Exencial Wealth Advisors LLC acquired a new position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,023 shares of the information technology service provider’s stock, valued at approximately $219,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Acima Private Wealth LLC purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at $29,000. Sontag Advisory LLC purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at $30,000. Somerset Trust Co raised its stake in Cognizant Technology Solutions by 152.0% during the 1st quarter. Somerset Trust Co now owns 494 shares of the information technology service provider’s stock valued at $36,000 after buying an additional 298 shares during the last quarter. Citizens Financial Group Inc RI raised its stake in Cognizant Technology Solutions by 176.5% during the 4th quarter. Citizens Financial Group Inc RI now owns 611 shares of the information technology service provider’s stock valued at $39,000 after buying an additional 390 shares during the last quarter. Finally, Pinnacle Bank purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 89.27% of the company’s stock.
Shares of NASDAQ CTSH traded down $0.70 during mid-day trading on Friday, hitting $61.64. 3,365,928 shares of the company’s stock traded hands, compared to its average volume of 4,799,300. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $35.38 billion, a price-to-earnings ratio of 15.33, a P/E/G ratio of 1.57 and a beta of 1.05. Cognizant Technology Solutions Corp has a 1 year low of $56.73 and a 1 year high of $83.35.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Thursday, May 2nd. The information technology service provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.12). Cognizant Technology Solutions had a net margin of 12.39% and a return on equity of 21.50%. The business had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.16 billion. During the same quarter in the prior year, the company posted $0.94 earnings per share. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, equities analysts predict that Cognizant Technology Solutions Corp will post 3.91 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 22nd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Tuesday, May 21st. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 19.90%.
In related news, CEO Brian Humphries bought 19,000 shares of Cognizant Technology Solutions stock in a transaction dated Thursday, May 23rd. The shares were acquired at an average cost of $61.09 per share, with a total value of $1,160,710.00. Following the completion of the transaction, the chief executive officer now owns 19,000 shares in the company, valued at approximately $1,160,710. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Robert Telesmanic sold 868 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $73.73, for a total transaction of $63,997.64. The disclosure for this sale can be found here. Insiders sold a total of 24,104 shares of company stock worth $1,526,535 over the last three months. 0.56% of the stock is currently owned by corporate insiders.
CTSH has been the subject of a number of research reports. Zacks Investment Research lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th. Bank of America reissued an “underperform” rating and set a $57.00 price objective (down previously from $71.00) on shares of Cognizant Technology Solutions in a research report on Monday, May 6th. Wells Fargo & Co downgraded shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $82.00 to $75.00 in a research report on Tuesday, April 16th. Needham & Company LLC downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. Finally, UBS Group dropped their target price on shares of Cognizant Technology Solutions from $76.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. Four research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have assigned a buy rating to the company. Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus target price of $75.55.
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About Cognizant Technology Solutions
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.
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