Davis R M Inc. Reduces Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Davis R M Inc. trimmed its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 42.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,774 shares of the information technology service provider’s stock after selling 23,348 shares during the quarter. Davis R M Inc.’s holdings in Cognizant Technology Solutions were worth $2,400,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CTSH. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $26,000. NBC Securities Inc. bought a new stake in shares of Cognizant Technology Solutions in the third quarter valued at approximately $27,000. Spire Wealth Management raised its position in shares of 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 during the period. Valley National Advisers Inc. raised its position in shares of Cognizant Technology Solutions by 43.2% in the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after purchasing an additional 178 shares during the period. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $52,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Up 0.7 %

NASDAQ:CTSH traded up $0.45 on Wednesday, reaching $69.24. 848,634 shares of the stock traded hands, compared to its average volume of 4,229,098. The company has a market capitalization of $34.43 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.58 and a beta of 1.08. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a 12 month low of $61.12 and a 12 month high of $80.09. The company’s fifty day simple moving average is $69.93 and its 200 day simple moving average is $72.84.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.01. The firm had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.11 EPS. Equities analysts predict that Cognizant Technology Solutions Co. will post 4.6 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Monday, May 20th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Friday, May 17th. Cognizant Technology Solutions’s payout ratio is presently 28.85%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CTSH. Guggenheim began coverage on shares of Cognizant Technology Solutions in a report on Tuesday, March 19th. They set a “neutral” rating and a $80.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 2nd. Mizuho started coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, January 30th. They issued a “neutral” rating and a $82.00 price target for the company. BMO Capital Markets cut their price target on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating for the company in a research note on Tuesday, April 30th. Finally, Susquehanna cut their price target on shares of Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of “Hold” and a consensus price target of $75.67.

Insider Activity

In related news, EVP Kathryn Diaz sold 900 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the transaction, the executive vice president now owns 8,312 shares of the company’s stock, valued at $640,522.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.26% of the company’s stock.

Cognizant Technology Solutions Company Profile

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.