State of Michigan Retirement System Grows Holdings in Perspecta Inc (NASDAQ:PRSP)
State of Michigan Retirement System lifted its holdings in Perspecta Inc (NASDAQ:PRSP) by 2,592.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,028,353 shares of the company’s stock after buying an additional 990,153 shares during the quarter. State of Michigan Retirement System owned approximately 0.64% of Perspecta worth $23,889,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in PRSP. William Blair Investment Management LLC boosted its stake in Perspecta by 60.5% in the 1st quarter. William Blair Investment Management LLC now owns 6,941,323 shares of the company’s stock worth $126,610,000 after purchasing an additional 2,615,547 shares in the last quarter. State Street Corp boosted its stake in Perspecta by 0.6% in the 1st quarter. State Street Corp now owns 4,563,139 shares of the company’s stock worth $83,499,000 after purchasing an additional 25,795 shares in the last quarter. Jana Partners LLC bought a new position in Perspecta in the 1st quarter worth about $77,518,000. Invesco Ltd. boosted its stake in Perspecta by 24.2% in the 1st quarter. Invesco Ltd. now owns 2,990,742 shares of the company’s stock worth $54,552,000 after purchasing an additional 582,669 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its stake in Perspecta by 5.7% in the 1st quarter. Nuveen Asset Management LLC now owns 2,601,249 shares of the company’s stock worth $47,447,000 after purchasing an additional 140,080 shares in the last quarter.
Shares of NASDAQ:PRSP traded down $0.23 during trading on Friday, hitting $21.40. The company’s stock had a trading volume of 1,248,843 shares, compared to its average volume of 1,196,666. The company has a 50-day moving average of $22.72 and a 200-day moving average of $22.72. Perspecta Inc has a 12 month low of $14.03 and a 12 month high of $29.88.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Thursday, June 11th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 1.31%. This is a positive change from Perspecta’s previous quarterly dividend of $0.06. The ex-dividend date was Wednesday, June 10th.
In other news, CEO John M. Curtis bought 18,354 shares of Perspecta stock in a transaction that occurred on Wednesday, July 15th. The stock was bought at an average cost of $21.97 per share, with a total value of $403,237.38. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Philip O. Nolan bought 4,568 shares of Perspecta stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average cost of $21.27 per share, with a total value of $97,161.36. The disclosure for this purchase can be found here. Insiders purchased a total of 27,507 shares of company stock valued at $601,131 over the last three months.
PRSP has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Perspecta from a “sell” rating to a “hold” rating in a research note on Thursday. Morgan Stanley upped their target price on shares of Perspecta from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 24th. Cowen started coverage on shares of Perspecta in a research note on Friday, June 12th. They set a “hold” rating and a $26.00 target price on the stock. Wells Fargo & Co upped their target price on shares of Perspecta from $21.00 to $24.00 and gave the company an “equal weight” rating in a research note on Friday, May 22nd. Finally, BidaskClub upgraded shares of Perspecta from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 18th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Perspecta has a consensus rating of “Hold” and an average price target of $25.00.
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.
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