EdgePoint Investment Group Inc. Has $649.53 Million Stake in Dayforce Inc (NYSE:DAY)

EdgePoint Investment Group Inc. trimmed its holdings in Dayforce Inc (NYSE:DAY - Free Report) by 15.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,941,696 shares of the company's stock after selling 1,682,409 shares during the quarter. Dayforce accounts for about 5.1% of EdgePoint Investment Group Inc.'s portfolio, making the stock its 6th biggest holding. EdgePoint Investment Group Inc. owned 5.67% of Dayforce worth $649,525,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd bought a new stake in shares of Dayforce in the 4th quarter worth approximately $61,000. Federated Hermes Inc. bought a new stake in shares of Dayforce in the 4th quarter worth approximately $72,000. AlphaQuest LLC raised its holdings in shares of Dayforce by 14,800.0% in the 4th quarter. AlphaQuest LLC now owns 1,043 shares of the company's stock worth $76,000 after purchasing an additional 1,036 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Dayforce by 69.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,227 shares of the company's stock worth $89,000 after purchasing an additional 501 shares in the last quarter. Finally, Orion Portfolio Solutions LLC bought a new stake in shares of Dayforce in the 4th quarter worth approximately $217,000.

Insider Activity

In related news, EVP Samer Alkharrat sold 1,916 shares of the stock in a transaction that occurred on Friday, April 25th. The stock was sold at an average price of $56.64, for a total value of $108,522.24. Following the transaction, the executive vice president now owns 150,237 shares in the company, valued at approximately $8,509,423.68. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP William Everett Mcdonald sold 2,000 shares of the stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $56.16, for a total value of $112,320.00. Following the completion of the transaction, the executive vice president now owns 105,691 shares in the company, valued at $5,935,606.56. This represents a 1.86% decrease in their position. The disclosure for this sale can be found here. 4.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Stifel Nicolaus dropped their target price on shares of Dayforce from $90.00 to $85.00 and set a "buy" rating on the stock in a report on Thursday, February 6th. Mizuho cut their price objective on Dayforce from $95.00 to $80.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Citigroup boosted their price objective on Dayforce from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday. Cowen upgraded Dayforce from a "hold" rating to a "buy" rating in a report on Friday, March 7th. Finally, TD Cowen upgraded Dayforce from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $67.00 to $68.00 in a report on Friday, March 7th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Dayforce presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.29.

Dayforce Stock Down 2.7%

Shares of DAY traded down $1.57 during trading hours on Friday, reaching $56.76. The company's stock had a trading volume of 2,943,663 shares, compared to its average volume of 1,764,304. The firm has a market cap of $8.98 billion, a price-to-earnings ratio of 516.05, a P/E/G ratio of 2.49 and a beta of 1.17. Dayforce Inc has a 1-year low of $47.08 and a 1-year high of $82.69. The company has a quick ratio of 1.15, a current ratio of 1.13 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average of $56.11 and a two-hundred day moving average of $66.64.

Dayforce (NYSE:DAY - Get Free Report) last issued its earnings results on Wednesday, February 5th. The company reported $0.37 earnings per share for the quarter, missing analysts' consensus estimates of $0.46 by ($0.09). Dayforce had a net margin of 1.03% and a return on equity of 6.49%. As a group, research analysts predict that Dayforce Inc will post 1.48 EPS for the current fiscal year.

Dayforce Profile

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.