Cognizant Technology Solutions Corp (NASDAQ:CTSH) Position Reduced by Standard Life Aberdeen plc

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Standard Life Aberdeen plc decreased its position in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 2.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 524,230 shares of the information technology service provider’s stock after selling 15,917 shares during the period. Standard Life Aberdeen plc’s holdings in Cognizant Technology Solutions were worth $32,517,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CTSH. State Street Corp increased its holdings in shares of Cognizant Technology Solutions by 2.2% in the fourth quarter. State Street Corp now owns 23,190,247 shares of the information technology service provider’s stock valued at $1,438,259,000 after buying an additional 498,861 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cognizant Technology Solutions by 14.1% in the fourth quarter. Bank of New York Mellon Corp now owns 19,713,105 shares of the information technology service provider’s stock valued at $1,222,606,000 after buying an additional 2,438,257 shares in the last quarter. Generation Investment Management LLP increased its holdings in shares of Cognizant Technology Solutions by 24.8% in the third quarter. Generation Investment Management LLP now owns 13,055,572 shares of the information technology service provider’s stock valued at $786,794,000 after buying an additional 2,597,844 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Cognizant Technology Solutions by 41.8% in the fourth quarter. Artisan Partners Limited Partnership now owns 9,823,283 shares of the information technology service provider’s stock valued at $609,240,000 after buying an additional 2,893,642 shares in the last quarter. Finally, Pzena Investment Management LLC increased its holdings in shares of Cognizant Technology Solutions by 3.8% in the fourth quarter. Pzena Investment Management LLC now owns 8,864,214 shares of the information technology service provider’s stock valued at $549,759,000 after buying an additional 328,217 shares in the last quarter. 89.90% of the stock is currently owned by hedge funds and other institutional investors.

CTSH has been the topic of several research reports. Atlantic Securities initiated coverage on Cognizant Technology Solutions in a report on Wednesday, February 19th. They issued an “underweight” rating and a $65.00 price target on the stock. Wolfe Research downgraded shares of Cognizant Technology Solutions from a “peer perform” rating to an “underperform” rating and set a $65.00 target price on the stock. in a research note on Monday, January 6th. Berenberg Bank started coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, January 21st. They set a “hold” rating and a $63.00 target price on the stock. BidaskClub downgraded shares of Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research note on Thursday, March 5th. Finally, Wells Fargo & Co boosted their target price on shares of Cognizant Technology Solutions from $73.00 to $76.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Nine investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $67.78.

Shares of Cognizant Technology Solutions stock traded up $2.13 on Thursday, hitting $49.82. 5,291,000 shares of the company traded hands, compared to its average volume of 4,460,064. The company has a 50-day moving average price of $60.26 and a 200 day moving average price of $61.55. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.13. Cognizant Technology Solutions Corp has a 12-month low of $40.01 and a 12-month high of $74.85. The company has a market cap of $25.46 billion, a PE ratio of 15.14, a PEG ratio of 1.04 and a beta of 0.88.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.04 by $0.03. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 20.60%. The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the previous year, the company posted $1.13 EPS. Cognizant Technology Solutions’s revenue was up 4.1% on a year-over-year basis. Equities research analysts anticipate that Cognizant Technology Solutions Corp will post 4.06 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.22 per share. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.20. This represents a $0.88 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend was Friday, February 14th. Cognizant Technology Solutions’s payout ratio is currently 22.06%.

Cognizant Technology Solutions declared that its Board of Directors has approved a share buyback plan on Wednesday, February 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

In related news, CFO Karen Mcloughlin sold 725 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $63.54, for a total value of $46,066.50. Following the completion of the sale, the chief financial officer now directly owns 67,301 shares in the company, valued at $4,276,305.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Patrick Lennox sold 4,827 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $61.19, for a total transaction of $295,364.13. Following the completion of the sale, the executive vice president now owns 3,073 shares of the company’s stock, valued at $188,036.87. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 176,314 shares of company stock worth $10,810,696. 0.56% of the stock is currently owned by corporate insiders.

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.

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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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