First Republic Investment Management Inc. reduced its stake in shares of Cognizant (NASDAQ:CTSH) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 794,759 shares of the information technology service provider’s stock after selling 11,461 shares during the quarter. First Republic Investment Management Inc.’s holdings in Cognizant were worth $63,978,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of CTSH. Shine Investment Advisory Services Inc. grew its stake in Cognizant by 108.8% during the 4th quarter. Shine Investment Advisory Services Inc. now owns 1,512 shares of the information technology service provider’s stock worth $107,000 after buying an additional 788 shares during the last quarter. Vestpro Financial Partners Inc. dba CPF Texas bought a new position in Cognizant during the 4th quarter worth $107,000. Clearbridge Investments LLC grew its stake in shares of Cognizant by 101.2% in the fourth quarter. Clearbridge Investments LLC now owns 1,616 shares of the information technology service provider’s stock worth $115,000 after purchasing an additional 813 shares in the last quarter. Cerebellum GP LLC bought a new position in shares of Cognizant in the fourth quarter worth $128,000. Finally, Bray Capital Advisors bought a new position in shares of Cognizant in the first quarter worth $161,000. Hedge funds and other institutional investors own 88.07% of the company’s stock.
Shares of Cognizant opened at $75.93 on Friday, Marketbeat reports. The company has a current ratio of 3.64, a quick ratio of 3.64 and a debt-to-equity ratio of 0.06. Cognizant has a fifty-two week low of $65.59 and a fifty-two week high of $85.10. The stock has a market capitalization of $44.39 billion, a price-to-earnings ratio of 21.51, a PEG ratio of 1.44 and a beta of 1.07.
Cognizant (NASDAQ:CTSH) last issued its earnings results on Monday, May 7th. The information technology service provider reported $1.06 earnings per share for the quarter, hitting the consensus estimate of $1.06. Cognizant had a return on equity of 20.48% and a net margin of 9.67%. The company had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the prior year, the firm posted $0.84 EPS. The business’s revenue was up 10.3% compared to the same quarter last year. equities research analysts expect that Cognizant will post 4.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 31st. Shareholders of record on Tuesday, May 22nd will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Monday, May 21st. Cognizant’s payout ratio is currently 22.66%.
In other Cognizant news, CFO Karen Mcloughlin sold 1,791 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $83.76, for a total value of $150,014.16. Following the transaction, the chief financial officer now directly owns 42,718 shares of the company’s stock, valued at approximately $3,578,059.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sumithra Gomatam sold 1,060 shares of the company’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $80.50, for a total value of $85,330.00. Following the completion of the transaction, the insider now directly owns 8,189 shares in the company, valued at $659,214.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,034 shares of company stock worth $3,563,118. Insiders own 0.60% of the company’s stock.
CTSH has been the subject of several recent analyst reports. Morgan Stanley increased their price target on Cognizant from $77.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Monday, February 5th. BidaskClub lowered Cognizant from a “buy” rating to a “hold” rating in a report on Friday, May 18th. Zacks Investment Research upgraded Cognizant from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a report on Tuesday, May 1st. ValuEngine upgraded Cognizant from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Loop Capital upped their price objective on Cognizant to $90.00 and gave the company a “buy” rating in a report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the company’s stock. Cognizant presently has an average rating of “Buy” and a consensus target price of $84.30.
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 business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.
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