Kyndryl Holdings, Inc. $KD Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Kyndryl stake by 12.8% in the first quarter, acquiring 203,032 additional shares for a total of 1.79 million shares valued at approximately $23.5 million.
• Institutional investors own 71.53% of Kyndryl, with AQR Capital Management and Sound Shore Management among the firms making substantial increases to their holdings.
• Analyst sentiment remains cautious, with an average “Reduce” rating and a $16.50 price target. Kyndryl reported a quarterly loss of $0.12 per share, beating estimates, while revenue declined 3.3% year over year to $3.62 billion.

Bank of America Corp DE grew its stake in Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 12.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,792,792 shares of the company's stock after acquiring an additional 203,032 shares during the quarter. Bank of America Corp DE owned about 0.80% of Kyndryl worth $23,521,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of KD. Vanguard Group Inc. boosted its holdings in Kyndryl by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 28,331,302 shares of the company's stock valued at $752,479,000 after purchasing an additional 144,625 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Kyndryl by 53.9% during the 4th quarter. AQR Capital Management LLC now owns 6,443,037 shares of the company's stock worth $170,934,000 after buying an additional 2,255,860 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Kyndryl by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,684,443 shares of the company's stock valued at $124,420,000 after buying an additional 76,614 shares during the period. Geode Capital Management LLC raised its position in shares of Kyndryl by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 4,456,962 shares of the company's stock valued at $118,997,000 after buying an additional 63,846 shares during the period. Finally, Sound Shore Management Inc. CT lifted its holdings in Kyndryl by 39.5% in the first quarter. Sound Shore Management Inc. CT now owns 4,147,984 shares of the company's stock valued at $54,422,000 after acquiring an additional 1,173,761 shares during the last quarter. Hedge funds and other institutional investors own 71.53% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on KD shares. Weiss Ratings cut shares of Kyndryl from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 6th. Scotiabank dropped their target price on Kyndryl from $16.50 to $15.00 and set a "sector perform" rating for the company in a research report on Friday, May 8th. Zacks Research raised Kyndryl from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. BMO Capital Markets restated a "market perform" rating and set a $16.00 target price on shares of Kyndryl in a research note on Thursday, August 6th. Finally, Susquehanna cut shares of Kyndryl from a "positive" rating to a "neutral" rating and reduced their target price for the company from $16.00 to $13.00 in a report on Thursday, May 21st. Seven analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $16.50.

Kyndryl Stock Performance

NYSE:KD opened at $12.72 on Tuesday. The firm's fifty day simple moving average is $12.30 and its 200-day simple moving average is $13.10. The stock has a market cap of $2.77 billion, a PE ratio of 34.38 and a beta of 1.64. Kyndryl Holdings, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $33.90. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.96.

Kyndryl (NYSE:KD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.16) by $0.04. The business had revenue of $3.62 billion during the quarter, compared to analysts' expectations of $3.64 billion. Kyndryl had a return on equity of 12.24% and a net margin of 0.58%.The business's revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.37 earnings per share. Analysts expect that Kyndryl Holdings, Inc. will post 1.34 earnings per share for the current fiscal year.

Kyndryl Profile

Kyndryl NYSE: KD is a global managed infrastructure services provider formed in November 2021 through the spin-off of IBM's Managed Infrastructure Services business. The company designs, builds, manages and modernizes critical information technology systems for enterprises worldwide. Kyndryl's core offerings include cloud migration and management, network and edge computing solutions, digital workplace services and IT resiliency and security capabilities.

With a workforce of approximately 90,000 professionals and operations in more than 60 countries, Kyndryl serves clients across a broad range of industries, including financial services, telecommunications, healthcare, manufacturing and retail.

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