Truist Financial Corp Sells 16,620 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Truist Financial Corp cut its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 20.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,165 shares of the information technology service provider’s stock after selling 16,620 shares during the period. Truist Financial Corp’s holdings in Cognizant Technology Solutions were worth $4,295,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CTSH. 1620 Investment Advisors Inc. bought a new stake in shares of Cognizant Technology Solutions in the 2nd quarter worth about $25,000. LRI Investments LLC bought a new stake in Cognizant Technology Solutions during the first quarter worth approximately $28,000. Benjamin Edwards Inc. raised its position in Cognizant Technology Solutions by 42.1% during the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock valued at $36,000 after purchasing an additional 158 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $40,000. Finally, Unique Wealth Strategies LLC purchased a new position in shares of Cognizant Technology Solutions in the 2nd quarter worth approximately $40,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of Cognizant Technology Solutions stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the transaction, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.26% of the stock is currently owned by corporate insiders.

Cognizant Technology Solutions Trading Up 0.2 %

NASDAQ:CTSH opened at $76.13 on Wednesday. The firm has a 50-day simple moving average of $75.92 and a 200-day simple moving average of $71.40. Cognizant Technology Solutions Co. has a one year low of $62.14 and a one year high of $80.27. The firm has a market cap of $37.85 billion, a P/E ratio of 18.30, a P/E/G ratio of 2.14 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. Cognizant Technology Solutions’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.10 earnings per share. Equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 annualized dividend and a yield of 1.58%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.85%.

Wall Street Analyst Weigh In

CTSH has been the subject of a number of analyst reports. Royal Bank of Canada raised their price target on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 28th. Daiwa America upgraded shares of Cognizant Technology Solutions to a “hold” rating in a report on Tuesday, August 27th. StockNews.com downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Saturday, September 21st. Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $77.44.

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.