Prio Wealth Limited Partnership Sells 1,697 Shares of Cognizant Technology Solutions Corp (CTSH)

Prio Wealth Limited Partnership lowered its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 3.4% in the second quarter, Holdings Channel reports. The institutional investor owned 48,615 shares of the information technology service provider’s stock after selling 1,697 shares during the period. Prio Wealth Limited Partnership’s holdings in Cognizant Technology Solutions were worth $3,840,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTSH. BlackRock Inc. raised its stake in shares of Cognizant Technology Solutions by 10.9% during the 1st quarter. BlackRock Inc. now owns 40,069,496 shares of the information technology service provider’s stock valued at $3,225,593,000 after buying an additional 3,948,014 shares during the last quarter. Hexavest Inc. purchased a new position in shares of Cognizant Technology Solutions during the 2nd quarter valued at about $50,206,000. Edgewood Management LLC raised its stake in shares of Cognizant Technology Solutions by 3.5% during the 1st quarter. Edgewood Management LLC now owns 17,723,514 shares of the information technology service provider’s stock valued at $1,426,743,000 after buying an additional 596,707 shares during the last quarter. Genesis Asset Managers LLP raised its stake in shares of Cognizant Technology Solutions by 25.2% during the 2nd quarter. Genesis Asset Managers LLP now owns 2,903,755 shares of the information technology service provider’s stock valued at $229,368,000 after buying an additional 584,909 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of Cognizant Technology Solutions by 134.5% during the 1st quarter. KBC Group NV now owns 813,904 shares of the information technology service provider’s stock valued at $65,519,000 after buying an additional 466,895 shares during the last quarter. Institutional investors and hedge funds own 87.70% of the company’s stock.

CTSH stock opened at $75.56 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.27 and a current ratio of 3.27. Cognizant Technology Solutions Corp has a 12-month low of $69.24 and a 12-month high of $85.10. The stock has a market capitalization of $44.25 billion, a P/E ratio of 19.16, a PEG ratio of 1.40 and a beta of 0.94.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Thursday, August 2nd. The information technology service provider reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.09. Cognizant Technology Solutions had a return on equity of 21.66% and a net margin of 9.37%. The company had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the firm posted $0.93 EPS. Cognizant Technology Solutions’s revenue was up 9.2% compared to the same quarter last year. analysts expect that Cognizant Technology Solutions Corp will post 4.18 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Investors of record on Wednesday, August 22nd will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Tuesday, August 21st. Cognizant Technology Solutions’s payout ratio is 22.66%.

In related news, insider Sumithra Gomatam sold 1,597 shares of Cognizant Technology Solutions stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $77.02, for a total value of $123,000.94. Following the sale, the insider now directly owns 6,312 shares in the company, valued at approximately $486,150.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Robert Telesmanic sold 17,986 shares of Cognizant Technology Solutions stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $77.62, for a total value of $1,396,073.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,381 shares of company stock worth $4,110,946. 0.60% of the stock is currently owned by insiders.

CTSH has been the subject of a number of recent research reports. BidaskClub lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. Zacks Investment Research lowered Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Monday, July 9th. ValuEngine lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Monday, May 7th. Credit Suisse Group set a $95.00 price target on Cognizant Technology Solutions and gave the company a “buy” rating in a research note on Tuesday, May 8th. Finally, KeyCorp cut their price target on Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, August 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Cognizant Technology Solutions has a consensus rating of “Buy” and a consensus price target of $86.41.

Cognizant Technology Solutions Corp is a computer and technology company in the IT Consulting & Other Services industry.

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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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