Bank of Nova Scotia Acquires 119,391 Shares of Amdocs Limited $DOX

Bank of Nova Scotia grew its stake in shares of Amdocs Limited (NASDAQ:DOX) by 117.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 221,241 shares of the technology company’s stock after acquiring an additional 119,391 shares during the period. Bank of Nova Scotia’s holdings in Amdocs were worth $14,438,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DOX. TABR Capital Management LLC bought a new position in shares of Amdocs in the fourth quarter worth approximately $2,398,000. BNP Paribas Financial Markets grew its position in Amdocs by 85.4% in the fourth quarter. BNP Paribas Financial Markets now owns 201,982 shares of the technology company’s stock worth $16,262,000 after acquiring an additional 93,036 shares in the last quarter. Aberdeen Group plc increased its stake in Amdocs by 13.2% in the fourth quarter. Aberdeen Group plc now owns 263,287 shares of the technology company’s stock valued at $21,197,000 after acquiring an additional 30,723 shares during the last quarter. Arbejdsmarkedets Tillaegspension lifted its stake in Amdocs by 17.5% during the first quarter. Arbejdsmarkedets Tillaegspension now owns 354,383 shares of the technology company’s stock worth $23,127,000 after purchasing an additional 52,906 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Amdocs by 1.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,165,988 shares of the technology company’s stock worth $253,786,000 after purchasing an additional 54,676 shares in the last quarter. 92.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on DOX shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Amdocs in a research report on Friday, May 8th. Cfra downgraded shares of Amdocs to a “sell” rating in a research note on Thursday, May 14th. Stifel Nicolaus reduced their target price on shares of Amdocs from $88.00 to $71.00 and set a “buy” rating on the stock in a report on Thursday, May 14th. Wall Street Zen downgraded shares of Amdocs from a “buy” rating to a “hold” rating in a research note on Sunday, July 5th. Finally, KeyCorp began coverage on shares of Amdocs in a research report on Monday, June 29th. They set a “sector weight” rating for the company. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Amdocs currently has an average rating of “Hold” and an average price target of $86.67.

Amdocs Price Performance

DOX stock opened at $52.10 on Friday. The company has a market cap of $5.62 billion, a P/E ratio of 10.42, a PEG ratio of 0.91 and a beta of 0.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a 50-day moving average of $55.64 and a 200 day moving average of $65.19. Amdocs Limited has a 1 year low of $49.74 and a 1 year high of $90.29.

Amdocs (NASDAQ:DOX) last released its quarterly earnings results on Thursday, May 14th. The technology company reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.01. Amdocs had a return on equity of 19.77% and a net margin of 11.81%.The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the company posted $1.78 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts forecast that Amdocs Limited will post 6.56 EPS for the current year.

Amdocs Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be given a $0.569 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, June 30th. Amdocs’s payout ratio is currently 45.60%.

Amdocs Profile

Amdocs (NASDAQ: DOX) is a global software and services provider specializing in solutions for communications, media and entertainment companies. The company designs, develops and integrates revenue management, customer experience and digital services platforms that enable service providers to launch and monetize new offerings, streamline operations and enhance subscriber engagement. Amdocs’ product suite encompasses billing and order management, customer relationship management, digital commerce and network function virtualization, supported by professional services for implementation, integration and managed operations.

Founded in 1982 and structured as a separate public company in 1998, Amdocs has its corporate headquarters in Chesterfield, Missouri, and maintains major development centers in Ra’anana, Israel.