Redmond Asset Management LLC Takes $887,000 Position in Amdocs Limited (NASDAQ:DOX)

Redmond Asset Management LLC acquired a new stake in shares of Amdocs Limited (NASDAQ:DOX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,416 shares of the technology company’s stock, valued at approximately $887,000.

A number of other hedge funds have also recently made changes to their positions in the business. Dividend Assets Capital LLC raised its position in Amdocs by 1.0% in the fourth quarter. Dividend Assets Capital LLC now owns 70,725 shares of the technology company’s stock worth $6,022,000 after acquiring an additional 721 shares during the period. Paradigm Asset Management Co. LLC purchased a new position in Amdocs during the fourth quarter valued at approximately $1,141,000. Handelsbanken Fonder AB grew its stake in Amdocs by 6.2% during the fourth quarter. Handelsbanken Fonder AB now owns 50,115 shares of the technology company’s stock valued at $4,267,000 after acquiring an additional 2,910 shares in the last quarter. Global Retirement Partners LLC grew its stake in Amdocs by 45.6% during the fourth quarter. Global Retirement Partners LLC now owns 559 shares of the technology company’s stock valued at $48,000 after acquiring an additional 175 shares in the last quarter. Finally, Valley Wealth Managers Inc. grew its stake in Amdocs by 8.2% in the 4th quarter. Valley Wealth Managers Inc. now owns 248,078 shares of the technology company’s stock worth $21,121,000 after buying an additional 18,703 shares in the last quarter. 92.02% of the stock is currently owned by institutional investors and hedge funds.

Amdocs Trading Down 1.6 %

Shares of DOX opened at $87.91 on Friday. The company’s fifty day moving average is $86.06 and its 200 day moving average is $86.56. Amdocs Limited has a fifty-two week low of $74.41 and a fifty-two week high of $94.04. The stock has a market capitalization of $9.92 billion, a PE ratio of 20.40, a P/E/G ratio of 1.48 and a beta of 0.71. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.20 and a current ratio of 1.16.

Amdocs (NASDAQ:DOX) last issued its earnings results on Tuesday, February 4th. The technology company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.19). Amdocs had a net margin of 10.19% and a return on equity of 18.89%. Sell-side analysts expect that Amdocs Limited will post 6.21 earnings per share for the current fiscal year.

Amdocs Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, April 20th. Shareholders of record on Monday, March 31st will be given a dividend of $0.527 per share. This represents a $2.11 annualized dividend and a dividend yield of 2.40%. This is a positive change from Amdocs’s previous quarterly dividend of $0.48. The ex-dividend date is Monday, March 31st. Amdocs’s dividend payout ratio is presently 44.55%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on DOX shares. Oppenheimer boosted their price objective on shares of Amdocs from $98.00 to $105.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. StockNews.com lowered shares of Amdocs from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Finally, Barclays lowered their price target on shares of Amdocs from $113.00 to $111.00 and set an “overweight” rating for the company in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Amdocs has a consensus rating of “Moderate Buy” and an average price target of $101.20.

Amdocs Company Profile

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.