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:CTSHFree Report) 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:CTSHGet Free Report) 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.

Read Our Latest Report on Cognizant Technology Solutions

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

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Co. (NASDAQ:CTSHFree Report).

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

Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.