TrimTabs Asset Management LLC bought a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 17,724 shares of the information technology service provider’s stock, valued at approximately $1,404,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Teacher Retirement System of Texas boosted its stake in shares of Cognizant Technology Solutions by 1.1% during the 4th quarter. Teacher Retirement System of Texas now owns 162,749 shares of the information technology service provider’s stock worth $13,337,000 after acquiring an additional 1,719 shares during the period. Norges Bank acquired a new stake in Cognizant Technology Solutions during the 4th quarter worth approximately $462,515,000. NN Investment Partners Holdings N.V. lifted its holdings in Cognizant Technology Solutions by 10.3% during the 4th quarter. NN Investment Partners Holdings N.V. now owns 82,804 shares of the information technology service provider’s stock worth $6,786,000 after purchasing an additional 7,716 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in Cognizant Technology Solutions during the 4th quarter worth approximately $1,283,000. Finally, RBA Wealth Management LLC lifted its holdings in Cognizant Technology Solutions by 12.9% during the 4th quarter. RBA Wealth Management LLC now owns 26,803 shares of the information technology service provider’s stock worth $2,196,000 after purchasing an additional 3,063 shares during the last quarter. Institutional investors own 87.66% of the company’s stock.
Several research firms recently weighed in on CTSH. Deutsche Bank Aktiengesellschaft lifted their price target on Cognizant Technology Solutions from $71.00 to $79.00 and gave the stock a “hold” rating in a report on Monday, February 1st. HSBC cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $80.00 price objective for the company. in a report on Thursday, February 4th. Oppenheimer began coverage on Cognizant Technology Solutions in a report on Monday, January 25th. They issued a “market perform” rating for the company. Barclays reaffirmed a “sell” rating and issued a $54.00 price objective on shares of Cognizant Technology Solutions in a report on Tuesday, December 22nd. Finally, William Blair raised Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 20th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the stock. Cognizant Technology Solutions presently has an average rating of “Hold” and an average price target of $77.39.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Tuesday, February 2nd. The information technology service provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.23). Cognizant Technology Solutions had a net margin of 8.78% and a return on equity of 19.04%. The company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.25 billion. During the same quarter last year, the firm posted $1.07 EPS. The company’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, equities analysts predict that Cognizant Technology Solutions Co. will post 3.65 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 26th. Stockholders of record on Thursday, February 18th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.19%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Wednesday, February 17th. Cognizant Technology Solutions’s payout ratio is currently 24.06%.
In other news, insider Malcolm Frank sold 471 shares of the business’s stock in a transaction dated Tuesday, March 16th. The stock was sold at an average price of $78.45, for a total value of $36,949.95. Following the transaction, the insider now directly owns 44,065 shares of the company’s stock, valued at approximately $3,456,899.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.31% of the stock is owned by insiders.
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services; Healthcare; Products and Resources; and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.
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