Connor Clark & Lunn Investment Management Ltd. Invests $2.91 Million in Amdocs Limited (NASDAQ:DOX)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Amdocs Limited (NASDAQ:DOX) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 33,277 shares of the technology company’s stock, valued at approximately $2,911,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of DOX. Pzena Investment Management LLC increased its stake in shares of Amdocs by 33.2% in the 2nd quarter. Pzena Investment Management LLC now owns 5,667,603 shares of the technology company’s stock worth $447,287,000 after purchasing an additional 1,412,826 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Amdocs by 36.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,175,790 shares of the technology company’s stock worth $277,818,000 after purchasing an additional 851,022 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Amdocs by 39.5% in the 1st quarter. Vanguard Group Inc. now owns 2,033,536 shares of the technology company’s stock worth $183,771,000 after purchasing an additional 576,168 shares in the last quarter. Brandes Investment Partners LP increased its stake in shares of Amdocs by 31.1% in the 2nd quarter. Brandes Investment Partners LP now owns 2,260,811 shares of the technology company’s stock worth $178,335,000 after purchasing an additional 536,359 shares in the last quarter. Finally, Pacer Advisors Inc. increased its stake in shares of Amdocs by 36.2% in the 2nd quarter. Pacer Advisors Inc. now owns 1,675,784 shares of the technology company’s stock worth $132,253,000 after purchasing an additional 444,966 shares in the last quarter. 92.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on DOX shares. Oppenheimer upped their target price on shares of Amdocs from $98.00 to $105.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Barclays dropped their target price 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. StockNews.com downgraded shares of Amdocs from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus started coverage on shares of Amdocs in a report on Wednesday, October 2nd. They issued a “buy” rating and a $100.00 target price for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $101.83.

Amdocs Stock Up 0.6 %

DOX opened at $85.67 on Monday. The firm has a 50-day simple moving average of $88.03 and a two-hundred day simple moving average of $83.95. 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 $10.07 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 1.42 and a beta of 0.74. The company has a quick ratio of 1.24, a current ratio of 1.20 and a debt-to-equity ratio of 0.21.

Amdocs Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.479 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Tuesday, December 31st. Amdocs’s dividend payout ratio (DPR) is presently 45.28%.

Amdocs 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.