Dearborn Partners LLC Sells 17,523 Shares of Cognizant Technology Solutions Corporation (CTSH)
Dearborn Partners LLC cut its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 56.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,671 shares of the information technology service provider’s stock after selling 17,523 shares during the quarter. Dearborn Partners LLC’s holdings in Cognizant Technology Solutions were worth $992,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Sompo Japan Nipponkoa Asset Management CO. LTD. acquired a new stake in shares of Cognizant Technology Solutions in the 3rd quarter worth $5,487,000. Mackenzie Financial Corp grew its holdings in shares of Cognizant Technology Solutions by 2.1% during the 3rd quarter. Mackenzie Financial Corp now owns 141,699 shares of the information technology service provider’s stock worth $10,279,000 after purchasing an additional 2,861 shares during the period. Pinebridge Investments L.P. grew its holdings in shares of Cognizant Technology Solutions by 930.1% during the 3rd quarter. Pinebridge Investments L.P. now owns 20,941 shares of the information technology service provider’s stock worth $1,519,000 after purchasing an additional 18,908 shares during the period. HCR Wealth Advisors grew its holdings in shares of Cognizant Technology Solutions by 44.9% during the 3rd quarter. HCR Wealth Advisors now owns 15,090 shares of the information technology service provider’s stock worth $1,095,000 after purchasing an additional 4,675 shares during the period. Finally, OxFORD Asset Management LLP purchased a new position in shares of Cognizant Technology Solutions during the 3rd quarter worth $6,640,000. 87.06% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Allen Shaheen sold 2,358 shares of Cognizant Technology Solutions stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $70.20, for a total value of $165,531.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP James Patrick Lennox sold 1,725 shares of Cognizant Technology Solutions stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $71.57, for a total value of $123,458.25. Following the completion of the sale, the executive vice president now owns 8,407 shares in the company, valued at $601,688.99. The disclosure for this sale can be found here. Insiders sold a total of 644,918 shares of company stock worth $46,568,899 over the last quarter. Company insiders own 1.08% of the company’s stock.
A number of research firms have recently weighed in on CTSH. Vetr upgraded Cognizant Technology Solutions from a “sell” rating to a “buy” rating and set a $76.85 price target for the company in a report on Tuesday, September 19th. Zacks Investment Research cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Thursday, August 10th. Needham & Company LLC reiterated a “buy” rating and set a $78.00 price target (up from $72.00) on shares of Cognizant Technology Solutions in a report on Wednesday, August 9th. Berenberg Bank upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating and increased their price target for the stock from $65.00 to $85.00 in a report on Tuesday, August 8th. Finally, Wedbush reiterated an “outperform” rating on shares of Cognizant Technology Solutions in a report on Monday, September 18th. Five analysts have rated the stock with a hold rating, twenty have given a buy rating and three have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $81.91.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) opened at $71.36 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.29 and a quick ratio of 3.29. The stock has a market capitalization of $42,077.07, a PE ratio of 21.30, a PEG ratio of 1.61 and a beta of 1.07. Cognizant Technology Solutions Corporation has a 52 week low of $51.52 and a 52 week high of $76.51.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, November 1st. The information technology service provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.13. Cognizant Technology Solutions had a return on equity of 18.94% and a net margin of 13.42%. The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter last year, the business posted $0.86 EPS. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. sell-side analysts expect that Cognizant Technology Solutions Corporation will post 3.35 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Monday, November 20th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.84%. The ex-dividend date was Friday, November 17th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 18.52%.
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Cognizant Technology Solutions Profile
Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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