Cognizant Technology Solutions Corp (CTSH) Shares Bought by Dalton Investments LLC
Dalton Investments LLC raised its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 22.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 374,485 shares of the information technology service provider’s stock after purchasing an additional 69,678 shares during the period. Cognizant Technology Solutions comprises about 11.8% of Dalton Investments LLC’s portfolio, making the stock its 3rd largest holding. Dalton Investments LLC’s holdings in Cognizant Technology Solutions were worth $27,131,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $366,248,000. Signition LP acquired a new stake in Cognizant Technology Solutions in the first quarter worth about $593,000. Naples Global Advisors LLC lifted its holdings in Cognizant Technology Solutions by 14.7% in the fourth quarter. Naples Global Advisors LLC now owns 11,950 shares of the information technology service provider’s stock worth $774,000 after purchasing an additional 1,535 shares during the period. U S Global Investors Inc. acquired a new stake in Cognizant Technology Solutions in the fourth quarter worth about $474,000. Finally, Exane Derivatives lifted its holdings in Cognizant Technology Solutions by 16,331.5% in the first quarter. Exane Derivatives now owns 29,248 shares of the information technology service provider’s stock worth $2,118,000 after purchasing an additional 29,070 shares during the period. Hedge funds and other institutional investors own 89.10% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Daiwa Capital Markets downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Zacks Investment Research downgraded shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Thursday, March 14th. Oppenheimer downgraded shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a report on Friday, May 3rd. Nomura downgraded shares of Cognizant Technology Solutions to a “hold” rating in a report on Friday, May 3rd. Finally, BidaskClub downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Saturday, February 23rd. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $75.55.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Thursday, May 2nd. The information technology service provider reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.12). Cognizant Technology Solutions had a return on equity of 21.50% and a net margin of 12.39%. The firm had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.16 billion. During the same quarter in the prior year, the company posted $0.94 EPS. The company’s quarterly revenue was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that Cognizant Technology Solutions Corp will post 3.91 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Wednesday, May 22nd were issued a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $0.80 dividend on an annualized basis and a yield of 1.29%. Cognizant Technology Solutions’s dividend payout ratio is currently 19.90%.
In other Cognizant Technology Solutions news, COO Srinivasan Veeraraghavachary sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $74.00, for a total transaction of $148,000.00. Following the completion of the sale, the chief operating officer now owns 38,992 shares of the company’s stock, valued at $2,885,408. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Robert Telesmanic sold 868 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $73.73, for a total value of $63,997.64. The disclosure for this sale can be found here. Insiders sold 43,425 shares of company stock worth $3,086,845 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.
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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