Reinhart Partners Inc. cut its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 3.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 456,585 shares of the information technology service provider’s stock after selling 14,118 shares during the period. Cognizant Technology Solutions comprises approximately 2.6% of Reinhart Partners Inc.’s holdings, making the stock its 9th largest holding. Reinhart Partners Inc. owned approximately 0.08% of Cognizant Technology Solutions worth $27,517,000 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 CTSH. Buckingham Capital Management Inc. grew its position in Cognizant Technology Solutions by 9.7% during the 1st quarter. Buckingham Capital Management Inc. now owns 23,902 shares of the information technology service provider’s stock worth $1,732,000 after purchasing an additional 2,121 shares during the last quarter. Boltwood Capital Management grew its position in Cognizant Technology Solutions by 13.4% during the 2nd quarter. Boltwood Capital Management now owns 19,350 shares of the information technology service provider’s stock worth $1,227,000 after purchasing an additional 2,280 shares during the last quarter. Private Trust Co. NA boosted its holdings in shares of Cognizant Technology Solutions by 1.8% in the second quarter. Private Trust Co. NA now owns 14,396 shares of the information technology service provider’s stock valued at $912,000 after acquiring an additional 257 shares in the last quarter. Fulton Bank N.A. boosted its holdings in shares of Cognizant Technology Solutions by 15.3% in the second quarter. Fulton Bank N.A. now owns 36,444 shares of the information technology service provider’s stock valued at $2,311,000 after acquiring an additional 4,832 shares in the last quarter. Finally, Swedbank boosted its holdings in shares of Cognizant Technology Solutions by 47.1% in the second quarter. Swedbank now owns 2,312,942 shares of the information technology service provider’s stock valued at $146,617,000 after acquiring an additional 740,850 shares in the last quarter. Institutional investors and hedge funds own 91.23% of the company’s stock.
Shares of NASDAQ:CTSH traded down $0.17 during trading on Friday, reaching $62.86. The stock had a trading volume of 1,858,000 shares, compared to its average volume of 4,136,774. The stock has a market cap of $34.28 billion, a P/E ratio of 15.64, a PEG ratio of 1.42 and a beta of 1.05. The business has a fifty day moving average price of $60.68 and a 200-day moving average price of $62.73. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.13. Cognizant Technology Solutions Corp has a fifty-two week low of $56.73 and a fifty-two week high of $74.85.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.03. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.21 billion. Cognizant Technology Solutions had a net margin of 12.60% and a return on equity of 20.23%. The firm’s revenue was up 4.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.05 EPS. As a group, equities analysts forecast that Cognizant Technology Solutions Corp will post 3.97 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Monday, November 18th. Cognizant Technology Solutions’s payout ratio is 19.90%.
Several analysts have recently weighed in on the stock. Citigroup lowered their target price on shares of Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating on the stock in a report on Monday, October 14th. BidaskClub downgraded shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Zacks Investment Research downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $66.00 target price on the stock. in a report on Thursday, September 5th. ValuEngine raised shares of Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Robert W. Baird set a $76.00 target price on shares of Cognizant Technology Solutions and gave the company a “buy” rating in a report on Friday, September 6th. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $71.48.
In other Cognizant Technology Solutions news, EVP Allen Shaheen sold 1,091 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $62.14, for a total value of $67,794.74. Following the completion of the transaction, the executive vice president now directly owns 2,010 shares in the company, valued at $124,901.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John E. Klein sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $61.13, for a total transaction of $611,300.00. Following the completion of the transaction, the director now owns 459,987 shares of the company’s stock, valued at $28,119,005.31. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,823 shares of company stock valued at $1,169,337. Corporate insiders own 0.56% of the company’s stock.
About Cognizant Technology Solutions
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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