IT Stock That Gives You A Dividend Yield Of More Than 6%

Over the last couple of quarters we have seen IT stocks that have lost ground heavily. Some of this has resulted in very attractive dividend yields. Let's take a look at one such stock that is giving good dividend yields at the current market price.

Oracle Financial Services: Dividend yield of 6.06%

This is probably the only IT services stock that gives you such a high dividend yield. The company has a good track record of consistently paying dividends over the years. Last year the company paid a dividend of Rs 190 per share. Based on the current market price of Rs 3139, the dividend yield on the stock works to 6.06%. The company is one of the top dividend paying stocks from the IT sector. We do not foresee the possibility of dividends on the stock being reduced in the current year, though it could be tough going for the sector in the coming quarters.

Insurance and banking related IT software and services

The company largely caters to the software and related services to the banking and insurance sector. We are not making any fundamental analysis on the stock and merely giving you information. The 52-week high on the stock is Rs 3835, while the 52-week low on the stock is Rs 2883.80 on the Bombay Stock Exchange. Recently, the stock has seen good buying support and has seen a good rally post quarterly numbers.

Quarterly results of Oracle Financial Services for Dec quarter 2023

Net income for the quarter ending Dec 31, 2023 was Rs. 437 Crore, up 0.4% year-over-year. Revenue for the Quarter was Rs. 1,449 Crore, up 14% year-over-year. Operating income for the quarter was Rs. 579 Crore, up 4% year-over-year. For the three months ended December 31, 2022, the Products business posted revenue of Rs. 1,303 Crore, up 15% year-over-year, and operating income of Rs. 616 Crore, up 6% year-over-year. For the same period, the Services business posted revenue of Rs. 147 Crore, up 11% year-over-year, and the Operating income of Rs. 29 Crore, down 11% year-over-year.

Disclaimer

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