McKinney Capital Management LLC Acquires 33,358 Shares of Cognizant Technology Solutions Corporation $CTSH

McKinney Capital Management LLC acquired a new position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 33,358 shares of the information technology service provider’s stock, valued at approximately $1,916,000. Cognizant Technology Solutions makes up about 0.7% of McKinney Capital Management LLC’s investment portfolio, making the stock its 20th biggest position.

Several other large investors also recently made changes to their positions in the business. Diversified Trust Co acquired a new stake in shares of Cognizant Technology Solutions in the third quarter valued at $211,000. Money Concepts Capital Corp raised its holdings in shares of Cognizant Technology Solutions by 1.6% in the third quarter. Money Concepts Capital Corp now owns 72,654 shares of the information technology service provider’s stock valued at $4,173,000 after buying an additional 1,112 shares during the last quarter. Allworth Financial LP lifted its position in Cognizant Technology Solutions by 21.8% during the 3rd quarter. Allworth Financial LP now owns 9,045 shares of the information technology service provider’s stock worth $520,000 after buying an additional 1,618 shares in the last quarter. Altar Rock LLC acquired a new position in Cognizant Technology Solutions during the 3rd quarter worth about $228,000. Finally, Ritholtz Wealth Management grew its holdings in Cognizant Technology Solutions by 176.7% during the 3rd quarter. Ritholtz Wealth Management now owns 169,002 shares of the information technology service provider’s stock worth $9,707,000 after acquiring an additional 107,914 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Trading Down 1.2%

Shares of CTSH traded down $0.74 on Friday, reaching $63.01. 2,700,712 shares of the company’s stock were exchanged, compared to its average volume of 6,367,481. The business has a 50 day moving average price of $62.46 and a two-hundred day moving average price of $58.29. Cognizant Technology Solutions Corporation has a 12 month low of $37.08 and a 12 month high of $87.03. The stock has a market capitalization of $28.17 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 1.26 and a beta of 0.83. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.11.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Thursday, October 29th. The information technology service provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.03. Cognizant Technology Solutions had a net margin of 11.75% and a return on equity of 17.72%. The firm had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.64 billion. During the same period last year, the firm earned $1.39 earnings per share. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Research analysts anticipate that Cognizant Technology Solutions Corporation will post 5.78 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Friday, November 13th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, November 13th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 24.09%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CTSH. Wedbush reiterated an “outperform” rating and set a $70.00 target price on shares of Cognizant Technology Solutions in a research report on Friday, October 9th. Royal Bank Of Canada raised their price target on shares of Cognizant Technology Solutions from $47.00 to $55.00 and gave the company a “sector perform” rating in a report on Friday, October 30th. Wells Fargo & Company boosted their price objective on shares of Cognizant Technology Solutions from $67.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. Needham & Company LLC set a $78.00 price objective on Cognizant Technology Solutions in a report on Monday, October 26th. Finally, JPMorgan Chase & Co. increased their price objective on Cognizant Technology Solutions from $67.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Nine equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $68.00.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions is a professional services company that helps businesses use technology to modernize operations and develop digital capabilities. Its services include IT consulting, application development and maintenance, cloud and infrastructure services, data and artificial intelligence, engineering, and business process services. The company serves clients across industries including financial services, healthcare, manufacturing, communications, media, and retail. Its operations span North America, Europe, and Asia-Pacific, with a significant global delivery network.