Simplicity Solutions LLC acquired a new position in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 6,304 shares of the information technology service provider’s stock, valued at approximately $384,000.
Several other institutional investors have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in Cognizant Technology Solutions during the 4th quarter worth $374,413,000. First Trust Advisors LP grew its holdings in Cognizant Technology Solutions by 66.7% during the 4th quarter. First Trust Advisors LP now owns 8,566,055 shares of the information technology service provider’s stock worth $489,891,000 after acquiring an additional 3,428,877 shares during the period. Pzena Investment Management LLC grew its holdings in Cognizant Technology Solutions by 21.8% during the 4th quarter. Pzena Investment Management LLC now owns 17,357,679 shares of the information technology service provider’s stock worth $992,686,000 after acquiring an additional 3,102,695 shares during the period. National Bank of Canada FI grew its holdings in Cognizant Technology Solutions by 3,758.3% during the 4th quarter. National Bank of Canada FI now owns 2,883,367 shares of the information technology service provider’s stock worth $164,900,000 after acquiring an additional 2,808,635 shares during the period. Finally, Toronto Dominion Bank grew its holdings in Cognizant Technology Solutions by 549.4% during the 4th quarter. Toronto Dominion Bank now owns 1,983,026 shares of the information technology service provider’s stock worth $113,342,000 after acquiring an additional 1,677,651 shares during the period. Institutional investors own 89.57% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the stock. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. HSBC raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Thursday, May 4th. 51job reaffirmed a “reiterates” rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 4th. Bank of America reduced their target price on shares of Cognizant Technology Solutions from $59.00 to $55.00 and set an “underperform” rating for the company in a research note on Wednesday, April 19th. Finally, BMO Capital Markets reduced their target price on shares of Cognizant Technology Solutions from $73.00 to $70.00 in a research note on Thursday, May 4th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of “Hold” and a consensus price target of $68.21.
Cognizant Technology Solutions Stock Up 0.1 %
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last released its quarterly earnings results on Wednesday, May 3rd. The information technology service provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.06. The firm had revenue of $4.81 billion for the quarter, compared to analysts’ expectations of $4.73 billion. Cognizant Technology Solutions had a net margin of 11.88% and a return on equity of 18.63%. The business’s revenue was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 EPS. As a group, analysts expect that Cognizant Technology Solutions Co. will post 4.3 EPS for the current year.
Cognizant Technology Solutions Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 30th. Shareholders of record on Friday, May 19th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.74%. Cognizant Technology Solutions’s payout ratio is presently 25.84%.
Insiders Place Their Bets
In other Cognizant Technology Solutions news, Director Leo S. Jr. Mackay sold 4,473 shares of the stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $61.99, for a total transaction of $277,281.27. Following the transaction, the director now owns 26,671 shares in the company, valued at approximately $1,653,335.29. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Zein Abdalla sold 6,926 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $62.55, for a total transaction of $433,221.30. Following the sale, the director now owns 13,556 shares in the company, valued at approximately $847,927.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leo S. Jr. Mackay sold 4,473 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $61.99, for a total transaction of $277,281.27. Following the sale, the director now owns 26,671 shares in the company, valued at approximately $1,653,335.29. The disclosure for this sale can be found here. Insiders have sold a total of 32,251 shares of company stock worth $2,022,847 in the last quarter. Corporate insiders own 0.27% of the company’s stock.
Cognizant Technology Solutions Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services; Health Sciences; Products and Resources; and Communications, Media and Technology.
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