Sheaff Brock Investment Advisors LLC cut its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 2.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 11,450 shares of the information technology service provider’s stock after selling 300 shares during the quarter. Sheaff Brock Investment Advisors LLC’s holdings in Cognizant Technology Solutions were worth $726,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Field & Main Bank raised its holdings in shares of Cognizant Technology Solutions by 350.0% in the 2nd quarter. Field & Main Bank now owns 450 shares of the information technology service provider’s stock worth $29,000 after buying an additional 350 shares in the last quarter. Resources Investment Advisors Inc. raised its holdings in shares of Cognizant Technology Solutions by 125.6% in the 1st quarter. Resources Investment Advisors Inc. now owns 503 shares of the information technology service provider’s stock worth $36,000 after buying an additional 280 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Cognizant Technology Solutions in the 1st quarter worth approximately $37,000. Berman Capital Advisors LLC raised its holdings in shares of Cognizant Technology Solutions by 137.7% in the 2nd quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock worth $40,000 after buying an additional 369 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC raised its holdings in shares of Cognizant Technology Solutions by 51.3% in the 1st quarter. YorkBridge Wealth Partners LLC now owns 584 shares of the information technology service provider’s stock worth $42,000 after buying an additional 198 shares in the last quarter. 88.41% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on CTSH. UBS Group cut Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $62.00 to $60.00 in a report on Friday, August 2nd. Bank of America reaffirmed an “underperform” rating and set a $57.00 price target (down from $71.00) on shares of Cognizant Technology Solutions in a report on Monday, May 6th. William Blair cut Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a report on Friday, May 3rd. Daiwa Capital Markets cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Finally, CIBC reaffirmed a “market perform” rating on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $74.48.
In other news, CEO Brian Humphries bought 19,000 shares of the stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $61.09 per share, with a total value of $1,160,710.00. Following the purchase, the chief executive officer now owns 19,000 shares of the company’s stock, valued at $1,160,710. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Robert Telesmanic sold 2,484 shares of Cognizant Technology Solutions stock in a transaction 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 of the company’s stock, valued at $476,905. The disclosure for this sale can be found here. Insiders sold a total of 47,120 shares of company stock valued at $2,960,866 over the last three months. Insiders own 0.56% of the company’s stock.
Shares of NASDAQ CTSH traded down $1.61 during midday trading on Wednesday, hitting $60.13. The stock had a trading volume of 65,503 shares, compared to its average volume of 4,588,915. The stock has a 50-day simple moving average of $64.42. The stock has a market cap of $34.50 billion, a price-to-earnings ratio of 15.00, a P/E/G ratio of 1.56 and a beta of 1.01. Cognizant Technology Solutions Corp has a fifty-two week low of $56.73 and a fifty-two week high of $78.59. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.55 and a current ratio of 2.55.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. The company had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Cognizant Technology Solutions had a return on equity of 20.52% and a net margin of 12.61%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the firm earned $1.05 EPS. On average, sell-side analysts forecast that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $0.80 annualized dividend and a dividend yield of 1.33%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 19.90%.
About Cognizant Technology Solutions
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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