DXC Technology (NYSE:DXC) Issues Q1 2024 Earnings Guidance

DXC Technology (NYSE:DXC – Get Rating) issued an update on its first quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of $0.80-$0.85 for the period, compared to the consensus earnings per share estimate of $0.92. The company issued revenue guidance of $3.54 billion-$3.58 billion, compared to the consensus revenue estimate of $3.61 billion. DXC Technology also updated its FY 2024 guidance to $3.80-$4.05 EPS.

DXC Technology Stock Up 2.3 %

DXC Technology stock traded up $0.55 during midday trading on Friday, hitting $24.76. 1,186,746 shares of the company’s stock were exchanged, compared to its average volume of 1,693,048. The stock has a 50-day moving average price of $24.06 and a two-hundred day moving average price of $26.57. DXC Technology has a 52-week low of $22.11 and a 52-week high of $36.00. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.18 and a quick ratio of 1.13.

DXC Technology (NYSE:DXC – Get Rating) last announced its quarterly earnings data on Thursday, May 18th. The company reported $1.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.02. The business had revenue of $3.59 billion during the quarter, compared to analysts’ expectations of $3.62 billion. DXC Technology had a positive return on equity of 17.23% and a negative net margin of 3.94%. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.84 earnings per share. As a group, sell-side analysts forecast that DXC Technology will post 3.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on DXC shares. Morgan Stanley lowered their target price on DXC Technology from $27.00 to $25.00 in a report on Friday, May 19th. TheStreet downgraded DXC Technology from a b- rating to a c- rating in a research report on Thursday, May 18th. Royal Bank of Canada dropped their target price on DXC Technology from $38.00 to $34.00 in a research report on Friday, May 19th. BMO Capital Markets decreased their price target on shares of DXC Technology from $33.00 to $27.00 in a research note on Friday, May 19th. Finally, Stifel Nicolaus decreased their price target on shares of DXC Technology from $30.00 to $25.00 in a research note on Friday, May 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $31.75.

Institutional Investors Weigh In On DXC Technology

A number of hedge funds have recently made changes to their positions in DXC. HighTower Advisors LLC boosted its position in DXC Technology by 11.7% during the first quarter. HighTower Advisors LLC now owns 8,776 shares of the company’s stock worth $284,000 after purchasing an additional 921 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in shares of DXC Technology during the 4th quarter worth approximately $258,000. Cerity Partners LLC lifted its holdings in shares of DXC Technology by 23.4% in the 1st quarter. Cerity Partners LLC now owns 10,040 shares of the company’s stock worth $257,000 after purchasing an additional 1,905 shares in the last quarter. Toroso Investments LLC raised its position in DXC Technology by 7.7% in the 1st quarter. Toroso Investments LLC now owns 7,683 shares of the company’s stock valued at $251,000 after buying an additional 546 shares during the last quarter. Finally, Savant Capital LLC purchased a new stake in shares of DXC Technology during the 4th quarter valued at $247,000. Institutional investors and hedge funds own 89.19% of the company’s stock.

About DXC Technology

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DXC Technology Co provides technology consulting, outsourcing and support services. It operates through the following segments: Global Business Services (GBS) and Global Infrastructure Services (GIS). The GBS segment provides technology solutions that help clients address challenges and accelerate the digital transformations that are tailored to each client’s specific objectives.