Robeco Institutional Asset Management B.V. lowered its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 12.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 378,640 shares of the information technology service provider’s stock after selling 52,490 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Cognizant Technology Solutions were worth $29,908,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of CTSH. BlackRock Inc. increased its position in Cognizant Technology Solutions by 10.9% during the 1st quarter. BlackRock Inc. now owns 40,069,496 shares of the information technology service provider’s stock worth $3,225,593,000 after purchasing an additional 3,948,014 shares in the last quarter. Hexavest Inc. acquired a new stake in Cognizant Technology Solutions during the 2nd quarter worth approximately $50,206,000. Edgewood Management LLC increased its position in Cognizant Technology Solutions by 3.5% during the 1st quarter. Edgewood Management LLC now owns 17,723,514 shares of the information technology service provider’s stock worth $1,426,743,000 after purchasing an additional 596,707 shares in the last quarter. Genesis Asset Managers LLP increased its position in Cognizant Technology Solutions by 25.2% during the 2nd quarter. Genesis Asset Managers LLP now owns 2,903,755 shares of the information technology service provider’s stock worth $229,368,000 after purchasing an additional 584,909 shares in the last quarter. Finally, KBC Group NV increased its position in Cognizant Technology Solutions by 134.5% during the 1st quarter. KBC Group NV now owns 813,904 shares of the information technology service provider’s stock worth $65,519,000 after purchasing an additional 466,895 shares in the last quarter. 87.70% of the stock is owned by hedge funds and other institutional investors.
CTSH has been the subject of a number of analyst reports. KeyCorp decreased their price target on Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a report on Friday, August 3rd. Cowen restated a “buy” rating and issued a $87.00 price target on shares of Cognizant Technology Solutions in a report on Friday, August 3rd. BMO Capital Markets restated a “buy” rating and issued a $85.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, August 2nd. BidaskClub cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, July 27th. Finally, Wolfe Research initiated coverage on Cognizant Technology Solutions in a report on Tuesday, July 17th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $86.41.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Thursday, August 2nd. The information technology service provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.09. The company had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Cognizant Technology Solutions had a return on equity of 21.66% and a net margin of 9.37%. The business’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 EPS. analysts forecast that Cognizant Technology Solutions Corp will post 4.18 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 31st. Stockholders of record on Wednesday, August 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Tuesday, August 21st. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 22.66%.
In other news, CFO Karen Mcloughlin sold 4,983 shares of the stock in a transaction that occurred on Thursday, July 12th. The stock was sold at an average price of $82.04, for a total transaction of $408,805.32. Following the completion of the transaction, the chief financial officer now directly owns 43,887 shares in the company, valued at approximately $3,600,489.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Sumithra Gomatam sold 1,597 shares of the stock in a transaction that occurred on Monday, June 4th. The shares were sold at an average price of $77.02, for a total value of $123,000.94. Following the transaction, the insider now owns 6,312 shares of the company’s stock, valued at $486,150.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,381 shares of company stock valued at $4,110,946. Company insiders own 0.60% of the company’s stock.
Cognizant Technology Solutions Corp is a computer and technology company in the IT Consulting & Other Services industry.
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