Cognizant Technology Solutions Corp (NASDAQ:CTSH) declared a quarterly dividend on Wednesday, July 31st, RTT News reports. Stockholders of record on Thursday, August 22nd will be paid a dividend of 0.20 per share by the information technology service provider on Friday, August 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Wednesday, August 21st.
Cognizant Technology Solutions has a payout ratio of 19.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cognizant Technology Solutions to earn $4.29 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 18.6%.
Shares of CTSH stock opened at $61.22 on Monday. The company has a market capitalization of $33.46 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.51 and a beta of 1.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.55 and a current ratio of 2.55. The company has a 50-day simple moving average of $64.26 and a 200 day simple moving average of $67.23. Cognizant Technology Solutions has a 52 week low of $56.73 and a 52 week high of $78.59.
In other news, CEO Brian Humphries bought 19,000 shares of the stock in a transaction dated Thursday, May 23rd. The stock was bought at an average price of $61.09 per share, for a total transaction of $1,160,710.00. Following the completion of the acquisition, the chief executive officer now directly owns 19,000 shares in the company, valued at approximately $1,160,710. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Robert Telesmanic sold 2,484 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $65.00, for a total transaction of $161,460.00. Following the completion of the sale, the senior vice president now owns 7,337 shares of the company’s stock, valued at approximately $476,905. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,777 shares of company stock worth $2,760,286. Corporate insiders own 0.56% of the company’s stock.
Several brokerages have recently commented on CTSH. Goldman Sachs Group cut shares of Cognizant Technology Solutions from a “buy” rating to a “neutral” rating and dropped their target price for the company from $84.00 to $64.00 in a research report on Friday, May 3rd. Nomura cut shares of Cognizant Technology Solutions to a “hold” rating in a research report on Friday, May 3rd. Oppenheimer cut shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a research report on Friday, May 3rd. TheStreet upgraded shares of Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a research report on Tuesday, July 23rd. Finally, Morgan Stanley set a $64.00 target price on shares of Cognizant Technology Solutions and gave the company a “sell” rating in a research report on Friday, May 3rd. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company. Cognizant Technology Solutions currently has a consensus rating of “Hold” and an average price target of $74.48.
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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