Conduent (NYSE:CNDT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Conduent Incorporated is a business process services company. It engaged in providing business and government services to citizens, patients, customers and employees. The services rendered by the company include healthcare solutions, BPO services, learning services, digital payments, legal and compliance solutions, human resources, finance and accounting, procurement solutions and digital transformation. The company serves aerospace defence and automotive services, banking, communication and media, healthcare, industrial and energy, insurance, retail and consumer products and transportation industries. Conduent Incorporated is based in Basking Ridge, N.J. “
Several other brokerages also recently commented on CNDT. Morgan Stanley increased their price objective on shares of Conduent from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Tuesday. BMO Capital Markets reissued a “hold” rating on shares of Conduent in a research note on Wednesday. Susquehanna Bancshares assumed coverage on shares of Conduent in a research note on Wednesday, March 7th. They issued a “positive” rating and a $23.00 price objective for the company. Needham & Company LLC raised shares of Conduent from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Tuesday, March 6th. Finally, SunTrust Banks reissued a “buy” rating and issued a $22.00 price objective on shares of Conduent in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Conduent presently has a consensus rating of “Hold” and a consensus target price of $21.71.
Conduent (NYSE:CNDT) last issued its quarterly earnings results on Wednesday, May 9th. The company reported $0.22 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.22. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.42 billion. Conduent had a net margin of 2.33% and a return on equity of 5.79%. The firm’s quarterly revenue was down 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 EPS. research analysts forecast that Conduent will post 1.01 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the business. W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in Conduent in the 1st quarter valued at approximately $121,000. Element Capital Management LLC acquired a new position in Conduent in the 1st quarter valued at approximately $212,000. Xact Kapitalforvaltning AB acquired a new position in Conduent in the 4th quarter valued at approximately $265,000. First Allied Advisory Services Inc. increased its position in Conduent by 26.8% in the 1st quarter. First Allied Advisory Services Inc. now owns 14,475 shares of the company’s stock valued at $270,000 after acquiring an additional 3,063 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its position in Conduent by 61.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 16,147 shares of the company’s stock valued at $301,000 after acquiring an additional 6,139 shares during the period. Hedge funds and other institutional investors own 92.46% of the company’s stock.
Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.
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