Reinhart Partners Inc. Sells 16,739 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)
Reinhart Partners Inc. lessened its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Get Rating) by 6.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 237,769 shares of the information technology service provider's stock after selling 16,739 shares during the quarter. Reinhart Partners Inc.'s holdings in Cognizant Technology Solutions were worth $13,657,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of CTSH. Dark Forest Capital Management LP bought a new position in shares of Cognizant Technology Solutions during the second quarter valued at about $26,000. Prospera Financial Services Inc lifted its holdings in Cognizant Technology Solutions by 77.0% in the second quarter. Prospera Financial Services Inc now owns 393 shares of the information technology service provider's stock worth $27,000 after buying an additional 171 shares during the period. Hexagon Capital Partners LLC lifted its holdings in Cognizant Technology Solutions by 492.9% in the third quarter. Hexagon Capital Partners LLC now owns 587 shares of the information technology service provider's stock worth $34,000 after buying an additional 488 shares during the period. Valley National Advisers Inc. lifted its holdings in Cognizant Technology Solutions by 32.4% in the second quarter. Valley National Advisers Inc. now owns 637 shares of the information technology service provider's stock worth $43,000 after buying an additional 156 shares during the period. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in Cognizant Technology Solutions by 263.3% in the third quarter. Massmutual Trust Co. FSB ADV now owns 781 shares of the information technology service provider's stock worth $45,000 after buying an additional 566 shares during the period. 90.12% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have commented on CTSH shares. Societe Generale lowered shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating and set a $70.00 price objective for the company. in a report on Thursday, November 3rd. Wedbush lowered their price objective on shares of Cognizant Technology Solutions from $95.00 to $72.00 in a report on Thursday, November 3rd. Barclays lowered their price objective on shares of Cognizant Technology Solutions from $55.00 to $45.00 and set an "underweight" rating for the company in a report on Sunday, November 6th. Morgan Stanley decreased their target price on shares of Cognizant Technology Solutions from $65.00 to $60.00 and set an "equal weight" rating for the company in a research note on Thursday, November 3rd. Finally, Citigroup decreased their target price on shares of Cognizant Technology Solutions from $77.00 to $62.00 and set a "neutral" rating for the company in a research note on Thursday, November 3rd. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $69.84.
Insiders Place Their Bets
In other Cognizant Technology Solutions news, Director Leo S. Jr. Mackay sold 3,300 shares of Cognizant Technology Solutions stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $52.79, for a total value of $174,207.00. Following the completion of the sale, the director now owns 28,310 shares of the company's stock, valued at approximately $1,494,484.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.34% of the stock is currently owned by insiders.
Cognizant Technology Solutions Stock Down 0.9 %
Shares of CTSH traded down $0.58 on Friday, hitting $64.52. 108,163 shares of the stock traded hands, compared to its average volume of 5,399,582. The company has a market capitalization of $33.16 billion, a PE ratio of 14.47, a P/E/G ratio of 1.16 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.27 and a current ratio of 2.27. The business has a 50 day simple moving average of $58.31 and a 200 day simple moving average of $62.12. Cognizant Technology Solutions Co. has a one year low of $51.33 and a one year high of $93.47.
Cognizant Technology Solutions (NASDAQ:CTSH - Get Rating) last posted its earnings results on Wednesday, November 2nd. The information technology service provider reported $1.17 EPS for the quarter, hitting analysts' consensus estimates of $1.17. Cognizant Technology Solutions had a net margin of 12.11% and a return on equity of 19.55%. The business had revenue of $4.86 billion during the quarter, compared to the consensus estimate of $5.01 billion. As a group, equities analysts forecast that Cognizant Technology Solutions Co. will post 4.46 earnings per share for the current fiscal year.
Cognizant Technology Solutions Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 29th. Shareholders of record on Friday, November 18th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend was Thursday, November 17th. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 24.00%.
Cognizant Technology Solutions Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology.
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