Infosys Ltd (NYSE:INFY) Increases Dividend to $0.14 Per Share
Infosys Ltd (NYSE:INFY) announced a dividend on Wednesday, April 24th, NASDAQ reports. Investors of record on Friday, June 14th will be given a dividend of 0.14 per share by the technology company on Friday, June 14th. The ex-dividend date is Thursday, June 13th. This is an increase from Infosys’s previous dividend of $0.05.
Infosys has decreased its dividend payment by an average of 12.6% annually over the last three years and has increased its dividend every year for the last 6 years. Infosys has a dividend payout ratio of 52.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Infosys to earn $0.60 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 46.7%.
Infosys stock traded up $0.03 during midday trading on Wednesday, reaching $10.87. 58,703 shares of the company were exchanged, compared to its average volume of 9,939,234. The stock has a market cap of $47.14 billion, a PE ratio of 20.08, a P/E/G ratio of 2.04 and a beta of 0.53. Infosys has a 1 year low of $8.85 and a 1 year high of $11.38.
A number of analysts recently commented on INFY shares. Zacks Investment Research upgraded Infosys from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Tuesday, March 19th. HSBC cut Infosys from a “buy” rating to a “hold” rating in a report on Tuesday, April 2nd. Wells Fargo & Co restated a “hold” rating on shares of Infosys in a report on Friday, April 12th. Citigroup cut Infosys from a “buy” rating to a “neutral” rating in a report on Monday, April 15th. Finally, Morgan Stanley cut Infosys from an “overweight” rating to an “equal weight” rating and set a $10.62 price target for the company. in a report on Monday, April 15th. Two analysts have rated the stock with a sell rating and fifteen have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $11.36.
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Infosys Company Profile
Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally. It provides business information technology services, including application development and maintenance, independent validation, infrastructure management, and business process management services, as well as engineering services, such as engineering and life cycle solutions; and consulting and systems integration services comprising consulting, enterprise solutions, systems integration, and advanced technologies.
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