Cohen Lawrence B Reduces Stock Position in Cognizant Technology Solutions Corp (NASDAQ:CTSH)

Cohen Lawrence B reduced its position in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 10.3% in the third quarter, HoldingsChannel.com reports. The firm owned 45,684 shares of the information technology service provider’s stock after selling 5,224 shares during the period. Cognizant Technology Solutions comprises 1.8% of Cohen Lawrence B’s investment portfolio, making the stock its 24th largest position. Cohen Lawrence B’s holdings in Cognizant Technology Solutions were worth $2,753,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CTSH. Citizens Financial Group Inc RI lifted its holdings in Cognizant Technology Solutions by 35.3% in the second quarter. Citizens Financial Group Inc RI now owns 716 shares of the information technology service provider’s stock worth $46,000 after buying an additional 187 shares during the period. NEXT Financial Group Inc increased its stake in shares of Cognizant Technology Solutions by 18.9% during the second quarter. NEXT Financial Group Inc now owns 1,184 shares of the information technology service provider’s stock valued at $75,000 after purchasing an additional 188 shares in the last quarter. Anchor Capital Advisors LLC increased its stake in shares of Cognizant Technology Solutions by 1.6% during the second quarter. Anchor Capital Advisors LLC now owns 12,215 shares of the information technology service provider’s stock valued at $774,000 after purchasing an additional 190 shares in the last quarter. Bank Hapoalim BM increased its stake in shares of Cognizant Technology Solutions by 5.4% during the second quarter. Bank Hapoalim BM now owns 3,715 shares of the information technology service provider’s stock valued at $235,000 after purchasing an additional 190 shares in the last quarter. Finally, Holderness Investments Co. increased its stake in shares of Cognizant Technology Solutions by 3.8% during the second quarter. Holderness Investments Co. now owns 5,484 shares of the information technology service provider’s stock valued at $348,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 91.23% of the company’s stock.

In related news, EVP Allen Shaheen sold 1,091 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $62.14, for a total value of $67,794.74. Following the sale, the executive vice president now owns 2,010 shares in the company, valued at $124,901.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Matthew W. Friedrich sold 452 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $64.29, for a total transaction of $29,059.08. The disclosure for this sale can be found here. Insiders have sold 18,823 shares of company stock valued at $1,169,337 in the last three months. 0.56% of the stock is owned by insiders.

Shares of CTSH opened at $62.26 on Thursday. The company has a market capitalization of $34.28 billion, a P/E ratio of 15.49, a price-to-earnings-growth ratio of 1.42 and a beta of 1.05. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $60.70 and a 200 day moving average of $62.81. Cognizant Technology Solutions Corp has a twelve month low of $56.73 and a twelve month high of $74.85.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.03. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.21 billion. Cognizant Technology Solutions had a net margin of 12.60% and a return on equity of 20.23%. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.05 earnings per share. On average, sell-side analysts expect that Cognizant Technology Solutions Corp will post 3.97 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Monday, November 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 19.90%.

A number of brokerages have weighed in on CTSH. Citigroup decreased their target price on shares of Cognizant Technology Solutions from $76.00 to $69.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Robert W. Baird set a $76.00 target price on shares of Cognizant Technology Solutions and gave the company a “buy” rating in a research note on Friday, September 6th. UBS Group downgraded shares of Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and decreased their target price for the company from $62.00 to $60.00 in a research note on Friday, August 2nd. Barclays decreased their target price on shares of Cognizant Technology Solutions from $64.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday. Finally, TheStreet raised shares of Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a research note on Tuesday, July 23rd. Six investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $71.48.

About Cognizant Technology Solutions

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

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