abrdn plc trimmed its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 19.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 151,142 shares of the information technology service provider’s stock after selling 36,893 shares during the period. abrdn plc’s holdings in Cognizant Technology Solutions were worth $9,209,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in CTSH. MV Capital Management Inc. increased its holdings in Cognizant Technology Solutions by 98.1% in the first quarter. MV Capital Management Inc. now owns 410 shares of the information technology service provider’s stock valued at $25,000 after buying an additional 203 shares during the last quarter. Zions Bancorporation N.A. lifted its stake in Cognizant Technology Solutions by 29.9% during the first quarter. Zions Bancorporation N.A. now owns 651 shares of the information technology service provider’s stock worth $58,000 after purchasing an additional 150 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Cognizant Technology Solutions by 613.9% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 721 shares of the information technology service provider’s stock worth $41,000 after purchasing an additional 620 shares during the period. CoreCap Advisors LLC bought a new stake in Cognizant Technology Solutions during the fourth quarter valued at $42,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $43,000. 89.57% of the stock is currently owned by hedge funds and other institutional investors.
Cognizant Technology Solutions Trading Up 0.1 %
Shares of CTSH opened at $66.81 on Friday. The business’s 50-day moving average price is $64.30 and its 200 day moving average price is $62.84. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $33.90 billion, a P/E ratio of 14.88, a P/E/G ratio of 1.45 and a beta of 1.10. Cognizant Technology Solutions Co. has a 1-year low of $51.33 and a 1-year high of $70.86.
Cognizant Technology Solutions Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 30th. Stockholders of record on Friday, May 19th were issued a dividend of $0.29 per share. The ex-dividend date 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 dividend payout ratio is 25.84%.
Analyst Ratings Changes
A number of brokerages recently weighed in on CTSH. BMO Capital Markets lowered their price objective on shares of Cognizant Technology Solutions from $73.00 to $70.00 in a research report on Thursday, May 4th. Bank of America cut their price target on Cognizant Technology Solutions from $59.00 to $55.00 and set an “underperform” rating on the stock in a report on Wednesday, April 19th. HSBC upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, May 4th. 51job reissued a “reiterates” rating on shares of Cognizant Technology Solutions in a report on Thursday, May 4th. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Saturday, June 17th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of “Hold” and an average price target of $68.21.
Insider Activity at Cognizant Technology Solutions
In other Cognizant Technology Solutions news, Director Michael Patsalos-Fox sold 6,926 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $62.79, for a total transaction of $434,883.54. Following the completion of the sale, the director now directly owns 64,695 shares in the company, valued at approximately $4,062,199.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cognizant Technology Solutions news, Director Leo S. Jr. Mackay sold 4,473 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $61.99, for a total value of $277,281.27. Following the transaction, the director now owns 26,671 shares in the company, valued at $1,653,335.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Patsalos-Fox sold 6,926 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $62.79, for a total value of $434,883.54. Following the completion of the transaction, the director now owns 64,695 shares in the company, valued at approximately $4,062,199.05. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,251 shares of company stock valued at $2,022,847. Company insiders own 0.27% of the company’s stock.
Cognizant Technology Solutions Company 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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