Allspring Global Investments Holdings LLC Reduces Stake in DXC Technology (NYSE:DXC)

Allspring Global Investments Holdings LLC lowered its holdings in DXC Technology (NYSE:DXC) by 55.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 53,606 shares of the company’s stock after selling 66,051 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in DXC Technology were worth $1,226,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Pacer Advisors Inc. boosted its position in shares of DXC Technology by 86.8% in the 4th quarter. Pacer Advisors Inc. now owns 8,234,245 shares of the company’s stock valued at $188,317,000 after purchasing an additional 3,827,176 shares during the period. Invesco Ltd. lifted its position in DXC Technology by 9.5% during the 3rd quarter. Invesco Ltd. now owns 17,080,376 shares of the company’s stock worth $355,784,000 after acquiring an additional 1,478,484 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in DXC Technology by 3,407.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,411,199 shares of the company’s stock worth $29,395,000 after acquiring an additional 1,370,962 shares during the period. American Century Companies Inc. lifted its position in DXC Technology by 734.2% during the 3rd quarter. American Century Companies Inc. now owns 696,761 shares of the company’s stock worth $14,514,000 after acquiring an additional 613,235 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in DXC Technology by 21.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,541,257 shares of the company’s stock worth $52,934,000 after acquiring an additional 455,115 shares during the period. Hedge funds and other institutional investors own 96.20% of the company’s stock.

DXC Technology Stock Performance

NYSE DXC opened at $21.16 on Wednesday. DXC Technology has a 1-year low of $18.61 and a 1-year high of $28.89. The company has a market capitalization of $3.87 billion, a P/E ratio of -11.08, a PEG ratio of 1.81 and a beta of 1.85. The business has a 50 day moving average price of $20.94 and a 200 day moving average price of $21.93. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.11 and a quick ratio of 1.11.

DXC Technology (NYSE:DXC) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.10. DXC Technology had a positive return on equity of 19.00% and a negative net margin of 3.35%. The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same period last year, the business posted $0.95 EPS. DXC Technology’s quarterly revenue was down 4.7% on a year-over-year basis. Sell-side analysts expect that DXC Technology will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

DXC has been the subject of a number of recent research reports. Guggenheim initiated coverage on DXC Technology in a research report on Tuesday, March 19th. They set a “neutral” rating and a $22.00 price objective for the company. Citigroup cut DXC Technology from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $24.00 to $21.00 in a research report on Wednesday, January 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $24.00 price objective on shares of DXC Technology in a research report on Friday, February 2nd. Finally, JPMorgan Chase & Co. cut DXC Technology from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $27.00 to $24.00 in a report on Wednesday, January 24th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, DXC Technology presently has an average rating of “Hold” and a consensus target price of $23.20.

Insider Activity at DXC Technology

In related news, EVP William L. Deckelman, Jr. sold 18,102 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $21.73, for a total value of $393,356.46. Following the completion of the transaction, the executive vice president now directly owns 124,806 shares of the company’s stock, valued at approximately $2,712,034.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.87% of the stock is currently owned by company insiders.

DXC Technology Company Profile

DXC Technology Company, together with its subsidiaries, provides information technology services and solutions primarily in the United States, the United Kingdom, rest of Europe, Australia, and internationally. It operates in two segments, Global Business Services (GBS) and Global Infrastructure Services (GIS).