China Universal Asset Management Co. Ltd. decreased its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 46.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,000 shares of the information technology service provider’s stock after selling 882 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Cognizant Technology Solutions were worth $76,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently bought and sold shares of the company. Camelot Portfolios LLC grew its position in Cognizant Technology Solutions by 95.3% during the fourth quarter. Camelot Portfolios LLC now owns 16,829 shares of the information technology service provider’s stock worth $1,271,000 after buying an additional 8,210 shares in the last quarter. Trust Point Inc. acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth $219,000. Iowa State Bank increased its position in shares of Cognizant Technology Solutions by 1.5% in the fourth quarter. Iowa State Bank now owns 46,233 shares of the information technology service provider’s stock worth $3,492,000 after purchasing an additional 661 shares during the period. TIAA Trust National Association acquired a new position in Cognizant Technology Solutions in the fourth quarter valued at about $227,000. Finally, State of Michigan Retirement System grew its stake in Cognizant Technology Solutions by 1.8% during the fourth quarter. State of Michigan Retirement System now owns 166,323 shares of the information technology service provider’s stock worth $12,562,000 after buying an additional 3,000 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.
Insider Activity
In related news, EVP Kathryn Diaz sold 900 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total transaction of $69,354.00. Following the completion of the transaction, the executive vice president now owns 8,312 shares of the company’s stock, valued at $640,522.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.27% of the company’s stock.
Cognizant Technology Solutions Stock Performance
Shares of Cognizant Technology Solutions stock opened at $71.13 on Friday. The stock has a market cap of $35.41 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 1.63 and a beta of 1.06. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 0.05. Cognizant Technology Solutions Co. has a twelve month low of $58.09 and a twelve month high of $80.09. The company’s fifty day moving average is $76.19 and its 200 day moving average is $72.50.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last issued its quarterly earnings results on Tuesday, February 6th. The information technology service provider reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.14. Cognizant Technology Solutions had a return on equity of 17.83% and a net margin of 10.98%. The company had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter in the prior year, the firm posted $1.01 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts forecast that Cognizant Technology Solutions Co. will post 4.61 EPS for the current year.
Cognizant Technology Solutions Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th were issued a dividend of $0.30 per share. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. The ex-dividend date was Friday, February 16th. This represents a $1.20 annualized dividend and a yield of 1.69%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.57%.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on CTSH. Jefferies Financial Group raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and upped their price target for the stock from $70.00 to $85.00 in a report on Thursday, January 11th. Barclays raised their target price on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, January 23rd. Susquehanna reissued a “neutral” rating and set a $80.00 price target (down previously from $87.00) on shares of Cognizant Technology Solutions in a report on Monday, April 1st. Citigroup raised their price objective on Cognizant Technology Solutions from $76.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. Finally, BMO Capital Markets dropped their target price on shares of Cognizant Technology Solutions from $88.00 to $85.00 and set a “market perform” rating for the company in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $75.65.
Read Our Latest Stock Report on CTSH
Cognizant Technology Solutions Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.
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