Massachusetts Financial Services Co. MA lifted its stake in Conduent Inc (NYSE:CNDT) by 3.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 121,240 shares of the company’s stock after purchasing an additional 3,710 shares during the period. Massachusetts Financial Services Co. MA owned about 0.06% of Conduent worth $2,260,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Consulate Inc. bought a new position in Conduent during the 4th quarter worth about $181,000. State of Alaska Department of Revenue bought a new position in Conduent during the 4th quarter worth about $215,000. Xact Kapitalforvaltning AB bought a new position in Conduent during the 4th quarter worth about $265,000. Yellowstone Partners LLC grew its holdings in Conduent by 27.2% during the 4th quarter. Yellowstone Partners LLC now owns 18,528 shares of the company’s stock worth $299,000 after acquiring an additional 3,962 shares in the last quarter. Finally, Suntrust Banks Inc. bought a new position in Conduent during the 4th quarter worth about $326,000. Hedge funds and other institutional investors own 94.32% of the company’s stock.
CNDT has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Conduent from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Tuesday, January 23rd. SunTrust Banks reiterated a “buy” rating and set a $22.00 target price on shares of Conduent in a report on Friday, February 23rd. Morgan Stanley reiterated an “equal weight” rating and set a $20.00 target price (up from $17.50) on shares of Conduent in a report on Thursday, February 22nd. Susquehanna Bancshares initiated coverage on shares of Conduent in a research report on Wednesday, March 7th. They set a “positive” rating and a $23.00 price target for the company. Finally, Cowen reissued a “hold” rating on shares of Conduent in a research report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Conduent has an average rating of “Hold” and a consensus price target of $21.88.
Conduent (NYSE:CNDT) last released its quarterly earnings results on Wednesday, May 9th. The company reported $0.22 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.42 billion. Conduent had a net margin of 2.33% and a return on equity of 5.79%. The company’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 earnings per share. analysts predict that Conduent Inc will post 1.02 earnings per share for the current year.
Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.
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