Principal Financial Group Inc. Has $90.36 Million Stake in Amdocs Limited (NASDAQ:DOX)

Principal Financial Group Inc. boosted its stake in shares of Amdocs Limited (NASDAQ:DOX) by 6.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,032,867 shares of the technology company’s stock after buying an additional 63,718 shares during the quarter. Principal Financial Group Inc.’s holdings in Amdocs were worth $90,355,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in DOX. Fifth Third Bancorp lifted its position in shares of Amdocs by 10.3% in the 2nd quarter. Fifth Third Bancorp now owns 10,712 shares of the technology company’s stock worth $845,000 after purchasing an additional 996 shares during the period. Tempus Wealth Planning LLC lifted its holdings in Amdocs by 5.6% in the second quarter. Tempus Wealth Planning LLC now owns 4,199 shares of the technology company’s stock valued at $331,000 after buying an additional 222 shares during the period. Raymond James Trust N.A. boosted its position in Amdocs by 2.3% during the second quarter. Raymond James Trust N.A. now owns 5,796 shares of the technology company’s stock valued at $457,000 after acquiring an additional 129 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Amdocs by 46.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 512,722 shares of the technology company’s stock worth $40,464,000 after acquiring an additional 163,371 shares during the period. Finally, Verdence Capital Advisors LLC raised its position in shares of Amdocs by 8.2% in the 2nd quarter. Verdence Capital Advisors LLC now owns 4,143 shares of the technology company’s stock worth $327,000 after acquiring an additional 315 shares in the last quarter. Institutional investors own 92.02% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Barclays cut their target price on Amdocs from $113.00 to $111.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. StockNews.com downgraded shares of Amdocs from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 14th. Oppenheimer increased their target price on shares of Amdocs from $98.00 to $105.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Stifel Nicolaus assumed coverage on shares of Amdocs in a report on Wednesday, October 2nd. They issued a “buy” rating and a $100.00 price target for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $101.20.

Amdocs Price Performance

Shares of NASDAQ:DOX opened at $87.01 on Friday. Amdocs Limited has a twelve month low of $74.41 and a twelve month high of $94.04. The stock’s 50 day moving average is $87.93 and its 200-day moving average is $84.75. The company has a quick ratio of 1.24, a current ratio of 1.20 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $10.23 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 1.45 and a beta of 0.72.

Amdocs Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.479 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Tuesday, December 31st. Amdocs’s dividend payout ratio (DPR) is 45.05%.

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.