Tredje AP fonden trimmed its position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 4.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,563 shares of the information technology service provider’s stock after selling 3,239 shares during the period. Tredje AP fonden’s holdings in Cognizant Technology Solutions were worth $4,686,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Cognizant Technology Solutions by 3.7% in the second quarter. BlackRock Inc. now owns 48,909,575 shares of the information technology service provider’s stock worth $3,100,379,000 after acquiring an additional 1,756,108 shares during the last quarter. State Street Corp grew its position in shares of Cognizant Technology Solutions by 2.2% in the fourth quarter. State Street Corp now owns 23,190,247 shares of the information technology service provider’s stock valued at $1,438,259,000 after purchasing an additional 498,861 shares in the last quarter. Generation Investment Management LLP grew its position in shares of Cognizant Technology Solutions by 24.8% in the third quarter. Generation Investment Management LLP now owns 13,055,572 shares of the information technology service provider’s stock valued at $786,794,000 after purchasing an additional 2,597,844 shares in the last quarter. Pzena Investment Management LLC grew its position in Cognizant Technology Solutions by 3.8% in the fourth quarter. Pzena Investment Management LLC now owns 8,864,214 shares of the information technology service provider’s stock worth $549,759,000 after acquiring an additional 328,217 shares during the period. Finally, Jensen Investment Management Inc. lifted its stake in Cognizant Technology Solutions by 7.0% during the fourth quarter. Jensen Investment Management Inc. now owns 4,784,801 shares of the information technology service provider’s stock worth $296,753,000 after purchasing an additional 311,040 shares in the last quarter. 90.23% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on the company. BidaskClub lowered Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Thursday, February 20th. Berenberg Bank assumed coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, January 21st. They issued a “hold” rating and a $63.00 price objective for the company. BMO Capital Markets cut their price objective on Cognizant Technology Solutions to $75.00 and set an “outperform” rating for the company in a research report on Monday, October 28th. Wolfe Research downgraded Cognizant Technology Solutions from a “peer perform” rating to an “underperform” rating and set a $65.00 price objective for the company. in a research report on Monday, January 6th. Finally, Edward Jones raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Monday, November 11th. Nine equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. Cognizant Technology Solutions has a consensus rating of “Hold” and a consensus price target of $68.06.
In other news, Director John E. Klein sold 10,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $63.94, for a total value of $639,400.00. Following the sale, the director now owns 459,987 shares in the company, valued at approximately $29,411,568.78. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Karen Mcloughlin sold 18,396 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $62.02, for a total transaction of $1,140,919.92. Following the completion of the sale, the chief financial officer now owns 68,026 shares in the company, valued at approximately $4,218,972.52. The disclosure for this sale can be found here. Insiders sold a total of 251,011 shares of company stock worth $15,466,734 in the last quarter. 0.56% of the stock is currently owned by company insiders.
CTSH stock traded down $2.70 during trading on Tuesday, reaching $64.72. The stock had a trading volume of 351,845 shares, compared to its average volume of 3,486,712. Cognizant Technology Solutions Corp has a 1-year low of $56.73 and a 1-year high of $74.85. The company has a current ratio of 2.55, a quick ratio of 2.55 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $38.45 billion, a P/E ratio of 19.67, a PEG ratio of 1.56 and a beta of 1.06. The firm has a fifty day moving average price of $64.65 and a 200 day moving average price of $62.57.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 20.60%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same quarter in the previous year, the business posted $1.13 EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. Sell-side analysts predict that Cognizant Technology Solutions Corp will post 4.07 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Tuesday, February 18th will be issued a $0.22 dividend. The ex-dividend date is Friday, February 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.36%. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.20. Cognizant Technology Solutions’s payout ratio is currently 22.06%.
Cognizant Technology Solutions announced that its board has authorized a stock repurchase program on Wednesday, February 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to buy up to 5.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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 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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