Bank of America Corp DE increased its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) by 4.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,579,409 shares of the information technology service provider’s stock after purchasing an additional 138,140 shares during the quarter. Bank of America Corp DE owned about 0.69% of Cognizant Technology Solutions worth $320,964,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CTSH. Cornerstone Advisory LLC bought a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $27,000. Hardy Reed LLC bought a new position in Cognizant Technology Solutions in the first quarter valued at approximately $27,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Cognizant Technology Solutions by 1,433.3% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 460 shares of the information technology service provider’s stock valued at $41,000 after acquiring an additional 430 shares during the last quarter. AdvisorNet Financial Inc boosted its stake in Cognizant Technology Solutions by 44.4% in the first quarter. AdvisorNet Financial Inc now owns 478 shares of the information technology service provider’s stock valued at $43,000 after acquiring an additional 147 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its stake in Cognizant Technology Solutions by 101.3% in the first quarter. Valley National Advisers Inc. now owns 481 shares of the information technology service provider’s stock valued at $43,000 after acquiring an additional 242 shares during the last quarter. 90.67% of the stock is owned by institutional investors.
Insider Activity at Cognizant Technology Solutions
In related news, Director Zein Abdalla sold 4,368 shares of the firm’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $65.44, for a total value of $285,841.92. Following the completion of the transaction, the director now directly owns 13,556 shares of the company’s stock, valued at $887,104.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.34% of the stock is owned by company insiders.
Cognizant Technology Solutions Stock Up 1.6 %
Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The information technology service provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.09 by $0.05. The firm had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.92 billion. Cognizant Technology Solutions had a return on equity of 19.36% and a net margin of 11.74%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.99 earnings per share. On average, sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.55 earnings per share for the current fiscal year.
Cognizant Technology Solutions Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 30th. Investors of record on Friday, August 19th were paid a $0.27 dividend. The ex-dividend date was Thursday, August 18th. This represents a $1.08 annualized dividend and a dividend yield of 1.71%. Cognizant Technology Solutions’s dividend payout ratio is presently 25.06%.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on CTSH shares. Morgan Stanley cut their target price on shares of Cognizant Technology Solutions from $75.00 to $65.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. Cowen lowered shares of Cognizant Technology Solutions to a “market perform” rating and cut their target price for the stock from $86.00 to $75.00 in a report on Thursday, July 28th. Robert W. Baird cut their target price on shares of Cognizant Technology Solutions from $94.00 to $84.00 in a report on Friday, July 15th. JPMorgan Chase & Co. lowered shares of Cognizant Technology Solutions from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $82.00 to $77.00 in a report on Thursday, July 28th. Finally, Cowen reiterated a “downgrade” rating on shares of Cognizant Technology Solutions in a report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Cognizant Technology Solutions has a consensus rating of “Hold” and an average target price of $83.63.
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology.
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