Wellington Management Group LLP Cuts Stock Holdings in Perspecta Inc (NASDAQ:PRSP)

Wellington Management Group LLP lowered its stake in shares of Perspecta Inc (NASDAQ:PRSP) by 92.6% during the first quarter, Holdings Channel reports. The fund owned 12,670 shares of the company’s stock after selling 159,112 shares during the period. Wellington Management Group LLP’s holdings in Perspecta were worth $231,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC increased its position in shares of Perspecta by 11.3% during the fourth quarter. AQR Capital Management LLC now owns 270,116 shares of the company’s stock worth $7,142,000 after acquiring an additional 27,317 shares during the period. Citigroup Inc. increased its position in shares of Perspecta by 122.5% during the fourth quarter. Citigroup Inc. now owns 95,115 shares of the company’s stock worth $2,515,000 after acquiring an additional 52,359 shares during the period. Victory Capital Management Inc. increased its position in shares of Perspecta by 7.6% during the first quarter. Victory Capital Management Inc. now owns 1,404,928 shares of the company’s stock worth $25,626,000 after acquiring an additional 99,037 shares during the period. Canada Pension Plan Investment Board increased its position in shares of Perspecta by 670,860.0% during the first quarter. Canada Pension Plan Investment Board now owns 67,096 shares of the company’s stock worth $1,224,000 after acquiring an additional 67,086 shares during the period. Finally, Bessemer Group Inc. increased its position in shares of Perspecta by 10.2% during the first quarter. Bessemer Group Inc. now owns 83,425 shares of the company’s stock worth $1,522,000 after acquiring an additional 7,700 shares during the period.

A number of analysts have issued reports on PRSP shares. Wells Fargo & Co lifted their price target on Perspecta from $21.00 to $24.00 and gave the stock an “equal weight” rating in a report on Friday, May 22nd. BidaskClub cut Perspecta from a “hold” rating to a “sell” rating in a research note on Friday, June 12th. William Blair initiated coverage on Perspecta in a research note on Monday, March 30th. They set a “market perform” rating for the company. Zacks Investment Research cut Perspecta from a “hold” rating to a “sell” rating in a research note on Friday, May 29th. Finally, Wedbush cut Perspecta from an “outperform” rating to a “neutral” rating in a research note on Tuesday, June 9th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.00.

PRSP stock opened at $22.93 on Wednesday. The business has a 50 day moving average price of $23.14 and a 200 day moving average price of $23.42. Perspecta Inc has a fifty-two week low of $14.03 and a fifty-two week high of $29.88.

Perspecta (NASDAQ:PRSP) last issued its quarterly earnings data on Thursday, May 21st. The company reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.02. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the firm posted $0.54 EPS. Perspecta’s quarterly revenue was up .5% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Thursday, June 11th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $0.28 dividend on an annualized basis and a yield of 1.22%. This is a boost from Perspecta’s previous quarterly dividend of $0.06.

In related news, Director Michael Earl Ventling bought 2,000 shares of the company’s stock in a transaction dated Thursday, April 16th. The shares were acquired at an average price of $19.00 per share, with a total value of $38,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Philip O. Nolan bought 4,568 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $21.27 per share, for a total transaction of $97,161.36. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 11,424 shares of company stock valued at $232,378.

About Perspecta

Perspecta Inc provides enterprise information technology (IT) services to government customers in the United States federal, state, and local markets. The company develops, modernizes, transforms, and manages customers' enterprise application portfolios enabling a shift of IT spend from maintenance and operations to innovation; and offers analytics and data services, as well as research, engineering, consulting, and technology solutions for government, including cybersecurity, cloud, quantum computing, network configuration, and data analytics capabilities.

Further Reading: Hedge Funds Explained

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Institutional Ownership by Quarter for Perspecta (NASDAQ:PRSP)

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