Amdocs Limited (DOX) will raise its quarterly dividend by 14.9 percent to $0.3275 per share in 2020. This marks the 7th consecutive year of dividend increases by the provider of software and services for communications, entertainment and media industry company's.

The next dividend will be payable on April 24, 2020 to shareholders of record on March 31, 2020. A new annual rate of $1.31 per share yields 1.8% at a stock price of $73.80.

“We are pleased to report a solid start to the fiscal year, with record revenue driven by sequential growth in North America, and healthy year-over-year trends in Europe and Rest of World. Profitability was consistent with our operating plan, including investments to support the ramp-up of new activities at AT&T and other customers, and we returned more than 100% of normalized free cash flow to shareholders through our share repurchases and quarterly dividend payment programs,” said Shuky Sheffer, president and chief executive officer of Amdocs Management Limited in the company's press release.

Amdocs Limited is a provider of software and services for communications, entertainment and media industry service providers. The company's customers include most of the major telecom operators worldwide, such as Vodafone, AT&T and T-Mobile. Amdocs initial public offering took place on June 19th, 1998 and the company has paid a dividend every year since 2012. Amdocs Limited is incorporated under the laws of the Island of Guernsey.