Penobscot Wealth Management Sells 748 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Penobscot Wealth Management trimmed its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 4.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,317 shares of the information technology service provider’s stock after selling 748 shares during the period. Cognizant Technology Solutions accounts for 0.8% of Penobscot Wealth Management’s investment portfolio, making the stock its 29th biggest position. Penobscot Wealth Management’s holdings in Cognizant Technology Solutions were worth $1,157,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CTSH. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth $26,000. NBC Securities Inc. bought a new stake in Cognizant Technology Solutions in the third quarter worth $27,000. Valley National Advisers Inc. lifted its stake in Cognizant Technology Solutions by 43.2% in the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock worth $44,000 after purchasing an additional 178 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Cognizant Technology Solutions by 26.5% in the third quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider’s stock worth $52,000 after purchasing an additional 162 shares during the last quarter. Finally, Bruce G. Allen Investments LLC bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $52,000. 92.44% of the stock is owned by institutional investors.

Insider Activity at Cognizant Technology Solutions

In related news, EVP Kathryn Diaz sold 900 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total transaction of $69,354.00. Following the transaction, the executive vice president now owns 8,312 shares in the company, valued at $640,522.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BMO Capital Markets lowered their price target on shares of Cognizant Technology Solutions from $88.00 to $85.00 and set a “market perform” rating for the company in a research note on Wednesday, February 7th. Societe Generale restated a “sell” rating and issued a $67.00 price objective on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Citigroup decreased their price objective on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Monday. Susquehanna restated a “neutral” rating and issued a $80.00 price objective (down previously from $87.00) on shares of Cognizant Technology Solutions in a research report on Monday, April 1st. Finally, Wolfe Research upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of “Hold” and an average price target of $76.44.

Cognizant Technology Solutions Stock Down 1.1 %

CTSH traded down $0.76 during midday trading on Thursday, reaching $66.76. The company’s stock had a trading volume of 3,456,329 shares, compared to its average volume of 4,298,709. The firm has a market capitalization of $33.24 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 1.55 and a beta of 1.06. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 0.05. Cognizant Technology Solutions Co. has a 1 year low of $58.09 and a 1 year high of $80.09. The stock’s 50-day moving average is $73.72 and its 200-day moving average is $72.51.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Tuesday, February 6th. The information technology service provider reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.14. The business had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.76 billion. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 earnings per share. As a group, research analysts expect that Cognizant Technology Solutions Co. will post 4.59 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend was Friday, February 16th. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. Cognizant Technology Solutions’s dividend payout ratio is currently 28.57%.

Cognizant Technology Solutions Company 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, Health Sciences, Products and Resources, and Communications, Media and Technology.