Granite Bay Wealth Management LLC increased its position in Microsoft Co. (NASDAQ:MSFT – Free Report) by 17.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,744 shares of the software giant’s stock after buying an additional 2,284 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Microsoft were worth $7,037,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Microsoft by 1.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,975,200 shares of the software giant’s stock worth $882,816,000 after purchasing an additional 31,401 shares during the last quarter. New Harbor Financial Group LLC grew its position in Microsoft by 55.9% in the second quarter. New Harbor Financial Group LLC now owns 1,255 shares of the software giant’s stock worth $561,000 after buying an additional 450 shares during the last quarter. Nippon Life Global Investors Americas Inc. increased its holdings in shares of Microsoft by 2.0% in the second quarter. Nippon Life Global Investors Americas Inc. now owns 430,730 shares of the software giant’s stock valued at $192,515,000 after buying an additional 8,290 shares in the last quarter. Quest Investment Management LLC lifted its position in shares of Microsoft by 3.4% during the 2nd quarter. Quest Investment Management LLC now owns 156,258 shares of the software giant’s stock valued at $69,840,000 after acquiring an additional 5,176 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Microsoft by 25.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 250,657 shares of the software giant’s stock worth $112,031,000 after acquiring an additional 51,273 shares in the last quarter. 71.13% of the stock is owned by institutional investors and hedge funds.
Microsoft Trading Down 2.8 %
Shares of NASDAQ MSFT opened at $415.00 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.29 and a debt-to-equity ratio of 0.15. The company has a market cap of $3.09 trillion, a PE ratio of 34.24, a P/E/G ratio of 2.25 and a beta of 0.91. The company has a 50-day moving average of $422.08 and a two-hundred day moving average of $425.44. Microsoft Co. has a 1-year low of $362.90 and a 1-year high of $468.35.
Microsoft Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.83 per share. This is a boost from Microsoft’s previous quarterly dividend of $0.75. This represents a $3.32 annualized dividend and a dividend yield of 0.80%. The ex-dividend date of this dividend is Thursday, November 21st. Microsoft’s dividend payout ratio (DPR) is currently 27.39%.
Microsoft announced that its Board of Directors has authorized a stock repurchase program on Monday, September 16th that allows the company to repurchase $60.00 billion in outstanding shares. This repurchase authorization allows the software giant to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Analyst Ratings Changes
Several equities research analysts have recently commented on MSFT shares. DA Davidson downgraded Microsoft from a “buy” rating to a “neutral” rating and set a $475.00 target price for the company. in a report on Monday, September 23rd. Wedbush reaffirmed an “underperform” rating on shares of Microsoft in a research note on Friday, October 18th. Morgan Stanley raised their target price on shares of Microsoft from $506.00 to $548.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Truist Financial restated a “buy” rating and issued a $600.00 price target on shares of Microsoft in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Microsoft from $470.00 to $465.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $503.03.
Check Out Our Latest Stock Report on MSFT
Insider Buying and Selling at Microsoft
In other Microsoft news, CEO Satya Nadella sold 14,398 shares of Microsoft stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $417.41, for a total value of $6,009,869.18. Following the completion of the transaction, the chief executive officer now directly owns 786,933 shares of the company’s stock, valued at $328,473,703.53. The trade was a 1.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amy Hood sold 38,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $410.55, for a total transaction of $15,600,900.00. Following the sale, the chief financial officer now owns 496,369 shares in the company, valued at $203,784,292.95. This represents a 7.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,829 shares of company stock worth $80,966,837. Insiders own 0.03% of the company’s stock.
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.
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