Blue Owl Capital Corp III (NYSE:OBDE) announced the results of its recent shareholder meeting held on June 21, 2024. The company, which is headquartered in New York and incorporated in Maryland, reported on two key items that were put to a vote during the annual gathering.
Firstly, shareholders elected two board members, Christopher M. Temple and Melissa Weiler, to serve until the 2027 annual meeting. Temple received 73,221,198 votes for, 993,975 against, and 60,950 abstentions. Similarly, Weiler garnered 73,221,434 votes in favor, 993,739 against, and 60,950 abstentions. In both cases, there were 1,357,363 broker non-votes.
Secondly, the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with an overwhelming majority. The accounting firm received 75,630,471 votes for, only 269 against, and 2,746 abstentions.
InvestingPro Insights
Blue Owl Capital Corp III (NYSE:OBDE), with its recent shareholder meeting outcomes, also presents interesting financial metrics and prospects for investors. The company boasts a robust dividend yield, currently standing at 9.33%, which is a significant return for shareholders. This is especially noteworthy given the company's market capitalization of $1.8 billion and a price-to-earnings (P/E) ratio of 6.1, suggesting a potentially undervalued stock.
InvestingPro Tips highlight that while OBDE pays a substantial dividend, it is also facing challenges with weak gross profit margins and a valuation that implies a poor free cash flow yield. Additionally, the stock is trading near its 52-week low, which might indicate a buying opportunity for value investors. For those interested in a deeper dive into OBDE's financial health and future prospects, there are additional InvestingPro Tips available. Utilize the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription and gain access to these valuable insights.
The company's stock price is currently at $15, which is 88.63% of its 52-week high. With the ex-date of the last dividend on May 31, 2024, investors may want to consider the timing of their investments in relation to dividend payouts. Moreover, the next earnings date is set for August 28, 2024, which could be a pivotal moment for the company's stock performance. The fair value, as assessed by analysts, stands at $16, suggesting a potential upside from the previous close.
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