The company's stake in Amdocs has fallen from to 7.4%. Amdocs is expected to report 30% profit growth for the current quarter.
Telephone billing company Amdocs (NYSE:DOX) reported on Thursday that SBC (NYSE:SBC) had sold 5.1 million Amdocs shares at $24.15 per share. SBC realized a total of $123 million on the sale. Its stake in Amdocs fell from 10.1% to 7.4%. The transaction took place off-floor.
Amdocs is expected to release its quarterly financials on July 21. Analysts predict a quarterly profit of $0.30 per share, 30.5% more than the $0.23 per share profit reported for the corresponding quarter last year. The company's revenue for the quarter is expected o total $450 million.
Amdocs shares closed at $24.34 on Friday, giving the company market cap of $5.15 billion. Friday's price is some 19% below the recent peak price of $30 recorded on April 23.
Published by Globes [online] - www.globes.co.il - on June 20, 2004