Shorepoint Capital Partners LLC acquired a new position in Cognizant Technology Solutions Corp (NASDAQ:CTSH) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 18,778 shares of the information technology service provider’s stock, valued at approximately $1,360,000.
A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $366,248,000. Davis R M Inc. raised its position in shares of Cognizant Technology Solutions by 7.2% in the fourth quarter. Davis R M Inc. now owns 343,102 shares of the information technology service provider’s stock valued at $21,780,000 after purchasing an additional 22,923 shares during the period. Alpha Windward LLC raised its position in shares of Cognizant Technology Solutions by 13.9% in the fourth quarter. Alpha Windward LLC now owns 2,099 shares of the information technology service provider’s stock valued at $133,000 after purchasing an additional 256 shares during the period. Naples Global Advisors LLC raised its position in shares of Cognizant Technology Solutions by 14.7% in the fourth quarter. Naples Global Advisors LLC now owns 11,950 shares of the information technology service provider’s stock valued at $774,000 after purchasing an additional 1,535 shares during the period. Finally, LGT Capital Partners LTD. raised its position in shares of Cognizant Technology Solutions by 5.3% in the fourth quarter. LGT Capital Partners LTD. now owns 282,791 shares of the information technology service provider’s stock valued at $17,952,000 after purchasing an additional 14,166 shares during the period. 88.77% of the stock is currently owned by institutional investors and hedge funds.
In other Cognizant Technology Solutions news, EVP Allen Shaheen sold 396 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $73.80, for a total value of $29,224.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Srinivasan Veeraraghavachary sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $74.00, for a total transaction of $148,000.00. Following the completion of the sale, the chief operating officer now directly owns 38,992 shares of the company’s stock, valued at approximately $2,885,408. The disclosure for this sale can be found here. In the last three months, insiders sold 49,162 shares of company stock valued at $3,542,788. Corporate insiders own 0.56% of the company’s stock.
Cognizant Technology Solutions stock opened at $59.25 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.12 and a current ratio of 3.12. Cognizant Technology Solutions Corp has a 1-year low of $57.70 and a 1-year high of $83.35. The company has a market cap of $34.07 billion, a P/E ratio of 14.74, a PEG ratio of 1.33 and a beta of 0.95.
Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Thursday, May 2nd. The information technology service provider reported $0.91 EPS for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.12). Cognizant Technology Solutions had a return on equity of 21.56% and a net margin of 12.39%. The company had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.16 billion. During the same period in the prior year, the firm earned $0.94 EPS. Cognizant Technology Solutions’s quarterly revenue was up 5.1% on a year-over-year basis. Research analysts expect that Cognizant Technology Solutions Corp will post 4.43 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 22nd will be paid a $0.20 dividend. The ex-dividend date is Tuesday, May 21st. This represents a $0.80 dividend on an annualized basis and a yield of 1.35%. Cognizant Technology Solutions’s dividend payout ratio is presently 19.90%.
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Cognizant Technology Solutions Company Profile
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.
Further Reading: Diversification
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