in the company, valued at approximately $219,349,953.73. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 190,629 shares of company stock worth $77,916,485 in the last 90 days. Company insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Bank of America raised their price target on Microsoft from $480.00 to $510.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Oppenheimer cut Microsoft from an “outperform” rating to a “market perform” rating in a report on Tuesday, October 8th. KeyCorp lifted their target price on Microsoft from $490.00 to $505.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Wedbush reissued an “underperform” rating on shares of Microsoft in a research report on Friday, October 18th. Finally, The Goldman Sachs Group dropped their price objective on shares of Microsoft from $515.00 to $500.00 and set a “buy” rating for the company in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Microsoft has an average rating of “Moderate Buy” and a consensus target price of $495.58.

Microsoft Stock Up 0.0 %

MSFT opened at $424.73 on Friday. Microsoft Co. has a one year low of $326.94 and a one year high of $468.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.27 and a current ratio of 1.27. The stock has a market capitalization of $3.16 trillion, a P/E ratio of 36.77, a price-to-earnings-growth ratio of 2.22 and a beta of 0.90. The business’s 50-day simple moving average is $420.33 and its 200-day simple moving average is $424.56.

Microsoft (NASDAQ:MSFT) last released its quarterly earnings results on Tuesday, July 30th. The software giant reported $2.95 EPS for the quarter, topping the consensus estimate of $2.90 by $0.05. Microsoft had a return on equity of 35.95% and a net margin of 35.96%. The company had revenue of $64.73 billion for the quarter, compared to analyst estimates of $64.38 billion. During the same quarter in the previous year, the company posted $2.69 earnings per share. The firm’s revenue was up 15.2% compared to the same quarter last year. Analysts anticipate that Microsoft Co. will post 13.02 EPS for the current year.

Microsoft announced that its Board of Directors has approved a share buyback plan on Monday, September 16th that permits the company to repurchase $60.00 billion in shares. This repurchase authorization permits the software giant to reacquire up to 1.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Microsoft Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be given a $0.83 dividend. This is an increase from Microsoft’s previous quarterly dividend of $0.75. The ex-dividend date is Thursday, November 21st. This represents a $3.32 annualized dividend and a yield of 0.78%. Microsoft’s dividend payout ratio is 28.74%.

About Microsoft

Microsoft Corporation develops and supports software, services, devices and solutions worldwide. The Productivity and Business Processes segment offers office, exchange, SharePoint, Microsoft Teams, office 365 Security and Compliance, Microsoft viva, and Microsoft 365 copilot; and office consumer services, such as Microsoft 365 consumer subscriptions, Office licensed on-premises, and other office services.