Mackenzie Financial Corp Sells 230,477 Shares of Kyndryl Holdings, Inc. (NYSE:KD)

Key Points

• Mackenzie Financial Corp reduced its holdings in Kyndryl Holdings by 49.5%, owning 235,300 shares after selling 230,477 shares in the first quarter, which valued their stake at approximately $7.39 million.
• Despite investment reductions, several hedge funds, such as Bessemer Group Inc. and Greenleaf Trust, have increased their stakes in Kyndryl, reflecting a complex sentiment among institutional investors.
• Kyndryl's stock has seen a 0.6% decline, currently hovering around $37.76, with analysts projecting 0.73 EPS for the current fiscal year following a quarterly report that met earnings expectations.

Mackenzie Financial Corp trimmed its stake in Kyndryl Holdings, Inc. (NYSE:KD - Free Report) by 49.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 235,300 shares of the company's stock after selling 230,477 shares during the quarter. Mackenzie Financial Corp owned approximately 0.10% of Kyndryl worth $7,388,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Kyndryl in the first quarter worth $27,000. Hollencrest Capital Management boosted its position in shares of Kyndryl by 637.7% in the first quarter. Hollencrest Capital Management now owns 900 shares of the company's stock worth $28,000 after buying an additional 778 shares during the period. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in shares of Kyndryl in the fourth quarter worth $30,000. True Wealth Design LLC boosted its position in shares of Kyndryl by 150.6% in the fourth quarter. True Wealth Design LLC now owns 872 shares of the company's stock worth $30,000 after buying an additional 524 shares during the period. Finally, Private Trust Co. NA boosted its position in shares of Kyndryl by 107.9% in the first quarter. Private Trust Co. NA now owns 1,021 shares of the company's stock worth $32,000 after buying an additional 530 shares during the period. 71.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on KD shares. Susquehanna reduced their price objective on Kyndryl from $46.00 to $43.00 and set a "positive" rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen cut Kyndryl from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Oppenheimer lifted their price objective on Kyndryl from $47.00 to $55.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th.

Insider Activity at Kyndryl

In other Kyndryl news, SVP Vineet Khurana sold 26,451 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $39.14, for a total transaction of $1,035,292.14. Following the transaction, the senior vice president owned 73,278 shares of the company's stock, valued at approximately $2,868,100.92. This represents a 26.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is owned by insiders.

Kyndryl Stock Down 3.6%

NYSE KD traded down $1.37 during trading on Friday, hitting $36.40. 1,763,120 shares of the company traded hands, compared to its average volume of 1,578,762. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 2.29. The business has a fifty day simple moving average of $40.08 and a 200 day simple moving average of $37.25. The company has a market capitalization of $8.42 billion, a P/E ratio of 35.34, a PEG ratio of 3.95 and a beta of 1.91. Kyndryl Holdings, Inc. has a 12 month low of $21.34 and a 12 month high of $44.20.

Kyndryl (NYSE:KD - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.77 billion. Kyndryl had a return on equity of 15.97% and a net margin of 1.67%. The company's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.01) earnings per share. As a group, sell-side analysts predict that Kyndryl Holdings, Inc. will post 0.73 EPS for the current year.

About Kyndryl

Kyndryl Holdings, Inc operates as a technology services company and IT infrastructure services provider worldwide. The company offers cloud services; core enterprise and zCloud services; application, data, and artificial intelligence services; digital workplace services; security and resiliency services; and network services and edge services.