Groesbeck Investment Management Corp NJ decreased its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 1.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 36,790 shares of the information technology service provider’s stock after selling 620 shares during the quarter. Cognizant Technology Solutions accounts for approximately 2.0% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 15th biggest position. Groesbeck Investment Management Corp NJ’s holdings in Cognizant Technology Solutions were worth $2,665,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in CTSH. Acima Private Wealth LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter valued at about $29,000. Sontag Advisory LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter valued at about $30,000. Somerset Trust Co increased its holdings in Cognizant Technology Solutions by 152.0% during the 1st quarter. Somerset Trust Co now owns 494 shares of the information technology service provider’s stock valued at $36,000 after acquiring an additional 298 shares in the last quarter. Citizens Financial Group Inc RI increased its holdings in Cognizant Technology Solutions by 176.5% during the 4th quarter. Citizens Financial Group Inc RI now owns 611 shares of the information technology service provider’s stock valued at $39,000 after acquiring an additional 390 shares in the last quarter. Finally, Kistler Tiffany Companies LLC increased its holdings in Cognizant Technology Solutions by 133.5% during the 4th quarter. Kistler Tiffany Companies LLC now owns 642 shares of the information technology service provider’s stock valued at $41,000 after acquiring an additional 367 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.
In related 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Srinivasan Veeraraghavachary sold 2,000 shares of the business’s stock in a transaction that occurred 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 owns 38,992 shares of the company’s stock, valued at $2,885,408. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,954 shares of company stock valued at $3,456,742. 0.56% of the stock is owned by insiders.
Shares of NASDAQ CTSH opened at $59.10 on Friday. The stock has a market cap of $33.65 billion, a PE ratio of 14.70, a PEG ratio of 1.33 and a beta of 0.95. Cognizant Technology Solutions Corp has a 12 month low of $57.47 and a 12 month high of $83.35. The company has a quick ratio of 3.12, a current ratio of 2.90 and a debt-to-equity ratio of 0.12.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Thursday, May 2nd. The information technology service provider reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.12). The firm had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.16 billion. Cognizant Technology Solutions had a return on equity of 21.50% and a net margin of 12.39%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.94 earnings per share. On average, research analysts predict that Cognizant Technology Solutions Corp will post 4.43 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 22nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $0.80 dividend on an annualized basis and a yield of 1.35%. Cognizant Technology Solutions’s payout ratio is 19.90%.
COPYRIGHT VIOLATION NOTICE: This piece of content was first published by Baseball Daily News and is the property of of Baseball Daily News. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The legal version of this piece of content can be viewed at https://www.baseballdailydigest.com/news/2019/05/10/cognizant-technology-solutions-corp-ctsh-position-lowered-by-groesbeck-investment-management-corp-nj.html.
Cognizant Technology Solutions 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.
Read More: Why is a lock-up period needed for an IPO?
Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Corp (NASDAQ:CTSH).
Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.