Vanguard Group Inc. Raises Stake in Conduent Inc (CNDT)

Vanguard Group Inc. grew its holdings in Conduent Inc (NASDAQ:CNDT) by 3.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,756,920 shares of the company’s stock after acquiring an additional 520,764 shares during the period. Vanguard Group Inc. owned about 7.53% of Conduent worth $251,165,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in shares of Conduent by 213.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 8,882 shares of the company’s stock valued at $142,000 after acquiring an additional 6,046 shares during the period. Pacad Investment Ltd. purchased a new position in shares of Conduent in the 2nd quarter valued at $161,000. Stevens Capital Management LP purchased a new position in shares of Conduent in the 2nd quarter valued at $161,000. Community Financial Services Group LLC purchased a new position in shares of Conduent in the 1st quarter valued at $202,000. Finally, Trexquant Investment LP purchased a new position in shares of Conduent in the 2nd quarter valued at $204,000.

Conduent (NASDAQ:CNDT) last posted its earnings results on Wednesday, August 9th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.16. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Conduent had a negative net margin of 0.27% and a negative return on equity of 0.48%. The company’s revenue was down 7.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 earnings per share.

In other news, EVP David Amoriell sold 106,500 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $17.01, for a total value of $1,811,565.00. Following the completion of the sale, the executive vice president now directly owns 120,630 shares in the company, valued at $2,051,916.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

A number of equities analysts have recently commented on the stock. BMO Capital Markets reissued a “hold” rating and issued a $18.00 target price on shares of Conduent in a research note on Thursday, September 28th. Cowen and Company reissued a “hold” rating on shares of Conduent in a research note on Friday, October 6th. BidaskClub raised shares of Conduent from a “strong sell” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research downgraded shares of Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Finally, Needham & Company LLC assumed coverage on shares of Conduent in a research note on Wednesday, September 13th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $18.14.

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Conduent Profile

Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).

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Institutional Ownership by Quarter for Conduent (NASDAQ:CNDT)

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