Toronto Dominion Bank lessened its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 13.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 336,918 shares of the information technology service provider’s stock after selling 52,253 shares during the period. Toronto Dominion Bank owned 0.06% of Cognizant Technology Solutions worth $21,351,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Ossiam increased its position in Cognizant Technology Solutions by 92.5% in the 2nd quarter. Ossiam now owns 6,003 shares of the information technology service provider’s stock valued at $381,000 after acquiring an additional 2,884 shares during the period. Bell Asset Management Ltd increased its position in Cognizant Technology Solutions by 19.4% in the 2nd quarter. Bell Asset Management Ltd now owns 186,100 shares of the information technology service provider’s stock valued at $11,797,000 after acquiring an additional 30,176 shares during the period. Seeyond increased its position in Cognizant Technology Solutions by 6.0% in the 2nd quarter. Seeyond now owns 19,688 shares of the information technology service provider’s stock valued at $1,248,000 after acquiring an additional 1,119 shares during the period. Pictet Asset Management Ltd. increased its position in Cognizant Technology Solutions by 40.1% in the 2nd quarter. Pictet Asset Management Ltd. now owns 1,169,185 shares of the information technology service provider’s stock valued at $74,115,000 after acquiring an additional 334,469 shares during the period. Finally, Cibc World Markets Corp increased its position in Cognizant Technology Solutions by 17.8% in the 2nd quarter. Cibc World Markets Corp now owns 165,573 shares of the information technology service provider’s stock valued at $10,496,000 after acquiring an additional 25,003 shares during the period. Hedge funds and other institutional investors own 91.52% of the company’s stock.
NASDAQ CTSH traded down $0.18 during midday trading on Friday, hitting $64.66. The company had a trading volume of 98,430 shares, compared to its average volume of 2,632,492. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.13. The stock has a market cap of $35.76 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 1.62 and a beta of 1.07. The firm has a fifty day simple moving average of $62.74 and a two-hundred day simple moving average of $65.94. Cognizant Technology Solutions Corp has a fifty-two week low of $56.73 and a fifty-two week high of $77.87.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.01. The company had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.13 billion. Cognizant Technology Solutions had a net margin of 12.61% and a return on equity of 20.52%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $1.05 EPS. As a group, equities analysts predict that Cognizant Technology Solutions Corp will post 3.96 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 22nd were given a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $0.80 annualized dividend and a yield of 1.24%. Cognizant Technology Solutions’s dividend payout ratio is 19.90%.
A number of equities research analysts have weighed in on the company. UBS Group lowered Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $62.00 to $60.00 in a report on Friday, August 2nd. HSBC lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating and lowered their price objective for the company from $72.00 to $70.00 in a report on Tuesday, July 23rd. Robert W. Baird set a $76.00 price objective on Cognizant Technology Solutions and gave the company a “buy” rating in a report on Friday, September 6th. Zacks Investment Research lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $66.00 price objective on the stock. in a report on Thursday, September 5th. Finally, TheStreet raised Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $74.45.
In other Cognizant Technology Solutions news, General Counsel Matthew W. Friedrich sold 4,965 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $64.02, for a total value of $317,859.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Robert Telesmanic sold 2,484 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $65.00, for a total transaction of $161,460.00. Following the completion of the sale, the senior vice president now owns 7,337 shares in the company, valued at $476,905. The disclosure for this sale can be found here. Insiders sold a total of 41,098 shares of company stock worth $2,598,415 over the last 90 days. Company insiders own 0.56% of the company’s stock.
Cognizant Technology Solutions 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 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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