Highest Ever Dividend In Q3: Multibagger IT Stock To Declare Dividend On April 21, Sunday; Buy?

Mid cap IT Software sector company, Persistent Systems Ltd shares zoomed 2.14% in trade today after the company informed about its upcoming meeting of Board of Directors to consider financial results and recommend interim dividend, if any for the financial year 2023-24. Last trading price of Persistent Systems share on BSE is Rs 4050.25 per share.

Meanwhile, leading brokerage firm JP Morgan has decided to upgraded Persistent Systems share to an "overweight" call from the previous "neutral" call and increased the target price to Rs 4,400 from Rs 3,600. Persistent Systems shares offered return of 314% in last 3-years. The company's market capitalisation stands at Rs 62,328.63 crore. The company declared its highest ever dividend for Q3 at Rs 32/share and fixed ex-dividend date as January 30, 2024. Check details below:

Persistent Systems Ltd To Consider Results, Final Dividend: According to the BSE filing of the company issued today, "The meeting of the Board of Directors of Persistent Systems Limited ('the Company') is scheduled to be held on Saturday, April 20, 2024, and will continue on Sunday, April 21, 2024, at New Jersey Office, USA (EDT) to consider the Audited Financial Results of the Company along with its subsidiaries for the quarter and year ended March 31, 2024, and to recommend the final dividend, if any for the Financial Year 2023-24."

In continuation of the aforesaid intimation, please note that the Board of Directors will consider the aforesaid business items on Sunday, April 21, 2024 (EDT) / at equivalent Indian Standard Time (IST) on Sunday, April 21, 2024, added the regulatory filing.

Persistent Systems Shares Performance & Return: The 52-week high price of Persistent Systems shares on BSE is Rs 4489.93 apiece and 52-week low price is Rs 1979.63 apiece, respectively. Persistent Systems shares declined 4.33% in last 1-month, gave return of 10% year-to-date, zoomed 43% in last 6-months, and offered return of 79% in last 1-year. In last 2-years, Persistent Systems stock surged 69% and gained a whopping 1213% in last 5-years.

Persistent Systems Ltd Stock Split In 2024: As per the regulatory filing of Persistent Systems dated March 13, 2024, "we wish to inform that the Company has fixed Monday, April 1, 2024 as the 'Record Date' for determining the entitlement of Equity Shareholders for the purpose of Sub-Division/Split of existing Equity Shares of the Company, such that existing 1 (One) Equity Share having a face value of INR 10 (Ten) each into 2 (Two) Equity Shares of INR 5 (Five) each, fully paid up, ranking pari passu in all respects."

Persistent Dividend History: Persistent Systems announced a total of 31 dividends since May 3, 2010. In last 12 months, Persistent Systems announced an equity dividend of Rs 54.00 per share. At the current share price of Rs 4046.00 per share, Persistent Systems offers a dividend yield of 1.33%. Adjusting for Bonus/Splits the dividend yield is 0.66%, according to Trendlyne.

Persistent Systems Q3 Results: The company's net profit soared 8.7% quarter-on-quarter (QoQ). Its consolidated revenue for Q3 declared at Rs 2,498.2 crore, up 15.2% from the corresponding quarter of last year. On sequential basis, Persistent Systems declared a surge of 3.6% in its revenue. Meanwhile, EBIDTA margin or operating margin soared to 17.7% from 13.7% in the previous quarter.

Persistent Systems About: It is a leading Digital Engineering and Enterprise Modernization partner, combining deep technical expertise and industry experience to help its clients. Its offerings, proven solutions and innovative partner ecosystem create unique competitive advantage for its clients. It works with many industry leading organizations across 18 countries - including 14 of the 30 most innovative US companies, 80% of the largest banks in the US and India, and numerous innovators across the healthcare ecosystem. It is recognized across the industry as the market leaders from delivery and customer excellence, as rated by ISG (2020 and 2021 ISG Star of Excellence Awards), according to its official website.

Disclaimer: The stock has been picked from the brokerage report of JP Morgan. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.