Royal Bank of Canada Initiates Coverage on Ceridian HCM (NYSE:CDAY)

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Equities researchers at Royal Bank of Canada began coverage on shares of Ceridian HCM (NYSE:CDAY) in a note issued to investors on Tuesday, BenzingaRatingsTable reports. The firm set an “outperform” rating and a $71.00 price target on the stock. Royal Bank of Canada’s price target indicates a potential upside of 17.61% from the company’s current price.

Other equities analysts have also issued reports about the stock. TheStreet upgraded shares of Ceridian HCM from a “d+” rating to a “c-” rating in a report on Wednesday, November 20th. Cantor Fitzgerald began coverage on Ceridian HCM in a research note on Wednesday, September 11th. They set an “overweight” rating and a $65.00 target price on the stock. Citigroup upgraded Ceridian HCM from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $52.00 to $58.00 in a research note on Friday, October 25th. Jefferies Financial Group raised Ceridian HCM from a “hold” rating to a “buy” rating and upped their price target for the company from $58.00 to $65.00 in a report on Monday, August 19th. Finally, Mizuho set a $65.00 price objective on Ceridian HCM and gave the company a “buy” rating in a research report on Friday, September 6th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $58.14.

Shares of Ceridian HCM stock opened at $60.37 on Tuesday. Ceridian HCM has a 1 year low of $31.39 and a 1 year high of $61.15. The firm’s 50-day moving average is $52.25 and its 200 day moving average is $51.64. The stock has a market cap of $8.69 billion, a price-to-earnings ratio of -1,207.40 and a beta of 1.57. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.10 and a quick ratio of 1.10.

Ceridian HCM (NYSE:CDAY) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.04. The business had revenue of $202.30 million during the quarter, compared to analyst estimates of $196.52 million. Ceridian HCM had a net margin of 11.34% and a return on equity of 2.24%. Ceridian HCM’s revenue was up 13.6% compared to the same quarter last year. During the same period last year, the business earned $0.10 EPS. On average, equities analysts expect that Ceridian HCM will post 0.3 EPS for the current fiscal year.

In other Ceridian HCM news, Director Thomas H. Lee Advisors, Llc sold 6,500,000 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $56.00, for a total value of $364,000,000.00. Also, CEO David D. Ossip sold 500,000 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $56.00, for a total value of $28,000,000.00. Insiders have sold a total of 12,006,250 shares of company stock valued at $657,725,063 in the last ninety days. Insiders own 26.90% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY increased its holdings in shares of Ceridian HCM by 35.4% in the first quarter. Metropolitan Life Insurance Co NY now owns 3,655 shares of the company’s stock worth $187,000 after purchasing an additional 955 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Ceridian HCM in the 1st quarter worth about $6,042,000. Strs Ohio raised its position in shares of Ceridian HCM by 15.9% during the 2nd quarter. Strs Ohio now owns 5,744 shares of the company’s stock valued at $288,000 after buying an additional 787 shares in the last quarter. Creative Planning bought a new position in shares of Ceridian HCM in the 2nd quarter valued at about $1,928,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Ceridian HCM by 32.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,308 shares of the company’s stock worth $116,000 after acquiring an additional 568 shares during the last quarter. 82.99% of the stock is owned by hedge funds and other institutional investors.

About Ceridian HCM

Ceridian HCM Holding Inc operates as a human capital management (HCM) software company in the United States and internationally. The company offers Dayforce, a cloud HCM platform that provides human resources (HR), payroll, benefits, workforce management, and talent management functionality; and Powerpay, a cloud platform, which offers scalable and straightforward payroll and HR solutions.

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Analyst Recommendations for Ceridian HCM (NYSE:CDAY)

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