Corundum Trust Company INC Has $2.47 Million Stock Holdings in Microsoft Co. (NASDAQ:MSFT)

Corundum Trust Company INC lowered its position in Microsoft Co. (NASDAQ:MSFT) by 7.8% during the 3rd quarter, Holdings Channel reports. The fund owned 5,731 shares of the software giant’s stock after selling 488 shares during the period. Microsoft makes up 6.8% of Corundum Trust Company INC’s portfolio, making the stock its 4th largest holding. Corundum Trust Company INC’s holdings in Microsoft were worth $2,466,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Christopher J. Hasenberg Inc raised its holdings in Microsoft by 169.2% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 70 shares of the software giant’s stock valued at $31,000 after acquiring an additional 44 shares during the period. Quarry LP purchased a new position in shares of Microsoft during the second quarter worth approximately $45,000. Innealta Capital LLC bought a new position in shares of Microsoft during the second quarter valued at about $75,000. Carolina Wealth Advisors LLC grew 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 worth $145,000 after purchasing an additional 31 shares during the last quarter. Finally, Bbjs Financial Advisors LLC grew its stake in shares of Microsoft by 241.4% in the second quarter. Bbjs Financial Advisors LLC now owns 379 shares of the software giant’s stock worth $169,000 after purchasing an additional 268 shares during the last quarter. Institutional investors own 71.13% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wells Fargo & Company reiterated a “buy” rating on shares of Microsoft in a research note on Friday, October 18th. Citigroup cut their target price on shares of Microsoft from $500.00 to $497.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $470.00 target price on shares of Microsoft in a report on Thursday, October 31st. Truist Financial reaffirmed a “buy” rating and issued a $600.00 price objective on shares of Microsoft in a research note on Monday, October 28th. Finally, Sanford C. Bernstein dropped their price target on Microsoft from $501.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $505.43.

Microsoft Stock Up 0.6 %

NASDAQ:MSFT opened at $454.46 on Wednesday. The company has a market cap of $3.38 trillion, a PE ratio of 37.50, a PEG ratio of 2.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.29 and a current ratio of 1.30. Microsoft Co. has a 52-week low of $366.50 and a 52-week high of $468.35. The stock has a 50-day simple moving average of $425.79 and a 200 day simple moving average of $428.04.

Microsoft (NASDAQ:MSFT) last issued its earnings results on Wednesday, October 30th. The software giant reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.10 by $0.20. Microsoft had a return on equity of 34.56% and a net margin of 35.61%. The firm had revenue of $65.59 billion for the quarter, compared to the consensus estimate of $64.57 billion. During the same quarter last year, the business posted $2.99 EPS. The company’s revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts expect that Microsoft Co. will post 12.93 EPS for the current fiscal year.

Microsoft Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders 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 yield of 0.73%. Microsoft’s payout ratio is 27.39%.

Microsoft announced that its Board of Directors has authorized a share repurchase plan on Monday, September 16th that authorizes the company to buyback $60.00 billion in outstanding shares. This buyback authorization authorizes the software giant to reacquire up to 1.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Microsoft

In other news, EVP Christopher David Young sold 7,200 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $423.66, for a total transaction of $3,050,352.00. Following the completion of the transaction, the executive vice president now directly owns 103,366 shares in the company, valued at $43,792,039.56. The trade was a 6.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CMO Takeshi Numoto sold 1,000 shares of Microsoft stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $414.72, for a total transaction of $414,720.00. Following the sale, the chief marketing officer now owns 57,511 shares of the company’s stock, valued at approximately $23,850,961.92. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,200 shares of company stock valued at $17,383,892 over the last 90 days. Insiders own 0.03% of the company’s stock.

Microsoft 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.