Watch Point Trust Co lifted its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 18.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,213 shares of the information technology service provider’s stock after acquiring an additional 8,473 shares during the period. Cognizant Technology Solutions accounts for approximately 2.0% of Watch Point Trust Co’s portfolio, making the stock its 27th biggest holding. Watch Point Trust Co’s holdings in Cognizant Technology Solutions were worth $3,500,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently bought and sold shares of CTSH. Field & Main Bank boosted its stake in 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 during 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 purchasing an additional 280 shares during the period. Penserra Capital Management LLC purchased a new position in shares of Cognizant Technology Solutions in the 1st quarter worth about $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 purchasing an additional 369 shares during the period. Finally, Nelson Roberts Investment Advisors LLC raised its holdings in shares of Cognizant Technology Solutions by 7,175.0% in the 1st quarter. Nelson Roberts Investment Advisors LLC now owns 582 shares of the information technology service provider’s stock worth $42,000 after purchasing an additional 574 shares during the period. 88.41% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on CTSH. Daiwa Capital Markets downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. CIBC restated a “market perform” rating on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. BMO Capital Markets cut 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. TheStreet upgraded Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. downgraded Cognizant Technology Solutions from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $83.00 to $65.00 in a report on Friday, May 3rd. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and seven have assigned a buy rating to the company. Cognizant Technology Solutions has an average rating of “Hold” and an average price target of $74.48.
Shares of NASDAQ:CTSH traded up $0.33 during mid-day trading on Thursday, hitting $60.98. 78,200 shares of the company traded hands, compared to its average volume of 3,491,923. The firm has a market capitalization of $33.78 billion, a price-to-earnings ratio of 15.16, a P/E/G ratio of 1.53 and a beta of 1.01. 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 Corp has a 52-week low of $56.73 and a 52-week high of $78.59. The stock’s 50 day moving average price is $64.35.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.01. Cognizant Technology Solutions had a return on equity of 20.52% and a net margin of 12.61%. The company had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the business earned $1.05 EPS. Cognizant Technology Solutions’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities analysts expect that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 22nd will be issued a dividend of $0.20 per share. The ex-dividend date is Wednesday, August 21st. This represents a $0.80 annualized dividend and a yield of 1.31%. Cognizant Technology Solutions’s dividend payout ratio is presently 19.90%.
In other Cognizant Technology Solutions news, CEO Brian Humphries acquired 19,000 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were bought 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 $1,160,710. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Telesmanic sold 3,343 shares of Cognizant Technology Solutions stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $60.00, for a total value of $200,580.00. Following the sale, the senior vice president now owns 7,337 shares in the company, valued at $440,220. The disclosure for this sale can be found here. Insiders have sold a total of 47,120 shares of company stock worth $2,960,866 over the last 90 days. 0.56% of the stock is owned by company insiders.
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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