Kovitz Investment Group Partners LLC Lowers Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Kovitz Investment Group Partners LLC cut its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 29.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,056 shares of the information technology service provider’s stock after selling 10,545 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Cognizant Technology Solutions were worth $1,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Addison Advisors LLC grew its stake in Cognizant Technology Solutions by 127.7% during the third quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock valued at $26,000 after acquiring an additional 189 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Cognizant Technology Solutions in the 2nd quarter worth about $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Cognizant Technology Solutions in the third quarter worth approximately $30,000. Pinnacle Bancorp Inc. lifted its position in shares of Cognizant Technology Solutions by 47.4% during the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock worth $35,000 after purchasing an additional 146 shares during the last quarter. Finally, Eastern Bank bought a new stake in Cognizant Technology Solutions during the 3rd quarter valued at about $37,000. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Trading Down 0.6 %

Shares of Cognizant Technology Solutions stock opened at $80.64 on Tuesday. The firm’s 50 day simple moving average is $77.95 and its two-hundred day simple moving average is $74.26. The firm has a market capitalization of $39.98 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 2.24 and a beta of 1.06. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $82.41. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.10. The firm had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The firm’s revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.16 EPS. Analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date was Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 26.55%.

Insider Activity at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CAO John Sunshin Kim sold 5,000 shares of Cognizant Technology Solutions stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 39,022 shares in the company, valued at approximately $3,126,052.42. The trade was a 11.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.26% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 target price for the company. Robert W. Baird lifted their price objective on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lifted their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $79.47.

About Cognizant Technology Solutions

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.