EULAV Asset Management Lowers Position in Cognizant Technology Solutions Corporation (CTSH)

EULAV Asset Management lowered its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 47.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,000 shares of the information technology service provider’s stock after selling 42,000 shares during the period. EULAV Asset Management’s holdings in Cognizant Technology Solutions Corporation were worth $2,738,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of CTSH. Assetmark Inc. increased its position in shares of Cognizant Technology Solutions Corporation by 24.2% in the first quarter. Assetmark Inc. now owns 2,592 shares of the information technology service provider’s stock valued at $154,000 after buying an additional 505 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Cognizant Technology Solutions Corporation by 40.8% in the first quarter. IFP Advisors Inc now owns 2,696 shares of the information technology service provider’s stock valued at $160,000 after buying an additional 781 shares during the period. Acadian Asset Management LLC boosted its position in shares of Cognizant Technology Solutions Corporation by 253.9% in the first quarter. Acadian Asset Management LLC now owns 3,231 shares of the information technology service provider’s stock valued at $192,000 after buying an additional 2,318 shares during the period. Advisory Services Network LLC acquired a new position in shares of Cognizant Technology Solutions Corporation during the first quarter valued at about $192,000. Finally, NEXT Financial Group Inc boosted its position in shares of Cognizant Technology Solutions Corporation by 10.3% in the first quarter. NEXT Financial Group Inc now owns 3,535 shares of the information technology service provider’s stock valued at $213,000 after buying an additional 329 shares during the period. 90.78% of the stock is owned by institutional investors.

Shares of Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 67.03 on Thursday. The firm has a 50-day moving average of $65.51 and a 200 day moving average of $59.56. Cognizant Technology Solutions Corporation has a 12 month low of $45.44 and a 12 month high of $67.88. The company has a market cap of $39.48 billion, a price-to-earnings ratio of 24.38 and a beta of 1.14.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its quarterly earnings data on Friday, May 5th. The information technology service provider reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.09. Cognizant Technology Solutions Corporation had a net margin of 12.07% and a return on equity of 18.77%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.52 billion. During the same quarter in the prior year, the business earned $0.80 EPS. The business’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts expect that Cognizant Technology Solutions Corporation will post $3.66 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 31st. Stockholders of record on Tuesday, May 23rd were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 0.90%. The ex-dividend date was Thursday, May 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is presently 21.90%.

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CTSH has been the subject of several recent research reports. Vetr cut shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and set a $60.45 price target for the company. in a research report on Monday, March 13th. Berenberg Bank initiated coverage on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, March 29th. They issued a “hold” rating and a $65.00 price target for the company. SunTrust Banks, Inc. upgraded shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Thursday, April 13th. Cantor Fitzgerald restated a “buy” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions Corporation in a research report on Friday, May 5th. Finally, Needham & Company LLC restated a “buy” rating and issued a $70.00 price target (up from $65.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cognizant Technology Solutions Corporation currently has a consensus rating of “Buy” and a consensus price target of $65.53.

In related news, COO Srinivasan Veeraraghavachary sold 12,000 shares of the stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $62.50, for a total value of $750,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Middleton sold 1,460 shares of the stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $67.39, for a total transaction of $98,389.40. Following the completion of the sale, the insider now directly owns 2,308 shares of the company’s stock, valued at $155,536.12. The disclosure for this sale can be found here. Insiders sold a total of 57,223 shares of company stock worth $3,748,484 in the last quarter. Company insiders own 1.08% of the company’s stock.

About Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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

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