Reynders McVeigh Capital Management LLC reduced its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 27.4% in the 2nd quarter, Holdings Channel reports. The fund owned 3,969 shares of the information technology service provider’s stock after selling 1,500 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Cognizant Technology Solutions were worth $252,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. State of Tennessee Treasury Department increased its position in Cognizant Technology Solutions by 54.0% in the 1st quarter. State of Tennessee Treasury Department now owns 231,079 shares of the information technology service provider’s stock worth $16,742,000 after purchasing an additional 81,027 shares during the last quarter. Signition LP acquired a new position in Cognizant Technology Solutions in the 1st quarter worth about $593,000. FMR LLC increased its position in Cognizant Technology Solutions by 21.9% in the 1st quarter. FMR LLC now owns 15,767,608 shares of the information technology service provider’s stock worth $1,142,362,000 after purchasing an additional 2,827,833 shares during the last quarter. MU Investments Co. Ltd. increased its position in Cognizant Technology Solutions by 2.0% in the 2nd quarter. MU Investments Co. Ltd. now owns 86,700 shares of the information technology service provider’s stock worth $5,467,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Motco increased its position in Cognizant Technology Solutions by 5.9% in the 1st quarter. Motco now owns 68,773 shares of the information technology service provider’s stock worth $4,982,000 after purchasing an additional 3,857 shares during the last quarter. 91.28% of the stock is owned by hedge funds and other institutional investors.
CTSH has been the topic of several research reports. Bank of America reaffirmed an “underperform” rating and issued a $57.00 target price (down from $71.00) on shares of Cognizant Technology Solutions in a research report on Monday, May 6th. William Blair lowered Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a research report on Friday, May 3rd. Needham & Company LLC lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. Wedbush lowered Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $80.00 to $70.00 in a research report on Friday, May 3rd. Finally, ValuEngine raised Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Five analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $74.48.
Shares of NASDAQ CTSH traded down $1.20 during mid-day trading on Friday, reaching $60.00. 2,239,196 shares of the company traded hands, compared to its average volume of 3,449,158. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.55 and a current ratio of 2.55. The stock has a market cap of $33.80 billion, a PE ratio of 14.93, a price-to-earnings-growth ratio of 1.53 and a beta of 1.01. The company’s fifty day moving average is $63.92 and its two-hundred day moving average is $66.97. Cognizant Technology Solutions Corp has a fifty-two week low of $56.73 and a fifty-two week high of $78.59.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. The business had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.13 billion. Cognizant Technology Solutions had a return on equity of 20.52% and a net margin of 12.61%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.05 EPS. Research analysts forecast that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 22nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Wednesday, August 21st. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 19.90%.
In other Cognizant Technology Solutions news, CFO Karen Mcloughlin sold 7,905 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $64.28, for a total value of $508,133.40. Following the sale, the chief financial officer now owns 65,906 shares of the company’s stock, valued at approximately $4,236,437.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert Telesmanic sold 2,484 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $65.00, for a total value of $161,460.00. Following the completion of the sale, the senior vice president now directly owns 7,337 shares in the company, valued at approximately $476,905. The disclosure for this sale can be found here. Insiders sold a total of 43,777 shares of company stock worth $2,760,286 in the last ninety days. Insiders own 0.56% of the company’s stock.
Cognizant Technology Solutions 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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