Madison Investment Holdings Inc. Buys New Stake in Cognizant Technology Solutions Corp (CTSH)

Share on StockTwits

Madison Investment Holdings Inc. bought a new stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) during the 2nd quarter, Holdings Channel reports. The firm bought 634,014 shares of the information technology service provider’s stock, valued at approximately $50,081,000.

Several other institutional investors have also modified their holdings of CTSH. BlackRock Inc. boosted its position in Cognizant Technology Solutions by 10.9% in the first 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 in the last quarter. Bank of New York Mellon Corp boosted its position in Cognizant Technology Solutions by 4.8% in the second quarter. Bank of New York Mellon Corp now owns 18,273,087 shares of the information technology service provider’s stock valued at $1,443,390,000 after buying an additional 836,521 shares in the last quarter. Edgewood Management LLC boosted its position in Cognizant Technology Solutions by 3.5% in the first 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 in the last quarter. Franklin Resources Inc. boosted its position in Cognizant Technology Solutions by 0.7% in the first quarter. Franklin Resources Inc. now owns 10,892,663 shares of the information technology service provider’s stock valued at $876,853,000 after buying an additional 77,616 shares in the last quarter. Finally, Swedbank raised its stake in shares of Cognizant Technology Solutions by 0.5% in the first quarter. Swedbank now owns 6,540,653 shares of the information technology service provider’s stock worth $526,523,000 after acquiring an additional 32,832 shares during the last quarter. Institutional investors and hedge funds own 87.97% of the company’s stock.

CTSH opened at $75.56 on Monday. The company has a quick ratio of 3.27, a current ratio of 3.27 and a debt-to-equity ratio of 0.06. The company has a market cap of $43.84 billion, a P/E ratio of 21.41, a price-to-earnings-growth ratio of 1.39 and a beta of 0.94. Cognizant Technology Solutions Corp has a fifty-two week low of $69.24 and a fifty-two week high of $85.10.

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

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

A number of equities analysts have weighed in on CTSH shares. BidaskClub raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Friday, July 13th. Pivotal Research reaffirmed a “buy” rating and issued a $91.00 target price on shares of Cognizant Technology Solutions in a research note on Monday, May 7th. Zacks Investment Research raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Tuesday, May 1st. Credit Suisse Group set a $95.00 target price on shares of Cognizant Technology Solutions and gave the stock a “buy” rating in a research note on Tuesday, May 8th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $85.00 target price on shares of Cognizant Technology Solutions in a research note on Thursday, August 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $85.52.

In related news, President Rajeev Mehta sold 22,239 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $75.86, for a total transaction of $1,687,050.54. Following the completion of the sale, the president now directly owns 352 shares of the company’s stock, valued at $26,702.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sumithra Gomatam sold 1,597 shares of the business’s stock in a transaction that occurred on Monday, June 4th. The stock was sold at an average price of $77.02, for a total transaction of $123,000.94. Following the sale, the insider now directly owns 6,312 shares of the company’s stock, valued at $486,150.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,620 shares of company stock valued at $5,797,997. 0.60% of the stock is currently owned by insiders.

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

Featured Story: Closed-End Mutual Funds

Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Corp (NASDAQ:CTSH).

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

Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply