Standard Life Aberdeen plc lowered its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 524,230 shares of the information technology service provider’s stock after selling 15,917 shares during the period. Standard Life Aberdeen plc owned 0.10% of Cognizant Technology Solutions worth $32,517,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CTSH. Moser Wealth Advisors LLC acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $31,000. Penserra Capital Management LLC grew its stake in Cognizant Technology Solutions by 40.0% in the fourth quarter. Penserra Capital Management LLC now owns 588 shares of the information technology service provider’s stock worth $36,000 after purchasing an additional 168 shares in the last quarter. Simon Quick Advisors LLC acquired a new position in Cognizant Technology Solutions in the fourth quarter worth about $37,000. S.A. Mason LLC acquired a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $48,000. Finally, Orion Portfolio Solutions LLC acquired a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $68,000. 89.90% of the stock is currently owned by institutional investors.
In other news, General Counsel Matthew W. Friedrich sold 9,890 shares of Cognizant Technology Solutions stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $61.19, for a total value of $605,169.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Karen Mcloughlin sold 18,396 shares of Cognizant Technology Solutions stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $62.02, for a total value of $1,140,919.92. Following the completion of the sale, the chief financial officer now directly owns 68,026 shares in the company, valued at $4,218,972.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 176,314 shares of company stock valued at $10,810,696. 0.56% of the stock is owned by company insiders.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.03. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.23 billion. Cognizant Technology Solutions had a return on equity of 20.60% and a net margin of 10.98%. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $1.13 earnings per share. Analysts expect that Cognizant Technology Solutions Corp will post 4.06 EPS for the current fiscal year.
Cognizant Technology Solutions announced that its board has approved a share buyback plan on Wednesday, February 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Tuesday, February 18th were given a dividend of $0.22 per share. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Friday, February 14th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 22.06%.
Several research firms have issued reports on CTSH. BidaskClub cut Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Thursday, March 5th. Berenberg Bank initiated coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, January 21st. They set a “hold” rating and a $63.00 price objective for the company. Morgan Stanley began coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, February 26th. They set an “underweight” rating and a $59.00 price objective on the stock. TheStreet cut shares of Cognizant Technology Solutions from a “b-” rating to a “c” rating in a research note on Thursday, March 19th. Finally, Atlantic Securities began coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, February 19th. They issued an “underweight” rating and a $65.00 price objective on the stock. Nine research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus price target of $67.78.
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
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