Cibc World Markets Corp lifted its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 12.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,821 shares of the information technology service provider’s stock after buying an additional 16,900 shares during the quarter. Cibc World Markets Corp’s holdings in Cognizant Technology Solutions were worth $10,792,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Wagner Wealth Management LLC bought a new stake in Cognizant Technology Solutions during the 1st quarter worth approximately $25,000. Wealthcare Advisory Partners LLC bought a new position in shares of Cognizant Technology Solutions in the first quarter worth $34,000. Berman Capital Advisors LLC raised its position in shares of Cognizant Technology Solutions by 322.3% in the first quarter. Berman Capital Advisors LLC now owns 473 shares of the information technology service provider’s stock worth $36,000 after buying an additional 361 shares in the last quarter. Evoke Wealth LLC boosted its stake in Cognizant Technology Solutions by 98.6% during the first quarter. Evoke Wealth LLC now owns 554 shares of the information technology service provider’s stock valued at $43,000 after buying an additional 275 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Cognizant Technology Solutions during the first quarter worth about $49,000. 89.04% of the stock is owned by institutional investors.
In other news, EVP Becky Schmitt sold 2,888 shares of the business’s stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $69.43, for a total transaction of $200,513.84. Following the sale, the executive vice president now owns 18,222 shares in the company, valued at approximately $1,265,153.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.31% of the company’s stock.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Tuesday, July 27th. The information technology service provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.03. Cognizant Technology Solutions had a net margin of 9.65% and a return on equity of 17.41%. The business had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.45 billion. Analysts expect that Cognizant Technology Solutions Co. will post 4.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 31st. Stockholders of record on Friday, August 20th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend was Thursday, August 19th. Cognizant Technology Solutions’s payout ratio is presently 28.07%.
A number of analysts have recently issued reports on the company. Wedbush reiterated an “outperform” rating on shares of Cognizant Technology Solutions in a research report on Thursday, July 29th. Susquehanna Bancshares dropped their target price on shares of Cognizant Technology Solutions from $99.00 to $91.00 and set a “positive” rating for the company in a research report on Wednesday, June 30th. Susquehanna decreased their price target on shares of Cognizant Technology Solutions from $99.00 to $91.00 and set a “positive” rating on the stock in a report on Wednesday, June 30th. JPMorgan Chase & Co. lifted their price objective on shares of Cognizant Technology Solutions from $83.00 to $90.00 and gave the stock an “overweight” rating in a report on Tuesday, August 17th. Finally, HSBC upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and upped their target price for the stock from $80.00 to $90.00 in a research report on Thursday, July 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Cognizant Technology Solutions has an average rating of “Buy” and a consensus target price of $83.13.
About Cognizant Technology Solutions
Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services; Healthcare; Products and Resources; and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.
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