Mirae Asset Global Investments Co. Ltd. Decreases Stock Position in Infosys Limited (NYSE:INFY)

Mirae Asset Global Investments Co. Ltd. decreased its position in Infosys Limited (NYSE:INFY) by 31.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,227 shares of the technology company’s stock after selling 39,910 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Infosys were worth $1,908,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Hilltop National Bank grew its holdings in Infosys by 50.8% during the 2nd quarter. Hilltop National Bank now owns 2,979 shares of the technology company’s stock valued at $55,000 after purchasing an additional 1,004 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Infosys by 22.6% during the second quarter. GAMMA Investing LLC now owns 2,931 shares of the technology company’s stock valued at $55,000 after acquiring an additional 541 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in shares of Infosys by 126.7% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,029 shares of the technology company’s stock worth $56,000 after acquiring an additional 1,693 shares during the last quarter. Ridgewood Investments LLC acquired a new position in shares of Infosys in the second quarter worth about $162,000. Finally, Bank Pictet & Cie Europe AG purchased a new position in Infosys in the second quarter valued at about $194,000. Hedge funds and other institutional investors own 10.89% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on INFY. StockNews.com lowered Infosys from a “buy” rating to a “hold” rating in a research report on Thursday. BMO Capital Markets increased their price objective on shares of Infosys from $23.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, October 18th. Investec lowered shares of Infosys from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Macquarie upgraded shares of Infosys from an “underperform” rating to a “neutral” rating in a research note on Friday, July 19th. Finally, Erste Group Bank upgraded Infosys from a “hold” rating to a “buy” rating in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.85.

Infosys Trading Down 3.0 %

NYSE:INFY opened at $21.11 on Thursday. The firm has a market capitalization of $87.39 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 3.57 and a beta of 0.99. Infosys Limited has a 52 week low of $16.04 and a 52 week high of $23.48. The stock has a 50 day moving average of $22.67 and a 200-day moving average of $20.21.

Infosys (NYSE:INFY) last issued its earnings results on Thursday, October 17th. The technology company reported $0.19 earnings per share for the quarter, hitting the consensus estimate of $0.19. Infosys had a return on equity of 31.43% and a net margin of 17.15%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period last year, the company earned $0.18 earnings per share. As a group, analysts predict that Infosys Limited will post 0.75 EPS for the current fiscal year.

Infosys Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Tuesday, October 29th. Shareholders of record on Friday, January 1st were paid a dividend of $0.2126 per share. This represents a yield of 1.1%. This is a positive change from Infosys’s previous semi-annual dividend of $0.20. The ex-dividend date of this dividend was Tuesday, October 29th. Infosys’s payout ratio is presently 55.26%.

Infosys Company Profile

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.