Blue Owl Capital Corp (NYSE:OBDC) announced the outcomes of its recent shareholder meeting held on June 21, 2024. During the meeting, shareholders voted on two key proposals, including the election of board members and the ratification of the company's independent auditor.
The Maryland-based asset management firm saw the re-election of two members to its board of directors. Christopher M. Temple and Melissa Weiler were elected to serve until the 2027 annual meeting of shareholders. Temple secured his board seat with 118,166,584 votes in favor, 76,204,360 against, and 2,154,467 abstentions. Weiler was elected with 119,492,300 votes for, 74,963,831 against, and 2,069,280 abstentions. Both elections faced a significant number of broker non-votes, tallying 107,921,234.
In addition to the board elections, shareholders ratified the appointment of KPMG LLP as Blue Owl Capital's independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made with a substantial majority, with 275,215,270 votes in favor, 26,234,240 against, and 2,997,135 abstentions.
The company, which has its principal executive offices located at 399 Park Avenue, New York, NY, has confirmed the authenticity of the voting results via a Form 8-K filed with the SEC on Monday, June 24, 2024. This SEC filing serves as the source for the information disclosed in this report.
Blue Owl Capital, previously known as Owl Rock Capital (NYSE:OBDC) Corp, operates within the financial sector, providing investors with access to direct lending and other investment opportunities. The company's common stock is listed on the New York Stock Exchange and trades under the symbol OBDC.
These corporate governance actions reflect routine business operations and the ongoing management of the company's affairs, as dictated by its shareholders. The election of board members and the ratification of an independent auditor are customary practices that provide accountability and oversight within publicly traded companies.
In other recent news, Blue Owl Capital has been the subject of revised outlooks from two analyst firms, RBC Capital and Keefe, Bruyette & Woods. RBC Capital raised its price target for Blue Owl Capital to $17 from $16, maintaining an Outperform rating, based on the company's strong return on equity (ROE) potential and low levels of non-accruals.
In contrast, Keefe, Bruyette & Woods downgraded the company from Outperform to Market Perform, retaining a price target of $16. The revision was prompted by limited upside potential despite the company's net investment income meeting expectations.
Blue Owl Capital recently reported robust first-quarter earnings, with a net investment income of $0.47 per share, a 12.1% ROE, and a record net asset value per share of $15.47. The company's portfolio companies are showing steady growth, and shareholders have seen a dividend yield of nearly 11%.
InvestingPro Insights
As Blue Owl Capital Corp (NYSE:OBDC) continues its journey as a publicly traded entity, the market is closely watching its financial health and stock performance. Based on real-time data from InvestingPro, Blue Owl Capital has a market capitalization of $6.19 billion and a P/E ratio of 7.97, showcasing its significant presence in the financial sector. The company's revenue growth is also notable, with a 21.94% increase in the last twelve months as of Q1 2024, and a 5.81% growth in the same quarter.
Investors who value steady income will appreciate that Blue Owl Capital pays a significant dividend, with a yield of 11.22% as of the latest data. This is particularly attractive in an investment landscape where steady returns are highly sought after. Additionally, the company's stock is characterized by low price volatility, which may appeal to investors looking for stable equity investments.
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