Gamco Investors INC. ET AL acquired a new stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 11,985 shares of the information technology service provider’s stock, valued at approximately $965,000.
Other institutional investors have also recently bought and sold shares of the company. MetLife Investment Advisors LLC purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $12,957,000. USA Financial Portformulas Corp lifted its stake in Cognizant Technology Solutions by 26.6% in the fourth quarter. USA Financial Portformulas Corp now owns 56,615 shares of the information technology service provider’s stock valued at $4,021,000 after purchasing an additional 11,898 shares during the last quarter. Brandywine Global Investment Management LLC purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $5,082,000. Raymond James & Associates lifted its stake in Cognizant Technology Solutions by 29.8% in the fourth quarter. Raymond James & Associates now owns 374,679 shares of the information technology service provider’s stock valued at $26,610,000 after purchasing an additional 86,016 shares during the last quarter. Finally, PGGM Investments purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $33,940,000. Institutional investors and hedge funds own 88.06% of the company’s stock.
Shares of Cognizant Technology Solutions stock traded up $0.53 during trading on Thursday, hitting $78.55. The stock had a trading volume of 3,146,562 shares, compared to its average volume of 3,599,793. The stock has a market cap of $45.10 billion, a P/E ratio of 22.25, a PEG ratio of 1.47 and a beta of 1.05. Cognizant Technology Solutions Corp has a 12 month low of $65.60 and a 12 month high of $85.10. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.64 and a current ratio of 3.64.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Investors of record on Tuesday, May 22nd were given a $0.20 dividend. The ex-dividend date was Monday, May 21st. This represents a $0.80 annualized dividend and a yield of 1.02%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 22.66%.
A number of equities research analysts have issued reports on the stock. BidaskClub cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, May 18th. Zacks Investment Research cut shares of Cognizant Technology Solutions from a “buy” rating to a “sell” rating in a report on Wednesday, May 9th. Credit Suisse Group set a $95.00 target price on shares of Cognizant Technology Solutions and gave the company a “buy” rating in a report on Tuesday, May 8th. Morgan Stanley lowered their target price on shares of Cognizant Technology Solutions to $88.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 8th. Finally, ValuEngine cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Monday, May 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $86.09.
In other news, COO Srinivasan Veeraraghavachary sold 2,500 shares of the stock in a transaction dated Tuesday, March 27th. The shares were sold at an average price of $82.29, for a total transaction of $205,725.00. Following the completion of the sale, the chief operating officer now directly owns 23,794 shares in the company, valued at $1,958,008.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Matthew W. Friedrich sold 2,874 shares of the stock in a transaction dated Tuesday, June 5th. The stock was sold at an average price of $76.85, for a total transaction of $220,866.90. The disclosure for this sale can be found here. Insiders sold 15,378 shares of company stock valued at $1,195,734 over the last quarter. 0.60% of the stock is owned by company insiders.
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 business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.
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