Bank of Nova Scotia Sells 116,608 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Bank of Nova Scotia reduced its stake in Cognizant Technology Solutions by 12.6%, owning approximately 805,319 shares valued at about $61.6 million
• Cognizant reported a quarterly earnings per share (EPS) of $1.31, outperforming analysts' expectations of $1.26, with revenue reaching $5.25 billion
• The company recently declared a quarterly dividend of $0.31, with a dividend yield of 1.8% and a payout ratio of 25.20%

Bank of Nova Scotia reduced its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 805,319 shares of the information technology service provider's stock after selling 116,608 shares during the period. Bank of Nova Scotia owned approximately 0.16% of Cognizant Technology Solutions worth $61,607,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CTSH. Park Square Financial Group LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth $36,000. CoreCap Advisors LLC grew its stake in shares of Cognizant Technology Solutions by 21.5% in the fourth quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock worth $55,000 after purchasing an additional 126 shares during the last quarter. Pinney & Scofield Inc. bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter worth $55,000. Optiver Holding B.V. bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter worth $66,000. Finally, Golden State Wealth Management LLC boosted its position in Cognizant Technology Solutions by 290.9% during the first quarter. Golden State Wealth Management LLC now owns 899 shares of the information technology service provider's stock valued at $69,000 after acquiring an additional 669 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of research analyst reports. Evercore ISI initiated coverage on shares of Cognizant Technology Solutions in a research report on Thursday, July 17th. They set an "outperform" rating and a $100.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating on the stock in a research report on Monday, July 28th. Wall Street Zen cut shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a research report on Saturday. Susquehanna raised shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their price objective for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Cognizant Technology Solutions in a research report on Thursday, July 17th. They set a "hold" rating and a $80.00 price objective on the stock. Fourteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $85.88.

Cognizant Technology Solutions Stock Down 1.6%

NASDAQ:CTSH traded down $1.18 on Tuesday, hitting $70.09. The stock had a trading volume of 1,264,870 shares, compared to its average volume of 3,802,017. The firm's fifty day simple moving average is $77.78 and its two-hundred day simple moving average is $78.57. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.41 and a current ratio of 2.41. Cognizant Technology Solutions Corporation has a 1 year low of $65.52 and a 1 year high of $90.82. The stock has a market cap of $34.55 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The information technology service provider reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $1.26 by $0.05. Cognizant Technology Solutions had a net margin of 11.89% and a return on equity of 16.77%. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.17 billion. During the same period in the previous year, the business earned $1.17 EPS. Cognizant Technology Solutions's revenue was up 8.1% compared to the same quarter last year. Analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, August 18th. Cognizant Technology Solutions's payout ratio is 25.20%.

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.