Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating ) announced a quarterly dividend on Wednesday, November 2nd, Zacks reports. Shareholders of record on Friday, November 18th will be given a dividend of 0.27 per share by the information technology services provider on Tuesday, November 29th. This represents a $1.08 annual dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, November 17th.
Cognizant Technology Solutions has increased its dividend by an average of 6.3% annually over the past three years and has increased its dividend annually for the past 3 consecutive years. Cognizant Technology Solutions has a dividend payout ratio of 22.0%, indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cognizant Technology Solutions to earn $4.97 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 21.7%.
Cognizant Technology Solutions trade down 13.8%
NASDAQ CTSH opened at $51.96 on Friday. The company has a market cap of $26.90 billion, a PE ratio of 11.55, a PEG ratio of 1.25 and a beta of 1.05. The company has a current ratio of 2.23, a quick ratio of 2.23, and a debt-to-equity ratio of 0.05. Cognizant Technology Solutions has a 12-month low of $51.33 and a 12-month high of $93.47. The stock has a 50-day moving average of $60.91 and a 200-day moving average of $67.83.
Changes in analyst ratings
CTSH has been the subject of several research reports. Robert W. Baird reduced their target price on Cognizant Technology Solutions from $70.00 to $66.00 in a report on Thursday. Deutsche Bank Aktiengesellschaft cut their target price on Cognizant Technology Solutions from $65.00 to $54.00 in a report on Thursday. Morgan Stanley cut their target price on Cognizant Technology Solutions from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday. William Blair downgraded Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on Cognizant Technology Solutions from $77.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, October 14th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $73.68, according to MarketBeat.com.
Insider buying and selling
In other Cognizant Technology Solutions news, Director Zain Abdallah sold 4,368 shares of Cognizant Technology Solutions stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $65.44, for a total value of $285,841.92. Following the completion of the sale, the director now directly owns 13,556 shares in the company, valued at $887,104.64. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. 0.34% of shares are owned by insiders.
Institutional investors value familiar technology solutions
Several institutional investors have recently bought and sold shares of CTSH. Zions Bancorporation NA boosted its position in Cognizant Technology Solutions by 29.9% in the first quarter. Zions Bancorporation NA now owns 651 shares of the information technology services provider’s stock valued at $58,000 after purchasing an additional 150 shares during the last quarter. Covestor Ltd raised its position in shares of Cognizant Technology Solutions by 42.3% during the first quarter. Covestor Ltd now owns 1,383 shares of the information technology services provider’s stock valued at $124,000 after purchasing an additional 411 shares during the last quarter. Continuum Advisory LLC purchased a new position in shares of Cognizant Technology Solutions in the first quarter valued at $202,000. NewEdge Advisors LLC purchased a new position in shares of Cognizant Technology Solutions in the second quarter valued at $219,000. Finally, Edgestream Partners LP purchased a new position in shares of Cognizant Technology Solutions during the first quarter worth $223,000. The institutional investor owns 90.67% of the company’s stock.
Company Profile of Cognizant Technology Solutions
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology services and outsourcing services in North America, Europe and internationally. It operates in four segments: Financial Services; Healthcare; Products and Resources; and communications, media and technology.
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