McKinley Carter Wealth Services Inc. decreased its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 1.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,604 shares of the information technology service provider’s stock after selling 721 shares during the quarter. McKinley Carter Wealth Services Inc.’s holdings in Cognizant Technology Solutions were worth $2,701,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of CTSH. Field & Main Bank grew its stake in shares of Cognizant Technology Solutions by 350.0% in the second quarter. Field & Main Bank now owns 450 shares of the information technology service provider’s stock worth $29,000 after purchasing an additional 350 shares during the last quarter. Resources Investment Advisors Inc. boosted its position in Cognizant Technology Solutions by 125.6% during the first quarter. Resources Investment Advisors Inc. now owns 503 shares of the information technology service provider’s stock valued at $36,000 after acquiring an additional 280 shares during the last quarter. Penserra Capital Management LLC bought a new stake in Cognizant Technology Solutions during the first quarter valued at $37,000. Berman Capital Advisors LLC boosted its position in Cognizant Technology Solutions by 137.7% during the second quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock valued at $40,000 after acquiring an additional 369 shares during the last quarter. Finally, YorkBridge Wealth Partners LLC boosted its position in Cognizant Technology Solutions by 51.3% during the first quarter. YorkBridge Wealth Partners LLC now owns 584 shares of the information technology service provider’s stock valued at $42,000 after acquiring an additional 198 shares during the last quarter. 88.41% of the stock is currently owned by institutional investors.
Shares of NASDAQ CTSH traded up $0.64 during trading on Friday, hitting $61.22. 2,222,900 shares of the company traded hands, compared to its average volume of 3,698,055. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.55 and a current ratio of 2.55. Cognizant Technology Solutions Corp has a fifty-two week low of $56.73 and a fifty-two week high of $78.59. The firm has a market capitalization of $33.46 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 1.51 and a beta of 1.01. The business’s fifty day moving average is $64.26 and its 200 day moving average is $67.23.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 22nd will be issued a $0.20 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.31%. Cognizant Technology Solutions’s dividend payout ratio is presently 19.90%.
In related news, SVP Robert Telesmanic sold 2,484 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $65.00, for a total value of $161,460.00. Following the sale, the senior vice president now owns 7,337 shares in the company, valued at approximately $476,905. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Humphries bought 19,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average price of $61.09 per share, for a total transaction of $1,160,710.00. Following the acquisition, the chief executive officer now directly owns 19,000 shares in the company, valued at $1,160,710. The disclosure for this purchase can be found here. Insiders sold a total of 47,120 shares of company stock worth $2,960,866 in the last 90 days. 0.56% of the stock is currently owned by company insiders.
A number of analysts have commented on CTSH shares. Morgan Stanley set a $64.00 price target on shares of Cognizant Technology Solutions and gave the company a “sell” rating in a research report on Friday, May 3rd. Wells Fargo & Co set a $63.00 price target on shares of Cognizant Technology Solutions and gave the company a “hold” rating in a research report on Friday, May 3rd. Wedbush lowered shares of Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $70.00 in a report on Friday, May 3rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 price objective (down previously from $87.00) on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. Finally, CIBC reiterated a “market perform” rating on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company. Cognizant Technology Solutions currently has an average rating of “Hold” and an average price target of $74.48.
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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