PNC Financial Services Group Inc. boosted its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 5.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 208,113 shares of the information technology service provider’s stock after purchasing an additional 10,520 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cognizant Technology Solutions Corporation were worth $13,820,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Cornerstone Advisors Inc. boosted its position in Cognizant Technology Solutions Corporation by 0.3% during the second quarter. Cornerstone Advisors Inc. now owns 3,633 shares of the information technology service provider’s stock worth $241,000 after purchasing an additional 11 shares during the period. Guardian Life Insurance Co. of America boosted its position in Cognizant Technology Solutions Corporation by 1.2% during the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock worth $140,000 after purchasing an additional 27 shares during the period. First Capital Advisors Group LLC. boosted its position in Cognizant Technology Solutions Corporation by 0.9% during the second quarter. First Capital Advisors Group LLC. now owns 3,676 shares of the information technology service provider’s stock worth $244,000 after purchasing an additional 32 shares during the period. Comerica Securities Inc. boosted its position in Cognizant Technology Solutions Corporation by 0.4% during the second quarter. Comerica Securities Inc. now owns 7,810 shares of the information technology service provider’s stock worth $519,000 after purchasing an additional 32 shares during the period. Finally, CENTRAL TRUST Co boosted its position in Cognizant Technology Solutions Corporation by 0.5% during the second quarter. CENTRAL TRUST Co now owns 6,403 shares of the information technology service provider’s stock worth $425,000 after purchasing an additional 35 shares during the period. 87.59% of the stock is owned by hedge funds and other institutional investors.

In related news, President Rajeev Mehta sold 34,437 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $72.54, for a total transaction of $2,498,059.98. Following the transaction, the president now directly owns 170,063 shares of the company’s stock, valued at approximately $12,336,370.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Srinivasan Veeraraghavachary sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $71.00, for a total value of $177,500.00. Following the transaction, the chief operating officer now directly owns 27,165 shares in the company, valued at $1,928,715. The disclosure for this sale can be found here. Over the last three months, insiders have sold 275,756 shares of company stock worth $19,685,771. 1.08% of the stock is currently owned by insiders.

Cognizant Technology Solutions Corporation (CTSH) opened at 72.46 on Thursday. The firm’s 50-day moving average price is $70.75 and its 200 day moving average price is $65.41. The firm has a market cap of $42.80 billion, a P/E ratio of 23.25 and a beta of 1.14. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $73.00.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its quarterly earnings data on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.11. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.65 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. Cognizant Technology Solutions Corporation’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.87 EPS. Equities analysts forecast that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 22nd were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, August 18th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.83%. Cognizant Technology Solutions Corporation’s dividend payout ratio is 19.17%.

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A number of research firms have commented on CTSH. Vetr raised shares of Cognizant Technology Solutions Corporation from a “sell” rating to a “buy” rating and set a $76.85 price objective for the company in a research report on Tuesday. Bank of America Corporation reaffirmed a “buy” rating and set a $86.00 price objective on shares of Cognizant Technology Solutions Corporation in a research report on Tuesday, September 12th. Wedbush reaffirmed an “outperform” rating on shares of Cognizant Technology Solutions Corporation in a research report on Monday. KeyCorp reaffirmed a “buy” rating and set a $79.00 price objective on shares of Cognizant Technology Solutions Corporation in a research report on Friday, September 8th. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $80.00 price objective on shares of Cognizant Technology Solutions Corporation in a research report on Sunday, September 10th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $72.51.

About Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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