Genpact Limited (NYSE:G) Stake Lifted by BlackRock Inc.
BlackRock Inc. grew its holdings in Genpact Limited (NYSE:G) by 17.8% during the first quarter, HoldingsChannel.com reports. The firm owned 9,496,584 shares of the business services provider’s stock after acquiring an additional 1,431,928 shares during the quarter. BlackRock Inc. owned about 0.05% of Genpact worth $334,091,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the company. Bremer Trust National Association acquired a new position in Genpact during the 4th quarter worth approximately $36,000. New York State Teachers Retirement System acquired a new position in Genpact during the 1st quarter worth approximately $77,000. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Genpact during the 4th quarter worth approximately $162,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Genpact by 8.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,922 shares of the business services provider’s stock worth $214,000 after buying an additional 607 shares during the period. Finally, Sigma Planning Corp acquired a new position in Genpact during the 1st quarter worth approximately $238,000. 93.97% of the stock is currently owned by institutional investors.
A number of research analysts recently weighed in on G shares. ValuEngine raised Genpact from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Zacks Investment Research downgraded Genpact from a “hold” rating to a “sell” rating in a research note on Monday, March 4th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $36.00 price target on shares of Genpact in a research note on Sunday, March 3rd. Wells Fargo & Co raised Genpact from a “market perform” rating to an “outperform” rating and set a $33.25 price target on the stock in a research note on Friday, March 8th. Finally, Royal Bank of Canada downgraded Genpact from an “outperform” rating to a “sector perform” rating and set a $33.50 price target on the stock. in a research note on Tuesday, February 26th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $33.97.
Genpact (NYSE:G) last issued its quarterly earnings data on Thursday, May 2nd. The business services provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.07. The firm had revenue of $809.21 million during the quarter, compared to analyst estimates of $764.50 million. Genpact had a return on equity of 22.33% and a net margin of 8.91%. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 EPS. Analysts expect that Genpact Limited will post 1.71 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Wednesday, June 12th will be issued a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Tuesday, June 11th. Genpact’s dividend payout ratio is currently 21.25%.
In other news, SVP Heather White sold 1,058 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $36.08, for a total value of $38,172.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Bain Capital Investors Llc sold 8,500,194 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $36.01, for a total value of $306,091,985.94. The disclosure for this sale can be found here. Insiders have sold a total of 10,284,683 shares of company stock valued at $370,247,491 over the last three months. Corporate insiders own 1.86% of the company’s stock.
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Genpact Company Profile
Genpact Limited provides business process outsourcing and information technology (IT) services North and Latin America, India, rest of Asia, and Europe. Its finance and accounting services include accounts payable, such as document management, invoice processing, approval and resolution management, and travel and expense processing; invoice-to-cash services, including customer master data management, credit and contract management, fulfillment, billing, collections, and dispute management services; record to report services comprising accounting, treasury, tax, product cost accounting, and closing and reporting services; enterprise performance management consisting of budgeting, forecasting, and business performance reporting; and enterprise risk and compliance services, including operational risks and controls.
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