Gulf International Bank UK Ltd Sells 13,370 Shares of Cognizant Technology Solutions Corporation $CTSH

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Cognizant Technology Solutions by 32.0% during the 1st quarter, now owning 28,476 shares valued at approximately $2.18 million.
• Cognizant reported an earnings per share of $1.31 for the last quarter, exceeding analyst expectations of $1.26, and its revenue rose by 8.1% year-over-year.
• The company declared a quarterly dividend of $0.31 per share, with a yield of 1.8%, reflecting a payout ratio of 25.20%.

Gulf International Bank UK Ltd trimmed its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 32.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,476 shares of the information technology service provider's stock after selling 13,370 shares during the quarter. Gulf International Bank UK Ltd's holdings in Cognizant Technology Solutions were worth $2,178,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Park Square Financial Group LLC acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $36,000. CoreCap Advisors LLC boosted its stake in shares of Cognizant Technology Solutions by 21.5% in the 4th quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock valued at $55,000 after purchasing an additional 126 shares in the last quarter. Pinney & Scofield Inc. acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $55,000. Optiver Holding B.V. acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $66,000. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of Cognizant Technology Solutions in the 1st quarter valued at approximately $66,000. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock traded up $0.10 during midday trading on Monday, reaching $70.10. The stock had a trading volume of 2,279,408 shares, compared to its average volume of 3,855,499. Cognizant Technology Solutions Corporation has a 12 month low of $65.52 and a 12 month high of $90.82. The firm's 50-day moving average price is $75.88 and its 200 day moving average price is $77.91. The firm has a market capitalization of $34.24 billion, a PE ratio of 14.25, a P/E/G ratio of 1.46 and a beta of 0.90. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The information technology service provider reported $1.31 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.17 billion. During the same period in the prior year, the firm posted $1.17 earnings per share. The company's revenue for the quarter was up 8.1% on a year-over-year basis. As a group, research analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

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

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and lifted their target price for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. Guggenheim upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a research report on Friday, July 18th. Evercore ISI initiated coverage on shares of Cognizant Technology Solutions in a report on Thursday, July 17th. They set an "outperform" rating and a $100.00 price target for the company. Finally, Wall Street Zen lowered shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of "Hold" and a consensus target price of $86.56.

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.