Ritholtz Wealth Management grew its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) by 94.6% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,033 shares of the information technology service provider's stock after buying an additional 4,391 shares during the period. Ritholtz Wealth Management's holdings in Cognizant Technology Solutions were worth $610,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Cognizant Technology Solutions by 2.6% during the first quarter. Vanguard Group Inc. now owns 42,692,149 shares of the information technology service provider's stock valued at $3,828,205,000 after buying an additional 1,068,699 shares during the last quarter. State Street Corp raised its position in shares of Cognizant Technology Solutions by 2.0% during the fourth quarter. State Street Corp now owns 23,086,842 shares of the information technology service provider's stock valued at $2,048,265,000 after buying an additional 452,967 shares during the last quarter. Invesco Ltd. raised its position in shares of Cognizant Technology Solutions by 2.3% during the first quarter. Invesco Ltd. now owns 17,470,671 shares of the information technology service provider's stock valued at $1,566,595,000 after buying an additional 398,230 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Cognizant Technology Solutions by 40.6% during the first quarter. Wellington Management Group LLP now owns 12,251,722 shares of the information technology service provider's stock valued at $1,098,612,000 after buying an additional 3,537,761 shares during the last quarter. Finally, Capital Research Global Investors raised its position in shares of Cognizant Technology Solutions by 11.5% during the first quarter. Capital Research Global Investors now owns 10,619,591 shares of the information technology service provider's stock valued at $952,259,000 after buying an additional 1,095,473 shares during the last quarter. Institutional investors and hedge funds own 90.67% of the company's stock.
Get Cognizant Technology Solutions alerts:Insider Buying and Selling at Cognizant Technology Solutions
In other Cognizant Technology Solutions news, Director Zein Abdalla sold 4,368 shares of the firm's stock in a transaction that occurred 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 transaction, the director now directly owns 13,556 shares of the company's stock, valued at $887,104.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.34% of the company's stock.
Analyst Ratings Changes
Several research firms recently issued reports on CTSH. Robert W. Baird dropped their price target on shares of Cognizant Technology Solutions from $78.00 to $76.00 and set an "outperform" rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered shares of Cognizant Technology Solutions from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $82.00 to $77.00 in a research report on Thursday, July 28th. HSBC lowered shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating and dropped their price target for the stock from $90.00 to $79.00 in a research report on Wednesday, August 17th. Barclays dropped their price target on shares of Cognizant Technology Solutions from $80.00 to $55.00 and set an "underweight" rating for the company in a research report on Tuesday, July 19th. Finally, Susquehanna Bancshares dropped their price target on shares of Cognizant Technology Solutions from $100.00 to $98.00 in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $83.13.Cognizant Technology Solutions Price Performance
CTSH opened at $58.85 on Monday. Cognizant Technology Solutions Co. has a one year low of $58.13 and a one year high of $93.47. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.23 and a quick ratio of 2.23. The company's 50 day simple moving average is $65.95 and its 200-day simple moving average is $73.61. The stock has a market capitalization of $30.47 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.18 and a beta of 1.06.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last released 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. Cognizant Technology Solutions had a net margin of 11.74% and a return on equity of 19.36%. The business had revenue of $4.91 billion for the quarter, compared to analysts' expectations of $4.92 billion. During the same period in the prior year, the firm earned $0.99 earnings per share. Cognizant Technology Solutions's revenue was up 7.0% compared to the same quarter last year. 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 30th. Shareholders 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 dividend on an annualized basis and a yield of 1.84%. Cognizant Technology Solutions's payout ratio is presently 25.06%.
Cognizant Technology Solutions Profile
(Get Rating)
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.
Read More
- Get a free copy of the StockNews.com research report on Cognizant Technology Solutions (CTSH)
- Can Caterpillar Claw Higher in a Falling Market?
- Is Dave & Buster's Immune to High Inflation and Lower Spending?
- Should These 3 Top-Performing Mid-Caps Be On Your Watchlist?
- Will Wall Street's Enthusiasm About Datadog Lead To Big Gains?
- MarketBeat: Week in Review 9/19 – 9/23
Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating).
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.