Korea Investment CORP Acquires 40,403 Shares of Cognizant Technology Solutions Corporation (CTSH)

Korea Investment CORP raised its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 21.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 228,131 shares of the information technology service provider’s stock after buying an additional 40,403 shares during the period. Korea Investment CORP’s holdings in Cognizant Technology Solutions Corporation were worth $15,148,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. CENTRAL TRUST Co increased its position in shares of Cognizant Technology Solutions Corporation by 13.8% in the first quarter. CENTRAL TRUST Co now owns 6,368 shares of the information technology service provider’s stock worth $379,000 after buying an additional 770 shares during the period. Raymond James Trust N.A. increased its position in shares of Cognizant Technology Solutions Corporation by 10.2% in the first quarter. Raymond James Trust N.A. now owns 10,996 shares of the information technology service provider’s stock worth $655,000 after buying an additional 1,016 shares during the period. Gulf International Bank UK Ltd increased its position in shares of Cognizant Technology Solutions Corporation by 1.9% in the first quarter. Gulf International Bank UK Ltd now owns 186,615 shares of the information technology service provider’s stock worth $11,107,000 after buying an additional 3,500 shares during the period. Koshinski Asset Management Inc. increased its position in shares of Cognizant Technology Solutions Corporation by 3.4% in the first quarter. Koshinski Asset Management Inc. now owns 3,930 shares of the information technology service provider’s stock worth $234,000 after buying an additional 130 shares during the period. Finally, National Pension Service increased its position in shares of Cognizant Technology Solutions Corporation by 7.0% in the first quarter. National Pension Service now owns 480,168 shares of the information technology service provider’s stock worth $28,445,000 after buying an additional 31,575 shares during the period. 88.68% of the stock is owned by institutional investors and hedge funds.

Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) traded down 0.24% on Friday, hitting $70.07. The company’s stock had a trading volume of 2,636,572 shares. The stock’s 50 day moving average price is $69.29 and its 200 day moving average price is $63.21. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $72.07. The stock has a market capitalization of $41.38 billion, a P/E ratio of 22.48 and a beta of 1.17.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last announced its quarterly earnings data on Thursday, August 3rd. The information technology service provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a net margin of 13.36% and a return on equity of 18.72%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter last year, the firm posted $0.87 EPS. The company’s quarterly revenue was up 8.9% on a year-over-year basis. On average, analysts forecast that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Tuesday, August 22nd will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, August 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is presently 19.17%.

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Several research firms recently weighed in on CTSH. Morgan Stanley raised their price objective on Cognizant Technology Solutions Corporation from $62.00 to $65.00 and gave the company an “equal weight” rating in a research note on Monday, May 8th. Credit Suisse Group set a $80.00 price objective on Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a research note on Friday, August 4th. They noted that the move was a valuation call. Pacific Crest reaffirmed an “overweight” rating and issued a $75.00 price objective (up from $73.00) on shares of Cognizant Technology Solutions Corporation in a research note on Thursday, June 1st. BidaskClub downgraded Cognizant Technology Solutions Corporation from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $67.00 price objective on shares of Cognizant Technology Solutions Corporation in a research note on Friday, May 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Cognizant Technology Solutions Corporation presently has a consensus rating of “Buy” and an average price target of $70.02.

In related news, Director John E. Klein sold 11,560 shares of Cognizant Technology Solutions Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $71.86, for a total transaction of $830,701.60. Following the completion of the sale, the director now owns 482,880 shares of the company’s stock, valued at approximately $34,699,756.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Srinivasan Veeraraghavachary sold 2,500 shares of Cognizant Technology Solutions Corporation stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $71.00, for a total transaction of $177,500.00. Following the sale, the chief operating officer now directly owns 27,165 shares of the company’s stock, valued at approximately $1,928,715. The disclosure for this sale can be found here. In the last three months, insiders sold 91,222 shares of company stock valued at $6,326,183. Insiders own 1.08% of the company’s stock.

Cognizant Technology Solutions Corporation Company Profile

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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

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