VeraBank N.A. lowered its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 9.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,570 shares of the information technology service provider’s stock after selling 450 shares during the period. VeraBank N.A.’s holdings in Cognizant Technology Solutions were worth $290,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in CTSH. FMR LLC increased its holdings in shares of Cognizant Technology Solutions by 21.9% in the first quarter. FMR LLC now owns 15,767,608 shares of the information technology service provider’s stock valued at $1,142,362,000 after purchasing an additional 2,827,833 shares during the period. BlackRock Inc. increased its holdings in shares of Cognizant Technology Solutions by 4.7% in the first quarter. BlackRock Inc. now owns 47,153,467 shares of the information technology service provider’s stock valued at $3,416,269,000 after purchasing an additional 2,129,464 shares during the period. Investec Asset Management LTD acquired a new position in shares of Cognizant Technology Solutions in the first quarter valued at approximately $91,531,000. FIL Ltd increased its holdings in shares of Cognizant Technology Solutions by 20.7% in the first quarter. FIL Ltd now owns 6,537,319 shares of the information technology service provider’s stock valued at $473,628,000 after purchasing an additional 1,122,420 shares during the period. Finally, Pendal Group Ltd increased its holdings in shares of Cognizant Technology Solutions by 40.8% in the first quarter. Pendal Group Ltd now owns 2,699,764 shares of the information technology service provider’s stock valued at $195,598,000 after purchasing an additional 782,429 shares during the period. 89.20% of the stock is currently owned by institutional investors and hedge funds.
Cognizant Technology Solutions stock traded down $2.92 during trading hours on Friday, hitting $63.49. The stock had a trading volume of 5,791,690 shares, compared to its average volume of 2,988,502. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 0.12. The company has a market cap of $37.08 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.65 and a beta of 1.01. Cognizant Technology Solutions Corp has a 1-year low of $56.73 and a 1-year high of $78.83. The firm has a fifty day simple moving average of $64.57.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. The company 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 20.24% and a net margin of 12.61%. Cognizant Technology Solutions’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.05 earnings per share. On average, research analysts expect that Cognizant Technology Solutions Corp will post 3.95 EPS for the current fiscal year.
The company 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 annualized dividend and a yield of 1.26%. The ex-dividend date is Wednesday, August 21st. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 19.90%.
A number of brokerages recently weighed in on CTSH. Argus lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Nomura lowered Cognizant Technology Solutions to a “hold” rating in a report on Friday, May 3rd. TheStreet raised Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a report on Tuesday, July 23rd. BMO Capital Markets dropped their price objective on Cognizant Technology Solutions from $88.00 to $86.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. Finally, ValuEngine raised Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $74.48.
In other Cognizant Technology Solutions news, SVP Robert Telesmanic sold 2,484 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $65.00, for a total value of $161,460.00. Following the sale, the senior vice president now owns 7,337 shares of the company’s stock, valued at $476,905. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Humphries bought 19,000 shares of the stock in a transaction on Thursday, May 23rd. The stock was purchased at an average cost of $61.09 per share, for a total transaction of $1,160,710.00. Following the acquisition, the chief executive officer now directly owns 19,000 shares of the company’s stock, valued at approximately $1,160,710. The disclosure for this purchase can be found here. Insiders sold 47,120 shares of company stock worth $2,960,866 in the last three months. 0.56% of the stock is owned by corporate insiders.
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.
Further Reading: Buy-Side Analysts
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