Rosenbaum Jay D. Decreases Holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH)

Rosenbaum Jay D. trimmed its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 1.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,850 shares of the information technology service provider’s stock after selling 315 shares during the quarter. Cognizant Technology Solutions accounts for approximately 2.1% of Rosenbaum Jay D.’s holdings, making the stock its 19th biggest holding. Rosenbaum Jay D.’s holdings in Cognizant Technology Solutions were worth $1,131,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Anchor Capital Advisors LLC grew its holdings in Cognizant Technology Solutions by 1.6% during the 2nd quarter. Anchor Capital Advisors LLC now owns 12,215 shares of the information technology service provider’s stock valued at $774,000 after purchasing an additional 190 shares during the last quarter. Watch Point Trust Co grew its holdings in Cognizant Technology Solutions by 18.1% during the 2nd quarter. Watch Point Trust Co now owns 55,213 shares of the information technology service provider’s stock valued at $3,500,000 after purchasing an additional 8,473 shares during the last quarter. Executive Wealth Management LLC grew its holdings in Cognizant Technology Solutions by 8.4% during the 2nd quarter. Executive Wealth Management LLC now owns 15,746 shares of the information technology service provider’s stock valued at $998,000 after purchasing an additional 1,221 shares during the last quarter. Sandy Spring Bank grew its holdings in Cognizant Technology Solutions by 5.6% during the 2nd quarter. Sandy Spring Bank now owns 31,626 shares of the information technology service provider’s stock valued at $2,004,000 after purchasing an additional 1,680 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in Cognizant Technology Solutions by 5.4% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,132,153 shares of the information technology service provider’s stock valued at $71,767,000 after purchasing an additional 58,264 shares during the last quarter. Hedge funds and other institutional investors own 88.41% of the company’s stock.

CTSH stock traded up $0.26 during mid-day trading on Thursday, reaching $60.91. The company had a trading volume of 80,373 shares, compared to its average volume of 3,491,923. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.55 and a quick ratio of 2.55. The stock has a market cap of $33.78 billion, a P/E ratio of 15.16, a PEG ratio of 1.53 and a beta of 1.01. The business has a 50 day moving average of $64.35. Cognizant Technology Solutions Corp has a 12 month low of $56.73 and a 12 month high of $78.59.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.01. Cognizant Technology Solutions had a net margin of 12.61% and a return on equity of 20.52%. The business had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the prior year, the firm earned $1.05 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts anticipate that Cognizant Technology Solutions Corp will post 3.96 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 22nd will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.31%. Cognizant Technology Solutions’s dividend payout ratio is presently 19.90%.

In other news, General Counsel Matthew W. Friedrich sold 3,092 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $60.61, for a total transaction of $187,406.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Robert Telesmanic sold 3,343 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $60.00, for a total transaction of $200,580.00. Following the transaction, 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. Over the last quarter, insiders have sold 47,120 shares of company stock worth $2,960,866. Insiders own 0.56% of the company’s stock.

Several equities analysts recently commented on CTSH shares. Wedbush downgraded shares of Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and cut their price target for the company from $80.00 to $70.00 in a report on Friday, May 3rd. Morgan Stanley set a $64.00 price target on shares of Cognizant Technology Solutions and gave the company a “sell” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. downgraded shares of Cognizant Technology Solutions from a “neutral” rating to an “underweight” rating and cut their price target for the company from $83.00 to $65.00 in a report on Friday, May 3rd. Oppenheimer downgraded shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a report on Friday, May 3rd. Finally, Needham & Company LLC downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $74.48.

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: What is the price-to-earnings growth (PEG) ratio?

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

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