Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in Cognizant Technology Solutions Corp (NASDAQ:CTSH)
Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,663 shares of the information technology service provider’s stock after selling 10,437 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Cognizant Technology Solutions were worth $6,165,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Moser Wealth Advisors LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter worth about $31,000. Penserra Capital Management LLC increased its position in Cognizant Technology Solutions by 40.0% in the fourth quarter. Penserra Capital Management LLC now owns 588 shares of the information technology service provider’s stock worth $36,000 after buying an additional 168 shares in the last quarter. S.A. Mason LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter worth about $48,000. Brooktree Capital Management purchased a new stake in Cognizant Technology Solutions in the fourth quarter worth about $50,000. Finally, Procyon Private Wealth Partners LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter worth about $52,000. Institutional investors and hedge funds own 89.93% of the company’s stock.
A number of brokerages have commented on CTSH. JPMorgan Chase & Co. upped their price target on Cognizant Technology Solutions from $59.00 to $62.00 and gave the stock an “underweight” rating in a research report on Friday, May 8th. Deutsche Bank dropped their price objective on Cognizant Technology Solutions from $63.00 to $60.00 and set a “hold” rating for the company in a research note on Friday, May 8th. Robert W. Baird upped their price objective on Cognizant Technology Solutions from $50.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Needham & Company LLC reaffirmed a “sell” rating on shares of Cognizant Technology Solutions in a research note on Thursday, April 9th. Finally, UBS Group dropped their price objective on Cognizant Technology Solutions from $57.00 to $37.00 and set a “sell” rating for the company in a research note on Tuesday, April 7th. Seven analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $62.50.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Thursday, May 7th. The information technology service provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.03. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.22 billion. Cognizant Technology Solutions had a return on equity of 20.90% and a net margin of 10.46%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. As a group, equities research analysts forecast that Cognizant Technology Solutions Corp will post 3.59 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 20th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Tuesday, May 19th. Cognizant Technology Solutions’s payout ratio is 22.06%.
Cognizant Technology Solutions announced that its board has initiated a stock repurchase plan on Wednesday, February 5th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to purchase up to 5.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
Cognizant Technology Solutions Company Profile
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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