Cigna Investments Inc. New Reduces Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Cigna Investments Inc. New cut its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 4.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 5,099 shares of the information technology service provider’s stock after selling 226 shares during the quarter. Cigna Investments Inc. New’s holdings in Cognizant Technology Solutions were worth $394,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CTSH. 1620 Investment Advisors Inc. purchased a new position in Cognizant Technology Solutions during the 2nd quarter valued at $25,000. LRI Investments LLC bought a new position in Cognizant Technology Solutions in the first quarter worth about $28,000. Pinnacle Bancorp Inc. lifted its holdings in Cognizant Technology Solutions by 47.4% in the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock worth $35,000 after buying an additional 146 shares during the period. Eastern Bank bought a new stake in Cognizant Technology Solutions during the 3rd quarter valued at approximately $37,000. Finally, Benjamin Edwards Inc. grew its holdings in shares of Cognizant Technology Solutions by 42.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock worth $36,000 after acquiring an additional 158 shares during the period. Institutional investors own 92.44% of the company’s stock.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total transaction of $495,584.48. Following the completion of the transaction, the chief executive officer now owns 46,427 shares in the company, valued at $3,419,812.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CTSH shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday. StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Thursday. The Goldman Sachs Group reiterated a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Mizuho raised their price target on Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday. Finally, Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $73.00 to $75.00 in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $77.70.

Cognizant Technology Solutions Stock Up 0.0 %

Shares of CTSH stock opened at $74.61 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27. The stock has a market cap of $36.98 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.09 and a beta of 1.05. The company has a 50 day simple moving average of $76.36 and a two-hundred day simple moving average of $71.99.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.37% and a net margin of 11.60%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 EPS. On average, research analysts expect that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 26.55%.

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, Health Sciences, Products and Resources, and Communications, Media and Technology.