IBM Retirement Fund lessened its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 13.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,214 shares of the information technology service provider’s stock after selling 1,697 shares during the quarter. IBM Retirement Fund’s holdings in Cognizant Technology Solutions were worth $886,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in CTSH. BlackRock Inc. raised its holdings in shares of Cognizant Technology Solutions by 6.9% during the second quarter. BlackRock Inc. now owns 42,845,471 shares of the information technology service provider’s stock valued at $3,384,363,000 after acquiring an additional 2,775,975 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Cognizant Technology Solutions by 4.8% during 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 acquiring an additional 836,521 shares in the last quarter. Edgewood Management LLC raised its holdings in shares of Cognizant Technology Solutions by 2.3% during the second quarter. Edgewood Management LLC now owns 18,137,904 shares of the information technology service provider’s stock valued at $1,432,713,000 after acquiring an additional 414,390 shares in the last quarter. Franklin Resources Inc. raised its holdings 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 worth $876,853,000 after purchasing an additional 77,616 shares in the last quarter. Finally, Swedbank raised its holdings in 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 purchasing an additional 32,832 shares in the last quarter. 88.14% of the stock is owned by hedge funds and other institutional investors.
NASDAQ CTSH opened at $75.72 on Friday. Cognizant Technology Solutions Corp has a 12 month low of $69.69 and a 12 month high of $85.10. The firm has a market capitalization of $43.69 billion, a PE ratio of 21.45, a P/E/G ratio of 1.39 and a beta of 0.94. 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 (NASDAQ:CTSH) last released its earnings results on Thursday, August 2nd. The information technology service provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis. equities analysts anticipate that Cognizant Technology Solutions Corp will post 4.18 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 31st. Stockholders of record on Wednesday, August 22nd were paid a $0.20 dividend. The ex-dividend date was Tuesday, August 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.06%. Cognizant Technology Solutions’s dividend payout ratio is currently 22.66%.
In related news, EVP Allen Shaheen sold 352 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $74.89, for a total transaction of $26,361.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Rajeev Mehta sold 22,239 shares of the stock in a transaction on Friday, August 10th. The shares were sold at an average price of $75.86, for a total value of $1,687,050.54. Following the sale, the president now directly owns 352 shares in the company, valued at $26,702.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,094 shares of company stock worth $4,834,350. Insiders own 0.60% of the company’s stock.
A number of equities analysts have issued reports on CTSH shares. Bank of America downgraded Cognizant Technology Solutions from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $91.00 to $81.00 in a report on Tuesday. BidaskClub downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, May 18th. Zacks Investment Research downgraded Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Monday, July 9th. JPMorgan Chase & Co. downgraded Cognizant Technology Solutions from an “overweight” rating to a “neutral” rating and set a $66.00 price objective for the company. in a report on Tuesday, August 14th. Finally, KeyCorp decreased their price objective on Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, August 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $85.18.
Cognizant Technology Solutions Company 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 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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