Cognizant Technology Solutions Corp (NASDAQ:CTSH) – Research analysts at Oppenheimer boosted their Q3 2019 earnings per share estimates for shares of Cognizant Technology Solutions in a research note issued to investors on Wednesday, July 31st. Oppenheimer analyst G. Greene now anticipates that the information technology service provider will earn $1.06 per share for the quarter, up from their previous estimate of $1.00. Oppenheimer has a “Market Perform” rating on the stock. Oppenheimer also issued estimates for Cognizant Technology Solutions’ Q4 2019 earnings at $1.06 EPS, FY2019 earnings at $3.96 EPS, Q2 2020 earnings at $1.07 EPS, Q3 2020 earnings at $1.13 EPS, Q4 2020 earnings at $1.15 EPS and FY2020 earnings at $4.36 EPS.
Several other analysts have also issued reports on the company. UBS Group lowered Cognizant Technology Solutions from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $62.00 to $60.00 in a report on Friday, August 2nd. CIBC reiterated a “market perform” rating on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 target price (down previously from $87.00) on shares of Cognizant Technology Solutions in a report on Friday, May 3rd. TheStreet upgraded Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a report on Tuesday, July 23rd. Finally, HSBC lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating and dropped their target price for the stock from $72.00 to $70.00 in a report on Tuesday, July 23rd. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $74.48.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.01. Cognizant Technology Solutions had a return on equity of 20.52% and a net margin of 12.61%. The company had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the firm earned $1.05 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was up 3.4% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Thursday, August 22nd will be paid a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, August 21st. This represents a $0.80 annualized dividend and a yield of 1.28%. Cognizant Technology Solutions’s dividend payout ratio is 19.90%.
In other Cognizant Technology Solutions news, SVP Robert Telesmanic sold 3,343 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $60.00, for a total value of $200,580.00. Following the sale, the senior vice president now owns 7,337 shares in the company, valued at $440,220. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Humphries acquired 19,000 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average price of $61.09 per share, for a total transaction of $1,160,710.00. Following the purchase, the chief executive officer now directly owns 19,000 shares of the company’s stock, valued at $1,160,710. The disclosure for this purchase can be found here. Insiders sold 47,120 shares of company stock worth $2,960,866 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CTSH. FMR LLC raised its stake in Cognizant Technology Solutions by 21.9% in the first quarter. FMR LLC now owns 15,767,608 shares of the information technology service provider’s stock valued at $1,142,362,000 after buying an additional 2,827,833 shares during the period. BlackRock Inc. grew its position in shares of Cognizant Technology Solutions by 4.7% in the first quarter. BlackRock Inc. now owns 47,153,467 shares of the information technology service provider’s stock valued at $3,416,269,000 after purchasing an additional 2,129,464 shares during the last quarter. Yacktman Asset Management LP grew its position in shares of Cognizant Technology Solutions by 98.0% in the second quarter. Yacktman Asset Management LP now owns 2,686,111 shares of the information technology service provider’s stock valued at $170,273,000 after purchasing an additional 1,329,559 shares during the last quarter. Investec Asset Management LTD acquired a new position in shares of Cognizant Technology Solutions in the first quarter valued at approximately $91,531,000. Finally, FIL Ltd grew its position in shares of Cognizant Technology Solutions by 20.7% in the first quarter. FIL Ltd now owns 6,537,319 shares of the information technology service provider’s stock valued at $473,628,000 after purchasing an additional 1,122,420 shares during the last quarter. Hedge funds and other institutional investors own 88.80% of the company’s stock.
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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