Keybank National Association OH reduced its position in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 29.3% in the 4th quarter, Holdings Channel reports. The firm owned 49,013 shares of the information technology service provider’s stock after selling 20,310 shares during the quarter. Keybank National Association OH’s holdings in Cognizant Technology Solutions were worth $3,481,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Shine Investment Advisory Services Inc. increased its stake in shares of Cognizant Technology Solutions by 108.8% in the 4th quarter. Shine Investment Advisory Services Inc. now owns 1,512 shares of the information technology service provider’s stock valued at $107,000 after acquiring an additional 788 shares during the last quarter. Bank of Nova Scotia Trust Co. bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter valued at about $121,000. Cerebellum GP LLC bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $128,000. WFG Advisors LP increased its stake in shares of Cognizant Technology Solutions by 46.4% in the 2nd quarter. WFG Advisors LP now owns 1,958 shares of the information technology service provider’s stock valued at $130,000 after acquiring an additional 621 shares during the last quarter. Finally, BB&T Investment Services Inc. increased its stake in shares of Cognizant Technology Solutions by 86.8% in the 3rd quarter. BB&T Investment Services Inc. now owns 2,176 shares of the information technology service provider’s stock valued at $141,000 after acquiring an additional 1,011 shares during the last quarter. 86.87% of the stock is owned by hedge funds and other institutional investors.
In other Cognizant Technology Solutions news, VP Malcolm Frank sold 9,462 shares of the company’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $70.61, for a total transaction of $668,111.82. Following the completion of the transaction, the vice president now owns 15,533 shares of the company’s stock, valued at approximately $1,096,785.13. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Venkat Krishnaswamy sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $77.50, for a total value of $310,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,111,296 shares of company stock valued at $82,190,888. Insiders own 1.08% of the company’s stock.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, February 7th. The information technology service provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.15. Cognizant Technology Solutions had a return on equity of 19.94% and a net margin of 10.15%. The firm had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the prior year, the firm posted $0.87 EPS. The business’s revenue was up 10.6% on a year-over-year basis. sell-side analysts expect that Cognizant Technology Solutions Corp will post 4.21 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Thursday, February 22nd will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, February 21st. This represents a $0.80 dividend on an annualized basis and a yield of 0.99%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.15. Cognizant Technology Solutions’s dividend payout ratio is 23.72%.
CTSH has been the subject of a number of recent analyst reports. BidaskClub cut Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Friday, December 29th. Zacks Investment Research cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Friday, January 12th. Barclays upped their price target on Cognizant Technology Solutions from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Pivotal Research initiated coverage on Cognizant Technology Solutions in a research note on Wednesday, November 8th. They issued a “buy” rating and a $93.00 price target for the company. Finally, Citigroup raised Cognizant Technology Solutions from a “neutral” rating to a “buy” rating and upped their price target for the company from $75.84 to $79.00 in a research note on Thursday, January 18th. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company. Cognizant Technology Solutions currently has a consensus rating of “Buy” and a consensus target price of $84.32.
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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