Connor Clark & Lunn Investment Management Ltd. Acquires 1,422,814 Shares of Infosys Limited (NYSE:INFY)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Infosys Limited (NYSE:INFY - Free Report) by 186.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,186,685 shares of the technology company's stock after buying an additional 1,422,814 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.05% of Infosys worth $48,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Robeco Institutional Asset Management B.V. increased its stake in shares of Infosys by 68.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 24,339,983 shares of the technology company's stock valued at $542,051,000 after acquiring an additional 9,923,744 shares during the last quarter. Canada Pension Plan Investment Board grew its position in Infosys by 37.3% in the second 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 last quarter. Millennium Management LLC raised its stake in shares of Infosys by 67.9% during 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 in the last quarter. Bank of New York Mellon Corp grew its position in shares of Infosys by 10.0% in the second 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 during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Infosys by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 6,040,195 shares of the technology company's stock valued at $112,481,000 after acquiring an additional 715,812 shares during the period. 10.89% of the stock is currently owned by hedge funds and other institutional investors.

Infosys Stock Up 1.2 %

Shares of INFY traded up $0.26 during mid-day trading on Wednesday, reaching $21.99. 7,810,913 shares of the stock traded hands, compared to its average volume of 9,206,471. Infosys Limited has a 12-month low of $16.04 and a 12-month high of $23.48. The stock has a fifty day simple moving average of $22.29 and a 200 day simple moving average of $20.68. The firm has a market cap of $91.08 billion, a price-to-earnings ratio of 27.87, a P/E/G ratio of 3.48 and a beta of 1.00.

Infosys (NYSE:INFY - Get Free Report) last released its quarterly earnings results on Thursday, October 17th. The technology company reported $0.19 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.19. Infosys had a net margin of 17.15% and a return on equity of 31.43%. The company had revenue of $4.89 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same period in the prior year, the company earned $0.18 earnings per share. On average, equities research analysts expect that Infosys Limited will post 0.75 earnings per share for the current fiscal year.

Infosys Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Tuesday, October 29th. Investors of record on Friday, January 1st were given a $0.2126 dividend. The ex-dividend date of this dividend was Tuesday, October 29th. This represents a yield of 1.1%. This is an increase from Infosys's previous semi-annual dividend of $0.20. Infosys's dividend payout ratio (DPR) is presently 53.85%.

Analyst Upgrades and Downgrades

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

Infosys 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.