BI Asset Management Fondsmaeglerselskab A S lessened its holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 19.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 107,606 shares of the information technology service provider’s stock after selling 25,301 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Cognizant Technology Solutions were worth $5,000,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Moser Wealth Advisors LLC acquired a new stake in Cognizant Technology Solutions during the fourth quarter valued at approximately $31,000. Penserra Capital Management LLC raised its stake in Cognizant Technology Solutions by 40.0% during the fourth quarter. Penserra Capital Management LLC now owns 588 shares of the information technology service provider’s stock worth $36,000 after acquiring an additional 168 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Cognizant Technology Solutions by 1,818.9% during the first quarter. Creative Financial Designs Inc. ADV now owns 1,017 shares of the information technology service provider’s stock valued at $47,000 after acquiring an additional 964 shares during the period. S.A. Mason LLC acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at $48,000. Finally, Brooktree Capital Management bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth about $50,000. Hedge funds and other institutional investors own 88.27% of the company’s stock.
A number of equities analysts have commented on the stock. Deutsche Bank reduced their price target on shares of Cognizant Technology Solutions from $63.00 to $60.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. TheStreet downgraded Cognizant Technology Solutions from a “b-” rating to a “c” rating in a report on Thursday, March 19th. Morgan Stanley decreased their price target on Cognizant Technology Solutions from $52.00 to $51.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. BidaskClub downgraded Cognizant Technology Solutions from a “sell” rating to a “strong sell” rating in a research report on Friday. Finally, Atlantic Securities began coverage on Cognizant Technology Solutions in a report on Wednesday, February 19th. They set an “underweight” rating and a $65.00 target price on the stock. Seven investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. Cognizant Technology Solutions presently has a consensus rating of “Hold” and an average target price of $62.50.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Thursday, May 7th. The information technology service provider reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.03. The business had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.22 billion. Cognizant Technology Solutions had a return on equity of 20.90% and a net margin of 10.46%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. Research analysts forecast that Cognizant Technology Solutions Corp will post 3.44 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 20th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, May 19th. This represents a $0.88 annualized dividend and a dividend yield of 1.71%. Cognizant Technology Solutions’s payout ratio is currently 22.06%.
Cognizant Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information technology service provider to purchase up to 5.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Cognizant Technology Solutions Company 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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