EdgePoint Investment Group Inc. Boosts Holdings in Dayforce, Inc. $DAY

Key Points

• EdgePoint Investment Group Inc. increased its position in Dayforce, Inc. by 55%, acquiring an additional 4.9 million shares, bringing its total to approximately 13.86 million shares valued at $808.5 million.
• In the first quarter, other hedge funds, including SVB Wealth LLC and National Pension Service, also made notable increases in their stakes in Dayforce, indicating a growing interest in the stock.
• Dayforce reported earnings of $0.61 EPS for the last quarter, surpassing estimates, with revenue increasing by 9.8% year-over-year to $464.7 million.

EdgePoint Investment Group Inc. lifted its holdings in Dayforce, Inc. (NYSE:DAY - Free Report) by 55.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 13,860,521 shares of the company's stock after purchasing an additional 4,918,825 shares during the quarter. Dayforce comprises 6.5% of EdgePoint Investment Group Inc.'s holdings, making the stock its 3rd biggest position. EdgePoint Investment Group Inc. owned approximately 8.67% of Dayforce worth $808,484,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. SVB Wealth LLC acquired a new position in shares of Dayforce in the 1st quarter valued at approximately $30,000. National Pension Service boosted its position in Dayforce by 74.5% during the 1st quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after acquiring an additional 231 shares during the last quarter. Mather Group LLC. boosted its position in Dayforce by 196.9% during the 1st quarter. Mather Group LLC. now owns 962 shares of the company's stock worth $56,000 after acquiring an additional 638 shares during the last quarter. Covestor Ltd boosted its position in Dayforce by 15.6% during the 1st quarter. Covestor Ltd now owns 1,430 shares of the company's stock worth $83,000 after acquiring an additional 193 shares during the last quarter. Finally, Mufg Securities Americas Inc. acquired a new position in Dayforce during the 4th quarter worth approximately $169,000.

Dayforce Stock Performance

Dayforce stock traded up $0.30 during mid-day trading on Monday, hitting $69.30. 2,477,090 shares of the company's stock traded hands, compared to its average volume of 2,091,899. The firm has a 50 day simple moving average of $59.90 and a two-hundred day simple moving average of $58.26. Dayforce, Inc. has a fifty-two week low of $48.01 and a fifty-two week high of $82.69. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 230.99, a P/E/G ratio of 2.58 and a beta of 1.14. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04.

Dayforce (NYSE:DAY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.09. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The business had revenue of $464.70 million during the quarter, compared to the consensus estimate of $457.83 million. During the same quarter last year, the firm posted $0.48 EPS. The company's quarterly revenue was up 9.8% on a year-over-year basis. On average, research analysts expect that Dayforce, Inc. will post 1.48 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DAY. Mizuho set a $70.00 price target on Dayforce in a research report on Friday, August 22nd. KeyCorp cut Dayforce from an "overweight" rating to a "sector weight" rating in a research note on Friday, August 22nd. Deutsche Bank Aktiengesellschaft upped their price objective on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research note on Friday, August 22nd. Jefferies Financial Group upped their price objective on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research note on Thursday, August 21st. Finally, UBS Group upped their price objective on Dayforce from $68.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $71.43.

Insiders Place Their Bets

In other Dayforce news, EVP William Everett Mcdonald sold 2,059 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $113,265.59. Following the transaction, the executive vice president owned 103,684 shares in the company, valued at $5,703,656.84. This trade represents a 1.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Stephen H. Holdridge sold 2,000 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total value of $110,020.00. Following the transaction, the chief operating officer owned 190,811 shares in the company, valued at $10,496,513.11. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,382 shares of company stock worth $539,860 in the last 90 days. Company insiders own 4.50% of the company's stock.

Dayforce Company 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.