Bessemer Group Inc. trimmed its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 44.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,794 shares of the information technology service provider’s stock after selling 9,621 shares during the period. Bessemer Group Inc.’s holdings in Cognizant Technology Solutions were worth $864,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in CTSH. Turtle Creek Wealth Advisors LLC bought a new position in Cognizant Technology Solutions in the 4th quarter worth about $26,000. Spire Wealth Management raised its stake in Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 193 shares in the last quarter. Neo Ivy Capital Management bought a new stake in Cognizant Technology Solutions during the fourth quarter valued at approximately $40,000. Quarry LP purchased a new position in Cognizant Technology Solutions in the 4th quarter worth approximately $43,000. Finally, Valley National Advisers Inc. increased its holdings in shares of Cognizant Technology Solutions by 43.2% in the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock worth $44,000 after buying an additional 178 shares during the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
CTSH has been the subject of several research reports. Susquehanna cut their target price on shares of Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Mizuho reissued a “neutral” rating and set a $82.00 price objective on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Monday, June 10th. Barclays upped their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Citigroup lowered their price target on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of “Hold” and an average price target of $75.75.
Check Out Our Latest Research Report on CTSH
Cognizant Technology Solutions Price Performance
Shares of NASDAQ CTSH opened at $74.57 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.35 and a quick ratio of 2.35. Cognizant Technology Solutions Co. has a 1 year low of $62.14 and a 1 year high of $80.09. The company’s 50-day moving average is $68.71 and its 200 day moving average is $71.88. The stock has a market capitalization of $37.08 billion, a P/E ratio of 17.93, a P/E/G ratio of 2.19 and a beta of 1.05.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.01. The company had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.72 billion. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.11 earnings per share. On average, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current year.
Cognizant Technology Solutions Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, May 17th. This represents a $1.20 annualized dividend and a yield of 1.61%. Cognizant Technology Solutions’s dividend payout ratio is 28.85%.
About Cognizant Technology Solutions
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, Health Sciences, Products and Resources, and Communications, Media and Technology.
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