Davis R M Inc. trimmed its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 40.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,343 shares of the information technology service provider’s stock after selling 76,336 shares during the period. Davis R M Inc.’s holdings in Cognizant Technology Solutions were worth $7,399,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. D.A. Davidson & CO. bought a new stake in shares of Cognizant Technology Solutions during the 1st quarter valued at $256,000. Canada Pension Plan Investment Board grew its position in shares of Cognizant Technology Solutions by 84.4% during the first quarter. Canada Pension Plan Investment Board now owns 269,207 shares of the information technology service provider’s stock worth $24,140,000 after purchasing an additional 123,220 shares in the last quarter. Cetera Investment Advisers raised its stake in Cognizant Technology Solutions by 9.4% during the 1st quarter. Cetera Investment Advisers now owns 17,774 shares of the information technology service provider’s stock valued at $1,594,000 after purchasing an additional 1,523 shares during the period. Sequoia Financial Advisors LLC bought a new position in Cognizant Technology Solutions in the 1st quarter worth approximately $239,000. Finally, Brighton Jones LLC grew its holdings in Cognizant Technology Solutions by 18.7% during the 1st quarter. Brighton Jones LLC now owns 3,484 shares of the information technology service provider’s stock valued at $312,000 after buying an additional 550 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
CTSH has been the topic of a number of research reports. Royal Bank of Canada lifted their price target on shares of Cognizant Technology Solutions from $66.00 to $74.00 and gave the company a “sector perform” rating in a report on Thursday, August 3rd. Wedbush reiterated an “outperform” rating and issued a $75.00 target price on shares of Cognizant Technology Solutions in a research report on Friday, August 11th. JPMorgan Chase & Co. cut their price target on Cognizant Technology Solutions from $77.00 to $72.00 and set a “neutral” rating for the company in a report on Thursday, November 2nd. BMO Capital Markets lowered their target price on Cognizant Technology Solutions from $78.00 to $73.00 and set a “market perform” rating for the company in a research report on Friday, November 3rd. Finally, UBS Group started coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, November 7th. They issued a “neutral” rating and a $70.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $68.94.
Cognizant Technology Solutions Price Performance
CTSH opened at $69.80 on Tuesday. The business has a fifty day moving average of $67.19 and a 200 day moving average of $66.58. The stock has a market cap of $35.00 billion, a P/E ratio of 16.98, a PEG ratio of 1.77 and a beta of 1.08. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.05. Cognizant Technology Solutions Co. has a 52-week low of $54.25 and a 52-week high of $72.71.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last issued its earnings results on Wednesday, November 1st. The information technology service provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.08. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.91 billion. Cognizant Technology Solutions had a net margin of 10.75% and a return on equity of 17.54%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 earnings per share. As a group, sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.4 EPS for the current year.
Cognizant Technology Solutions Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Tuesday, November 21st will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Monday, November 20th. Cognizant Technology Solutions’s dividend payout ratio is presently 28.22%.
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services; Health Sciences; Products and Resources; and Communications, Media and Technology.
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