Piedmont Investment Advisors Inc. grew its position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 33.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,360 shares of the information technology service provider’s stock after buying an additional 18,794 shares during the quarter. Piedmont Investment Advisors Inc.’s holdings in Cognizant Technology Solutions were worth $5,737,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of CTSH. Kaizen Advisory LLC raised its position in shares of Cognizant Technology Solutions by 149.4% in the 2nd quarter. Kaizen Advisory LLC now owns 1,429 shares of the information technology service provider’s stock valued at $113,000 after buying an additional 856 shares in the last quarter. Willingdon Wealth Management acquired a new position in shares of Cognizant Technology Solutions in the 3rd quarter valued at approximately $120,000. Fort L.P. acquired a new position in shares of Cognizant Technology Solutions in the 2nd quarter valued at approximately $123,000. Stratos Wealth Partners LTD. acquired a new position in shares of Cognizant Technology Solutions in the 3rd quarter valued at approximately $146,000. Finally, San Francisco Sentry Investment Group CA raised its position in shares of Cognizant Technology Solutions by 170.0% in the 2nd quarter. San Francisco Sentry Investment Group CA now owns 1,909 shares of the information technology service provider’s stock valued at $151,000 after buying an additional 1,202 shares in the last quarter. Institutional investors own 87.75% of the company’s stock.
In other Cognizant Technology Solutions news, SVP Robert Telesmanic sold 834 shares of the business’s stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $77.15, for a total transaction of $64,343.10. Following the sale, the senior vice president now directly owns 18,823 shares of the company’s stock, valued at approximately $1,452,194.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Malcolm Frank sold 859 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $75.20, for a total transaction of $64,596.80. Following the sale, the vice president now directly owns 19,761 shares in the company, valued at $1,486,027.20. The disclosure for this sale can be found here. Insiders have sold a total of 8,063 shares of company stock worth $611,427 over the last three months. Insiders own 0.60% of the company’s stock.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Tuesday, October 30th. The information technology service provider reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.06. The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $4.08 billion. Cognizant Technology Solutions had a net margin of 9.07% and a return on equity of 22.54%. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 EPS. On average, equities research analysts anticipate that Cognizant Technology Solutions Corp will post 4.17 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Tuesday, November 20th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date is Monday, November 19th. Cognizant Technology Solutions’s payout ratio is 22.66%.
Several equities analysts have recently commented on the stock. BidaskClub cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Friday, July 27th. Bank of America cut shares of Cognizant Technology Solutions from a “buy” rating to an “underperform” rating and dropped their target price for the company from $91.00 to $81.00 in a research report on Tuesday, September 4th. HSBC upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, September 18th. KeyCorp dropped their target price on shares of Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a research report on Friday, August 3rd. Finally, Cowen reiterated a “buy” rating and set a $87.00 price objective on shares of Cognizant Technology Solutions in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $84.42.
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About Cognizant Technology Solutions
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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