Covenant Asset Management LLC Has $31.21 Million Stock Holdings in Microsoft Co. (NASDAQ:MSFT)

Covenant Asset Management LLC lessened its holdings in shares of Microsoft Co. (NASDAQ:MSFT) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,538 shares of the software giant’s stock after selling 316 shares during the period. Microsoft makes up 4.9% of Covenant Asset Management LLC’s portfolio, making the stock its 2nd biggest position. Covenant Asset Management LLC’s holdings in Microsoft were worth $31,213,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MSFT. Christopher J. Hasenberg Inc boosted its position in shares of Microsoft by 35.7% during the third quarter. Christopher J. Hasenberg Inc now owns 95 shares of the software giant’s stock worth $39,000 after buying an additional 25 shares during the period. Quarry LP bought a new stake in Microsoft in the 2nd quarter valued at approximately $45,000. MidAtlantic Capital Management Inc. acquired a new position in Microsoft during the 3rd quarter worth approximately $62,000. Innealta Capital LLC bought a new position in shares of Microsoft during the 2nd quarter worth approximately $75,000. Finally, Carolina Wealth Advisors LLC raised its holdings in shares of Microsoft by 10.1% in the third quarter. Carolina Wealth Advisors LLC now owns 338 shares of the software giant’s stock valued at $145,000 after purchasing an additional 31 shares during the last quarter. 71.13% of the stock is currently owned by institutional investors and hedge funds.

Microsoft Stock Performance

NASDAQ:MSFT opened at $442.33 on Thursday. The stock has a 50 day simple moving average of $432.01 and a 200 day simple moving average of $425.03. The stock has a market cap of $3.29 trillion, a P/E ratio of 36.50, a PEG ratio of 2.40 and a beta of 0.90. Microsoft Co. has a 1-year low of $385.58 and a 1-year high of $468.35. The company has a current ratio of 1.30, a quick ratio of 1.29 and a debt-to-equity ratio of 0.15.

Microsoft (NASDAQ:MSFT) last posted its earnings results on Wednesday, January 29th. The software giant reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.15 by $0.08. Microsoft had a return on equity of 34.56% and a net margin of 35.61%. During the same quarter in the prior year, the company earned $2.93 earnings per share. Research analysts anticipate that Microsoft Co. will post 12.9 earnings per share for the current year.

Microsoft Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, February 20th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Thursday, February 20th. This represents a $3.32 annualized dividend and a dividend yield of 0.75%. Microsoft’s dividend payout ratio is presently 27.39%.

Insider Activity

In other Microsoft news, EVP Judson Althoff sold 25,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $417.00, for a total value of $10,425,000.00. Following the transaction, the executive vice president now directly owns 117,294 shares of the company’s stock, valued at $48,911,598. This trade represents a 17.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Takeshi Numoto sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $414.72, for a total transaction of $414,720.00. Following the sale, the chief marketing officer now directly owns 57,511 shares of the company’s stock, valued at approximately $23,850,961.92. This trade represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,200 shares of company stock worth $17,383,892. Corporate insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. StockNews.com upgraded shares of Microsoft from a “hold” rating to a “buy” rating in a report on Wednesday, January 22nd. The Goldman Sachs Group reduced their price objective on shares of Microsoft from $515.00 to $500.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $500.00 target price on shares of Microsoft in a research report on Tuesday, November 5th. Wells Fargo & Company reissued a “buy” rating on shares of Microsoft in a research report on Friday, October 18th. Finally, Wedbush restated an “outperform” rating and issued a $550.00 price target on shares of Microsoft in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $512.66.

Microsoft Company Profile

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.