Provident Trust Co. Has $253.38 Million Holdings in Cognizant Technology Solutions Corp (CTSH)

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Provident Trust Co. raised its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 3.3% during the 3rd quarter, Holdings Channel reports. The firm owned 3,284,188 shares of the information technology service provider’s stock after buying an additional 105,096 shares during the quarter. Cognizant Technology Solutions accounts for 8.8% of Provident Trust Co.’s investment portfolio, making the stock its 3rd biggest holding. Provident Trust Co.’s holdings in Cognizant Technology Solutions were worth $253,375,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of CTSH. Kaizen Advisory LLC grew its stake in shares of Cognizant Technology Solutions by 149.4% during the second quarter. Kaizen Advisory LLC now owns 1,429 shares of the information technology service provider’s stock worth $113,000 after acquiring an additional 856 shares during the last quarter. Fort L.P. purchased a new stake in shares of Cognizant Technology Solutions during the second quarter worth about $123,000. San Francisco Sentry Investment Group CA grew its stake in shares of Cognizant Technology Solutions by 170.0% during the second quarter. San Francisco Sentry Investment Group CA now owns 1,909 shares of the information technology service provider’s stock worth $151,000 after acquiring an additional 1,202 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Cognizant Technology Solutions by 65.5% during the second quarter. Parallel Advisors LLC now owns 2,226 shares of the information technology service provider’s stock worth $175,000 after acquiring an additional 881 shares during the last quarter. Finally, Cerebellum GP LLC purchased a new stake in shares of Cognizant Technology Solutions during the third quarter worth about $180,000. Institutional investors own 88.04% of the company’s stock.

In other Cognizant Technology Solutions news, SVP Robert Telesmanic sold 17,986 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $77.62, for a total value of $1,396,073.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gajakarnan Vibushanan Kandiah sold 665 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $77.60, for a total value of $51,604.00. Following the completion of the transaction, the insider now directly owns 14,683 shares of the company’s stock, valued at $1,139,400.80. The disclosure for this sale can be found here. Insiders sold 48,288 shares of company stock valued at $3,694,551 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

A number of equities research analysts recently commented on CTSH shares. Morgan Stanley decreased their target price on Cognizant Technology Solutions from $87.00 to $80.00 and set a “hold” rating for the company in a report on Wednesday. Nomura raised Cognizant Technology Solutions from a “neutral” rating to a “buy” rating and set a $79.00 target price for the company in a report on Wednesday. Citigroup decreased their target price on Cognizant Technology Solutions from $90.00 to $87.00 and set a “buy” rating for the company in a report on Wednesday. KeyCorp decreased their target price on Cognizant Technology Solutions from $89.00 to $79.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, BMO Capital Markets downgraded Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and set a $74.00 target price for the company. in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $84.53.

Shares of NASDAQ:CTSH opened at $69.03 on Thursday. Cognizant Technology Solutions Corp has a 12-month low of $65.14 and a 12-month high of $85.10. The company has a market capitalization of $38.60 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 1.22 and a beta of 0.90. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.24 and a quick ratio of 3.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Tuesday, October 30th. The information technology service provider reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.06. Cognizant Technology Solutions had a return on equity of 22.54% and a net margin of 9.07%. The company had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the previous year, the company posted $0.98 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, sell-side analysts anticipate that Cognizant Technology Solutions Corp will post 4.18 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Tuesday, November 20th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Monday, November 19th. Cognizant Technology Solutions’s payout ratio is presently 22.66%.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.

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

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