Principal Financial Group Inc. Sells 193,641 Shares of Amdocs Limited (NASDAQ:DOX)

Principal Financial Group Inc. lowered its stake in Amdocs Limited (NASDAQ:DOX) by 16.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 969,149 shares of the technology company’s stock after selling 193,641 shares during the quarter. Principal Financial Group Inc. owned about 0.82% of Amdocs worth $76,486,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in DOX. GAMMA Investing LLC acquired a new position in shares of Amdocs during the fourth quarter worth about $25,000. Natixis Advisors L.P. acquired a new position in Amdocs during the 4th quarter worth approximately $2,357,000. Running Oak Capital LLC boosted its position in Amdocs by 21.2% during the 4th quarter. Running Oak Capital LLC now owns 94,529 shares of the technology company’s stock worth $8,308,000 after acquiring an additional 16,559 shares during the last quarter. Axxcess Wealth Management LLC bought a new position in shares of Amdocs during the 4th quarter worth approximately $247,000. Finally, Gallacher Capital Management LLC acquired a new stake in shares of Amdocs in the fourth quarter valued at approximately $416,000. Institutional investors and hedge funds own 92.02% of the company’s stock.

Analyst Upgrades and Downgrades

DOX has been the subject of several recent research reports. StockNews.com upgraded shares of Amdocs from a “buy” rating to a “strong-buy” rating in a report on Friday, August 9th. Robert W. Baird reduced their price objective on shares of Amdocs from $97.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Finally, Citigroup lowered their target price on Amdocs from $105.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $102.50.

Amdocs Stock Performance

NASDAQ DOX traded up $1.65 on Friday, hitting $86.97. 605,491 shares of the stock were exchanged, compared to its average volume of 696,392. The business’s fifty day moving average is $82.60 and its 200 day moving average is $84.56. Amdocs Limited has a 52 week low of $74.41 and a 52 week high of $94.04. The company has a market capitalization of $10.22 billion, a PE ratio of 19.54, a P/E/G ratio of 1.52 and a beta of 0.73. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.32 and a quick ratio of 1.32.

Amdocs (NASDAQ:DOX) last issued its earnings results on Wednesday, August 7th. The technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.02. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Amdocs had a net margin of 10.62% and a return on equity of 17.85%. Amdocs’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 EPS. Research analysts anticipate that Amdocs Limited will post 5.72 EPS for the current fiscal year.

Amdocs Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 30th will be issued a dividend of $0.479 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Monday, September 30th. Amdocs’s payout ratio is presently 42.92%.

About Amdocs

Amdocs Limited, through its subsidiaries, provides software and services worldwide. It designs, develops, operates, implements, supports, and markets open and modular cloud portfolio. The company provides CES23, a 5G and cloud-native microservices-based market-leading customer experience suite, that enables service providers to build, deliver, and monetize advanced services; Amdocs Subscription Marketplace, a software-as-a-service-based platform that includes an expansive network of pre-integrated digital services, such as media, gaming, eLearning, sports, and retail to security and business services; the monetization suite for charging, billing, policy, and revenue management; Intelligent networking suite with a set of modular, flexible, and open service lifecycle management capabilities for network automation journeys; amAIz, a telco GenAI framework; Amdocs Digital Brands Suite, a pre-integrated digital business suite; and Amdocs eSIM Cloud for service providers.