Assenagon Asset Management S.A. Cuts Stake in DXC Technology Company. $DXC

Key Points

• Assenagon Asset Management cut its DXC Technology stake by 44.8% in the first quarter, selling 703,341 shares and leaving it with 866,694 shares worth about $10.9 million.
• DXC reported quarterly EPS of $0.77, beating analyst expectations, but revenue came in slightly below estimates and was down 1.2% from a year earlier.
• Wall Street sentiment remains cautious: analysts have a consensus rating of "Reduce" on DXC, even as CEO Raul J. Fernandez recently bought 28,051 shares of the stock.

Assenagon Asset Management S.A. decreased its stake in DXC Technology Company. (NYSE:DXC - Free Report) by 44.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 866,694 shares of the company's stock after selling 703,341 shares during the period. Assenagon Asset Management S.A. owned approximately 0.51% of DXC Technology worth $10,894,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC grew its stake in DXC Technology by 240.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,737 shares of the company's stock valued at $27,000 after purchasing an additional 1,227 shares in the last quarter. Danske Bank A S increased its holdings in DXC Technology by 280.0% during the 4th quarter. Danske Bank A S now owns 1,900 shares of the company's stock worth $28,000 after purchasing an additional 1,400 shares during the last quarter. Fifth Third Bancorp raised its position in shares of DXC Technology by 116.0% in the 4th quarter. Fifth Third Bancorp now owns 2,102 shares of the company's stock valued at $31,000 after purchasing an additional 1,129 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of DXC Technology by 110.5% in the 4th quarter. Hantz Financial Services Inc. now owns 2,185 shares of the company's stock valued at $32,000 after purchasing an additional 1,147 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in shares of DXC Technology by 13,258.8% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,271 shares of the company's stock valued at $33,000 after purchasing an additional 2,254 shares in the last quarter. Institutional investors and hedge funds own 96.20% of the company's stock.

DXC Technology Stock Performance

Shares of DXC opened at $8.80 on Friday. The firm has a market capitalization of $1.44 billion, a PE ratio of 146.60 and a beta of 0.81. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.94. The firm has a 50-day moving average price of $9.90 and a 200 day moving average price of $12.34. DXC Technology Company. has a 52-week low of $7.90 and a 52-week high of $16.45.

DXC Technology (NYSE:DXC - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. DXC Technology had a return on equity of 17.24% and a net margin of 0.14%.The company had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.17 billion. During the same quarter in the previous year, the business earned $0.84 EPS. The company's quarterly revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts anticipate that DXC Technology Company. will post 2.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Zacks Research downgraded DXC Technology from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. TD Cowen cut their price objective on DXC Technology from $15.00 to $14.00 and set a "hold" rating on the stock in a research note on Monday, April 6th. Weiss Ratings downgraded DXC Technology from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 11th. Morgan Stanley decreased their target price on DXC Technology from $15.00 to $9.00 and set an "equal weight" rating for the company in a research report on Thursday, May 14th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $16.00 price target on shares of DXC Technology in a report on Friday, June 12th. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price of $12.75.

Insiders Place Their Bets

In related news, CEO Raul J. Fernandez acquired 28,051 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $8.90 per share, with a total value of $249,653.90. Following the completion of the transaction, the chief executive officer owned 844,052 shares of the company's stock, valued at approximately $7,512,062.80. This trade represents a 3.44% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 1.13% of the stock is currently owned by company insiders.

DXC Technology Profile

DXC Technology, headquartered in Tysons Corner, Virginia, is a global leader in IT services and solutions. The company was formed in 2017 through the merger of Computer Sciences Corporation (CSC) and the Enterprise Services business of Hewlett Packard Enterprise, combining decades of experience in consulting, systems integration and managed services. Since its inception, DXC has focused on helping clients modernize IT environments and drive digital transformation across their organizations.

DXC Technology's core service offerings encompass cloud and platform services, applications and analytics, security, and workplace and mobility solutions.

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