Korea Investment CORP lowered its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 5.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 206,938 shares of the information technology service provider’s stock after selling 12,015 shares during the period. Korea Investment CORP’s holdings in Cognizant Technology Solutions were worth $15,965,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Green Square Capital LLC grew its stake in Cognizant Technology Solutions by 5.3% during the second quarter. Green Square Capital LLC now owns 13,430 shares of the information technology service provider’s stock worth $1,061,000 after purchasing an additional 674 shares during the period. GW Henssler & Associates Ltd. grew its stake in Cognizant Technology Solutions by 0.4% in the second quarter. GW Henssler & Associates Ltd. now owns 185,120 shares of the information technology service provider’s stock valued at $14,623,000 after acquiring an additional 679 shares during the period. Whittier Trust Co. grew its stake in Cognizant Technology Solutions by 20.8% in the third quarter. Whittier Trust Co. now owns 4,066 shares of the information technology service provider’s stock valued at $313,000 after acquiring an additional 700 shares during the period. Twin Capital Management Inc. grew its stake in Cognizant Technology Solutions by 0.7% in the second quarter. Twin Capital Management Inc. now owns 104,050 shares of the information technology service provider’s stock valued at $8,219,000 after acquiring an additional 710 shares during the period. Finally, IFG Advisory LLC grew its stake in Cognizant Technology Solutions by 4.7% in the third quarter. IFG Advisory LLC now owns 16,235 shares of the information technology service provider’s stock valued at $1,252,000 after acquiring an additional 730 shares during the period. 88.12% of the stock is owned by institutional investors and hedge funds.
CTSH has been the subject of a number of research reports. Morgan Stanley reduced their price objective on Cognizant Technology Solutions from $87.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, October 31st. Moffett Nathanson initiated coverage on Cognizant Technology Solutions in a research note on Thursday, October 4th. They issued a “neutral” rating and a $85.00 price objective for the company. Cowen reissued a “buy” rating and issued a $87.00 price objective on shares of Cognizant Technology Solutions in a research note on Friday, August 3rd. BMO Capital Markets reissued a “buy” rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a research note on Tuesday, October 30th. Finally, Bank of America cut Cognizant Technology Solutions from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $91.00 to $81.00 in a research note on Tuesday, September 4th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $82.71.
In related news, SVP Robert Telesmanic sold 834 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, October 2nd. The stock was sold at an average price of $77.15, for a total transaction of $64,343.10. Following the sale, the senior vice president now directly owns 18,823 shares in the company, valued at $1,452,194.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gajakarnan Vibushanan Kandiah sold 665 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $77.60, for a total value of $51,604.00. Following the sale, the insider now owns 14,683 shares in the company, valued at $1,139,400.80. The disclosure for this sale can be found here. Insiders have sold 12,773 shares of company stock worth $929,282 over the last quarter. 0.60% of the stock is currently owned by corporate insiders.
CTSH stock opened at $70.30 on Friday. Cognizant Technology Solutions Corp has a twelve month low of $65.14 and a twelve month high of $85.10. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.24 and a current ratio of 3.24. The company has a market capitalization of $40.97 billion, a PE ratio of 19.92, a P/E/G ratio of 1.45 and a beta of 0.96.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Tuesday, October 30th. The information technology service provider reported $1.19 EPS for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.06. The business had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.08 billion. Cognizant Technology Solutions had a return on equity of 22.54% and a net margin of 9.07%. Cognizant Technology Solutions’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. Equities research analysts anticipate that Cognizant Technology Solutions Corp will post 4.18 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Tuesday, November 20th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, November 19th. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 22.66%.
COPYRIGHT VIOLATION WARNING: “Korea Investment CORP Sells 12,015 Shares of Cognizant Technology Solutions Corp (CTSH)” was first reported by American Banking News and is owned by of American Banking News. If you are reading this piece on another website, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this piece can be read at https://www.americanbankingnews.com/2018/11/30/korea-investment-corp-sells-12015-shares-of-cognizant-technology-solutions-corp-ctsh.html.
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 business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.
Further Reading: NASDAQ Stock Market Explained
Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.