Trust Co. of Toledo NA OH decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,487 shares of the information technology service provider’s stock after selling 300 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Cognizant Technology Solutions were worth $2,225,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Morgan Stanley lifted its stake in Cognizant Technology Solutions by 31.7% during the third quarter. Morgan Stanley now owns 740,086 shares of the information technology service provider’s stock worth $51,377,000 after purchasing an additional 178,139 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Cognizant Technology Solutions by 17.9% in the third quarter. Advisors Asset Management Inc. now owns 14,636 shares of the information technology service provider’s stock valued at $1,016,000 after purchasing an additional 2,223 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in shares of Cognizant Technology Solutions by 227.6% in the third quarter. Engineers Gate Manager LP now owns 26,300 shares of the information technology service provider’s stock valued at $1,826,000 after purchasing an additional 18,272 shares in the last quarter. Peapack Gladstone Financial Corp bought a new position in shares of Cognizant Technology Solutions in the third quarter valued at approximately $234,000. Finally, ExodusPoint Capital Management LP bought a new stake in Cognizant Technology Solutions during the third quarter worth $918,000. 87.66% of the stock is currently owned by institutional investors.
In other news, insider Malcolm Frank sold 471 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, March 16th. The shares were sold at an average price of $78.45, for a total transaction of $36,949.95. Following the completion of the sale, the insider now directly owns 44,065 shares of the company’s stock, valued at approximately $3,456,899.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.31% of the company’s stock.
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 the Thomson Reuters’ consensus estimate 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 firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.25 billion. During the same period in the previous year, the firm posted $1.07 EPS. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Cognizant Technology Solutions Co. will post 3.65 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 26th. Shareholders of record on Thursday, February 18th were paid a $0.24 dividend. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.22. The ex-dividend date was Wednesday, February 17th. This represents a $0.96 annualized dividend and a dividend yield of 1.19%. Cognizant Technology Solutions’s payout ratio is 24.06%.
Several analysts have issued reports on the company. William Blair upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating in a research note on Wednesday, January 20th. HSBC cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $80.00 price target for the company. in a research report on Thursday, February 4th. Deutsche Bank Aktiengesellschaft boosted their target price on Cognizant Technology Solutions from $71.00 to $79.00 and gave the stock a “hold” rating in a research report on Monday, February 1st. Wolfe Research upgraded Cognizant Technology Solutions from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 6th. Finally, BMO Capital Markets upped their price objective on Cognizant Technology Solutions from $82.00 to $90.00 and gave the stock an “outperform” rating in a report on Monday, February 1st. 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 company. The stock currently has an average rating of “Hold” and a consensus target price of $77.39.
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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