Infosys Limited (NYSE:INFY) Shares Sold by Veritas Asset Management LLP

Veritas Asset Management LLP reduced its holdings in Infosys Limited (NYSE:INFY) by 53.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 194,488 shares of the technology company’s stock after selling 225,512 shares during the quarter. Veritas Asset Management LLP’s holdings in Infosys were worth $4,331,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its position in shares of Infosys by 37.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 21,580,344 shares of the technology company’s stock worth $401,826,000 after buying an additional 5,862,144 shares during the period. Sustainable Growth Advisers LP increased its stake in Infosys by 4.4% during the first quarter. Sustainable Growth Advisers LP now owns 16,591,434 shares of the technology company’s stock worth $297,484,000 after acquiring an additional 699,641 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Infosys by 67.9% in the 2nd quarter. Millennium Management LLC now owns 7,601,073 shares of the technology company’s stock worth $141,532,000 after purchasing an additional 3,074,432 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Infosys by 10.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,248,026 shares of the technology company’s stock valued at $116,338,000 after purchasing an additional 570,435 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Infosys by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,040,195 shares of the technology company’s stock worth $112,481,000 after purchasing an additional 715,812 shares during the period. 10.89% of the stock is currently owned by hedge funds and other institutional investors.

Infosys Trading Down 0.7 %

INFY stock traded down $0.15 during midday trading on Friday, hitting $20.76. 9,285,521 shares of the company’s stock were exchanged, compared to its average volume of 8,257,069. The stock has a market capitalization of $85.98 billion, a price-to-earnings ratio of 26.62, a price-to-earnings-growth ratio of 3.37 and a beta of 1.00. The firm has a 50 day moving average price of $22.61 and a 200-day moving average price of $20.26. Infosys Limited has a 12-month low of $16.04 and a 12-month high of $23.48.

Infosys (NYSE:INFY) last posted its quarterly earnings data on Thursday, October 17th. The technology company reported $0.19 EPS for the quarter, meeting analysts’ consensus estimates of $0.19. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.89 billion. Infosys had a net margin of 17.15% and a return on equity of 31.43%. During the same period in the prior year, the firm posted $0.18 EPS. On average, sell-side analysts forecast that Infosys Limited will post 0.75 EPS for the current fiscal year.

Infosys Increases Dividend

The firm also recently announced a semi-annual dividend, which was paid on Tuesday, October 29th. Shareholders of record on Friday, January 1st were issued a dividend of $0.2126 per share. This represents a dividend yield of 1.1%. This is a boost from Infosys’s previous semi-annual dividend of $0.20. The ex-dividend date was Tuesday, October 29th. Infosys’s dividend payout ratio is 55.13%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on INFY. BMO Capital Markets raised their price target on shares of Infosys from $23.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, October 18th. StockNews.com downgraded shares of Infosys from a “buy” rating to a “hold” rating in a research note on Thursday. Macquarie raised Infosys from an “underperform” rating to a “neutral” rating in a research report on Friday, July 19th. Investec lowered Infosys from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Finally, Erste Group Bank raised Infosys from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.85.

About Infosys

Infosys Limited, together with its subsidiaries, provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, metaverse, data analytics and AI, applied AI, generative AI, sustainability, blockchain, engineering, Internet of Things, enterprise agile DevOps, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; API economy and microservices; and Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.