Northern Trust Corp cut its position in Cognizant (NASDAQ:CTSH) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,008,158 shares of the information technology service provider’s stock after selling 98,193 shares during the quarter. Northern Trust Corp owned 1.19% of Cognizant worth $564,157,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. KBC Group NV raised its position in Cognizant by 134.5% in the first quarter. KBC Group NV now owns 813,904 shares of the information technology service provider’s stock valued at $65,519,000 after purchasing an additional 466,895 shares during the last quarter. Pictet & Cie Europe SA raised its position in Cognizant by 4.8% in the first quarter. Pictet & Cie Europe SA now owns 124,296 shares of the information technology service provider’s stock valued at $10,006,000 after purchasing an additional 5,749 shares during the last quarter. Guyasuta Investment Advisors Inc. bought a new position in Cognizant in the first quarter valued at about $220,000. Cambridge Investment Research Advisors Inc. raised its position in Cognizant by 246.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 63,936 shares of the information technology service provider’s stock valued at $5,147,000 after purchasing an additional 45,467 shares during the last quarter. Finally, Forsta AP Fonden raised its position in Cognizant by 20.4% in the first quarter. Forsta AP Fonden now owns 656,858 shares of the information technology service provider’s stock valued at $52,877,000 after purchasing an additional 111,200 shares during the last quarter. Hedge funds and other institutional investors own 88.07% of the company’s stock.
Cognizant opened at $75.75 on Tuesday, according to Marketbeat. Cognizant has a one year low of $65.17 and a one year high of $85.10. The company has a market cap of $44.55 billion, a P/E ratio of 21.46, a price-to-earnings-growth ratio of 1.45 and a beta of 1.07. The company has a quick ratio of 3.64, a current ratio of 3.64 and a debt-to-equity ratio of 0.06.
Cognizant (NASDAQ:CTSH) last released its earnings results on Monday, May 7th. The information technology service provider reported $1.06 EPS for the quarter, hitting the consensus estimate of $1.06. Cognizant had a return on equity of 20.48% and a net margin of 9.67%. The business had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the firm posted $0.84 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. research analysts predict that Cognizant will post 4.17 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 31st. Shareholders of record on Tuesday, May 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, May 21st. This represents a $0.80 dividend on an annualized basis and a yield of 1.06%. Cognizant’s dividend payout ratio (DPR) is presently 22.66%.
In other Cognizant news, insider Gajakarnan Vibushanan Kandiah sold 1,519 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $84.62, for a total value of $128,537.78. Following the completion of the sale, the insider now owns 10,584 shares of the company’s stock, valued at $895,618.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Patrick Lennox sold 959 shares of the firm’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $83.64, for a total value of $80,210.76. Following the completion of the sale, the executive vice president now directly owns 5,203 shares of the company’s stock, valued at approximately $435,178.92. The disclosure for this sale can be found here. Insiders sold 44,684 shares of company stock valued at $3,700,068 in the last three months. Insiders own 0.60% of the company’s stock.
Several equities analysts have commented on the company. BMO Capital Markets increased their target price on Cognizant from $78.00 to $86.00 and gave the company an “outperform” rating in a research report on Thursday, February 8th. Morgan Stanley lowered their price objective on Cognizant to $88.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 8th. Needham & Company LLC raised their price objective on Cognizant from $90.00 to $100.00 and gave the stock a “strong-buy” rating in a research report on Thursday, February 8th. Barclays restated an “overweight” rating and set a $88.00 price objective (up from $86.00) on shares of Cognizant in a research report on Thursday, February 8th. Finally, SunTrust Banks restated a “buy” rating and set a $90.00 price objective on shares of Cognizant in a research report on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $84.30.
Cognizant Company Profile
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 business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.
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