Pinnacle Wealth Planning Services Inc. Purchases 8,054 Shares of Infosys Limited (NYSE:INFY)

Pinnacle Wealth Planning Services Inc. grew its position in shares of Infosys Limited (NYSE:INFY) by 35.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,886 shares of the technology company’s stock after acquiring an additional 8,054 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Infosys were worth $554,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Infosys by 2.3% during the third quarter. Vanguard Group Inc. now owns 8,143,005 shares of the technology company’s stock worth $139,327,000 after buying an additional 180,888 shares in the last quarter. Aikya Investment Management Ltd bought a new position in Infosys in the 4th quarter valued at $71,409,000. Mutual Advisors LLC purchased a new position in shares of Infosys during the 4th quarter valued at $229,000. HB Wealth Management LLC lifted its position in shares of Infosys by 5.7% during the 4th quarter. HB Wealth Management LLC now owns 10,661 shares of the technology company’s stock valued at $196,000 after buying an additional 575 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in Infosys by 18.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 33,638 shares of the technology company’s stock worth $618,000 after purchasing an additional 5,159 shares in the last quarter. Institutional investors own 10.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on INFY shares. Susquehanna lowered their price target on Infosys from $15.00 to $14.00 and set a “negative” rating on the stock in a report on Friday, April 19th. Macquarie upgraded Infosys from an “underperform” rating to a “neutral” rating in a research report on Friday. StockNews.com upgraded Infosys from a “hold” rating to a “buy” rating in a research report on Friday. BMO Capital Markets dropped their price objective on Infosys from $21.00 to $18.00 and set a “market perform” rating for the company in a report on Friday, April 19th. Finally, HSBC reiterated a “hold” rating and issued a $20.10 price objective on shares of Infosys in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $19.27.

Infosys Stock Performance

Shares of INFY traded down $0.57 on Friday, reaching $21.68. The stock had a trading volume of 16,443,577 shares, compared to its average volume of 11,934,494. The firm has a market capitalization of $89.75 billion, a price-to-earnings ratio of 28.53, a price-to-earnings-growth ratio of 4.01 and a beta of 0.98. The company has a 50-day simple moving average of $18.29 and a 200-day simple moving average of $18.58. Infosys Limited has a 12-month low of $15.33 and a 12-month high of $22.61.

Infosys (NYSE:INFY) last released its earnings results on Thursday, July 18th. The technology company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $4.71 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Infosys had a return on equity of 32.00% and a net margin of 17.18%. During the same quarter last year, the business posted $0.17 EPS. On average, analysts expect that Infosys Limited will post 0.75 EPS for the current fiscal year.

Infosys Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Friday, May 31st. Shareholders of record on Friday, May 31st were paid a dividend of $0.2035 per share. This represents a yield of 1.4%. The ex-dividend date of this dividend was Friday, May 31st. Infosys’s payout ratio is 38.16%.

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.