California Public Employees Retirement System Trims Stake in Amdocs Limited $DOX

Key Points

• CalPERS reduced its Amdocs stake by 18.3% in the first quarter, selling 58,299 shares and ending with 260,454 shares valued at about $17.0 million.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 92.02% of Amdocs shares despite some recent buying and selling activity.
• Analysts are mixed on the stock: the consensus rating is “Hold” with a $86.67 price target, while the latest earnings showed Amdocs beat EPS estimates and announced a quarterly dividend yielding 4.5%.

California Public Employees Retirement System cut its stake in Amdocs Limited (NASDAQ:DOX - Free Report) by 18.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 260,454 shares of the technology company's stock after selling 58,299 shares during the quarter. California Public Employees Retirement System owned approximately 0.24% of Amdocs worth $16,997,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of DOX. WealthCollab LLC grew its stake in shares of Amdocs by 94.5% during the 3rd quarter. WealthCollab LLC now owns 356 shares of the technology company's stock worth $29,000 after purchasing an additional 173 shares during the period. BOK Financial Private Wealth Inc. acquired a new position in shares of Amdocs in the 4th quarter valued at $37,000. Los Angeles Capital Management LLC purchased a new stake in Amdocs during the fourth quarter worth $39,000. Advisory Services Network LLC acquired a new stake in Amdocs during the third quarter valued at $42,000. Finally, CIBC Private Wealth Group LLC grew its position in Amdocs by 190.2% during the third quarter. CIBC Private Wealth Group LLC now owns 595 shares of the technology company's stock valued at $49,000 after buying an additional 390 shares during the period. Hedge funds and other institutional investors own 92.02% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Stifel Nicolaus decreased their price objective on shares of Amdocs from $88.00 to $71.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. KeyCorp started coverage on Amdocs in a research note on Monday, June 29th. They issued a "sector weight" rating for the company. Wall Street Zen cut Amdocs from a "buy" rating to a "hold" rating in a report on Sunday, July 5th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Amdocs in a research report on Friday, May 8th. Finally, Cfra lowered Amdocs to a "sell" rating in a report on Thursday, May 14th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Amdocs has an average rating of "Hold" and a consensus price target of $86.67.

Amdocs Stock Performance

DOX opened at $50.85 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The company has a market cap of $5.49 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 0.89 and a beta of 0.41. Amdocs Limited has a 52-week low of $49.74 and a 52-week high of $90.29. The firm's fifty day simple moving average is $55.81 and its two-hundred day simple moving average is $65.29.

Amdocs (NASDAQ:DOX - Get Free Report) last announced its earnings results on Thursday, May 14th. The technology company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.01. Amdocs had a net margin of 11.81% and a return on equity of 19.77%. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the business earned $1.78 earnings per share. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. Equities analysts anticipate that Amdocs Limited will post 6.56 earnings per share for the current fiscal year.

Amdocs Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.569 per share. This represents a $2.28 annualized dividend and a yield of 4.5%. The ex-dividend date is Tuesday, June 30th. Amdocs's payout ratio is 45.60%.

Amdocs Company 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.

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