Meiji Yasuda Asset Management Co Ltd. Trims Position in Dayforce, Inc. $DAY

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its stake in Dayforce, Inc. by 15.7%, owning 25,884 shares valued at approximately $1.51 million after selling 4,826 shares.
• Several other investment firms, including EdgePoint Investment Group and Price T Rowe Associates, have increased their stakes in Dayforce, with EdgePoint raising its stake by 55.0%.
• Dayforce's stock is currently valued at $68.93, and the company's latest quarterly earnings report showed an EPS of $0.61, beating estimates by $0.09.

Meiji Yasuda Asset Management Co Ltd. cut its holdings in Dayforce, Inc. (NYSE:DAY - Free Report) by 15.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,884 shares of the company's stock after selling 4,826 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Dayforce were worth $1,510,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of DAY. SVB Wealth LLC acquired a new position in Dayforce in the first quarter valued at $30,000. National Pension Service increased its stake in Dayforce by 74.5% in the first quarter. National Pension Service now owns 541 shares of the company's stock valued at $32,000 after purchasing an additional 231 shares during the period. Mather Group LLC. increased its stake in Dayforce by 196.9% in the first quarter. Mather Group LLC. now owns 962 shares of the company's stock valued at $56,000 after purchasing an additional 638 shares during the period. Covestor Ltd increased its stake in Dayforce by 15.6% in the first quarter. Covestor Ltd now owns 1,430 shares of the company's stock valued at $83,000 after purchasing an additional 193 shares during the period. Finally, Groupe la Francaise acquired a new position in Dayforce in the first quarter valued at $143,000.

Insider Buying and Selling at Dayforce

In other Dayforce news, COO Stephen H. Holdridge sold 2,000 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total value of $110,020.00. Following the sale, the chief operating officer owned 190,811 shares of the company's stock, valued at $10,496,513.11. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Samer Alkharrat sold 4,659 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $59.69, for a total transaction of $278,095.71. Following the completion of the sale, the executive vice president directly owned 127,632 shares in the company, valued at $7,618,354.08. This trade represents a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,382 shares of company stock valued at $539,860 over the last quarter. Corporate insiders own 4.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Wells Fargo & Company upgraded shares of Dayforce from a "strong sell" rating to an "equal weight" rating and lifted their price objective for the company from $50.00 to $70.00 in a research note on Friday, August 22nd. Piper Sandler upgraded shares of Dayforce to a "strong-buy" rating in a research note on Tuesday, August 19th. Mizuho set a $70.00 price objective on shares of Dayforce in a research note on Friday, August 22nd. KeyCorp lowered shares of Dayforce from an "overweight" rating to a "sector weight" rating in a research note on Friday, August 22nd. Finally, TD Cowen lowered shares of Dayforce from a "buy" rating to a "hold" rating in a research note on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Dayforce currently has a consensus rating of "Hold" and an average target price of $71.43.

Dayforce Price Performance

DAY stock traded down $0.01 during trading on Friday, reaching $69.02. 1,302,397 shares of the company were exchanged, compared to its average volume of 3,367,075. The company has a market cap of $11.02 billion, a P/E ratio of 230.06, a PEG ratio of 2.54 and a beta of 1.14. Dayforce, Inc. has a 52-week low of $48.01 and a 52-week high of $82.69. The stock's 50 day moving average price is $61.16 and its 200 day moving average price is $58.52. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.04 and a current ratio of 1.04.

Dayforce (NYSE:DAY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.09. The firm had revenue of $464.70 million for the quarter, compared to the consensus estimate of $457.83 million. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The firm's revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.48 earnings per share. As a group, analysts predict that Dayforce, Inc. will post 1.48 earnings per share for the current fiscal year.

About Dayforce

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.