Kingsview Wealth Management LLC Sells 17,131 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Kingsview Wealth Management LLC trimmed its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 13.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 114,545 shares of the information technology service provider's stock after selling 17,131 shares during the period. Kingsview Wealth Management LLC's holdings in Cognizant Technology Solutions were worth $8,763,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CTSH. Park Square Financial Group LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $36,000. CoreCap Advisors LLC lifted its holdings 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 buying an additional 126 shares during the period. Pinney & Scofield Inc. acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at about $55,000. Loomis Sayles & Co. L P acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at about $56,000. Finally, Optiver Holding B.V. acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at about $66,000. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Up 0.2%

NASDAQ:CTSH traded up $0.12 on Friday, reaching $75.68. The stock had a trading volume of 4,901,713 shares, compared to its average volume of 3,537,882. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average of $79.11 and a 200 day moving average of $78.70. The stock has a market cap of $37.31 billion, a P/E ratio of 15.93, a price-to-earnings-growth ratio of 1.74 and a beta of 0.96. Cognizant Technology Solutions Corporation has a 12-month low of $65.52 and a 12-month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.03. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.73% and a return on equity of 16.73%. The company's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.12 EPS. On average, research analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were given a $0.31 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a yield of 1.64%. Cognizant Technology Solutions's payout ratio is 26.11%.

Cognizant Technology Solutions declared that its board has initiated a share repurchase plan on Tuesday, March 25th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. TD Securities increased their price target on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and raised their price target for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. Guggenheim upgraded Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price target for the company in a research report on Friday. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $88.00 to $98.00 in a report on Monday, May 19th. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $86.18.

Cognizant Technology Solutions Company 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.