Empowered Funds LLC cut its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 54.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,935 shares of the information technology service provider’s stock after selling 93,187 shares during the period. Empowered Funds LLC’s holdings in Cognizant Technology Solutions were worth $5,916,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Brookstone Capital Management increased its holdings in Cognizant Technology Solutions by 26.3% during the 3rd quarter. Brookstone Capital Management now owns 4,576 shares of the information technology service provider’s stock worth $353,000 after purchasing an additional 952 shares during the period. Exchange Traded Concepts LLC bought a new position in shares of Cognizant Technology Solutions during the 3rd quarter worth $161,000. CX Institutional raised its holdings in shares of Cognizant Technology Solutions by 5.3% in the third quarter. CX Institutional now owns 4,066 shares of the information technology service provider’s stock valued at $314,000 after acquiring an additional 205 shares in the last quarter. Creative Planning lifted its stake in Cognizant Technology Solutions by 8.6% in the third quarter. Creative Planning now owns 44,423 shares of the information technology service provider’s stock worth $3,429,000 after acquiring an additional 3,518 shares during the period. Finally, Birch Capital Management LLC increased its position in Cognizant Technology Solutions by 20.2% during the 3rd quarter. Birch Capital Management LLC now owns 34,859 shares of the information technology service provider’s stock valued at $2,690,000 after purchasing an additional 5,859 shares during the period. Institutional investors own 92.44% of the company’s stock.
Cognizant Technology Solutions Stock Performance
CTSH opened at $87.87 on Wednesday. The firm has a 50 day moving average of $79.67 and a two-hundred day moving average of $77.75. The firm has a market capitalization of $43.57 billion, a PE ratio of 19.48, a P/E/G ratio of 2.32 and a beta of 1.07. The company has a current ratio of 2.09, a quick ratio of 2.23 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $88.06.
Cognizant Technology Solutions Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th will be paid a dividend of $0.31 per share. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.41%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.61%.
Insider Activity
In related news, CAO John Sunshin Kim sold 5,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $80.11, for a total transaction of $400,550.00. Following the sale, the chief accounting officer now owns 39,022 shares in the company, valued at approximately $3,126,052.42. This trade represents a 11.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company’s stock.
Analysts Set New Price Targets
CTSH has been the topic of a number of recent research reports. TD Cowen increased their price objective on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a research note on Thursday, October 31st. Royal Bank of Canada lifted their price target on Cognizant Technology Solutions from $82.00 to $93.00 and gave the company a “sector perform” rating in a report on Thursday, February 6th. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, February 6th. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, UBS Group increased their price target on shares of Cognizant Technology Solutions from $83.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Sixteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $83.67.
Check Out Our Latest Stock Report on Cognizant Technology Solutions
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.
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