Meridian Wealth Management LLC Invests $325,000 in Cognizant Technology Solutions Corporation (CTSH)

Meridian Wealth Management LLC acquired a new stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,890 shares of the information technology service provider’s stock, valued at approximately $325,000.

Other large investors have also made changes to their positions in the company. Cornerstone Advisors Inc. increased its stake in Cognizant Technology Solutions Corporation by 0.3% in the second quarter. Cornerstone Advisors Inc. now owns 3,633 shares of the information technology service provider’s stock worth $241,000 after buying an additional 11 shares in the last quarter. Guardian Life Insurance Co. of America boosted its position in shares of Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock worth $140,000 after buying an additional 27 shares during the last quarter. CENTRAL TRUST Co boosted its position in shares of Cognizant Technology Solutions Corporation by 0.5% in the second quarter. CENTRAL TRUST Co now owns 6,403 shares of the information technology service provider’s stock worth $425,000 after buying an additional 35 shares during the last quarter. Boltwood Capital Management boosted its position in Cognizant Technology Solutions Corporation by 0.4% in the second quarter. Boltwood Capital Management now owns 15,910 shares of the information technology service provider’s stock worth $1,056,000 after buying an additional 60 shares in the last quarter. Finally, Watch Point Trust Co boosted its position in Cognizant Technology Solutions Corporation by 0.3% in the second quarter. Watch Point Trust Co now owns 39,446 shares of the information technology service provider’s stock worth $2,620,000 after buying an additional 105 shares in the last quarter. 88.68% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) opened at 70.07 on Friday. The firm has a 50-day moving average price of $69.29 and a 200-day moving average price of $63.21. Cognizant Technology Solutions Corporation has a 52 week low of $45.44 and a 52 week high of $72.07. The company has a market cap of $41.38 billion, a P/E ratio of 22.48 and a beta of 1.17.

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

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

WARNING: This article was first published by Community Financial News and is the property of of Community Financial News. If you are accessing this article on another website, it was illegally copied and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be viewed at https://www.com-unik.info/2017/08/19/meridian-wealth-management-llc-buys-shares-of-4890-cognizant-technology-solutions-corporation-ctsh-updated-updated.html.

A number of research firms have issued reports on CTSH. Credit Suisse Group set a $70.00 target price on Cognizant Technology Solutions Corporation and gave the company a “buy” rating in a research report on Saturday, May 6th. Needham & Company LLC reissued a “buy” rating and set a $78.00 price target (up from $72.00) on shares of Cognizant Technology Solutions Corporation in a research note on Wednesday, August 9th. Berenberg Bank raised Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and lifted their price target for the company from $65.00 to $85.00 in a research note on Tuesday, August 8th. Zacks Investment Research raised Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research note on Tuesday, August 8th. Finally, BMO Capital Markets reissued a “buy” rating and set a $76.00 price target (up from $69.00) on shares of Cognizant Technology Solutions Corporation in a research note on Friday, August 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $70.02.

In other news, Director John E. Klein sold 11,560 shares of Cognizant Technology Solutions Corporation stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $71.86, for a total transaction of $830,701.60. Following the sale, the director now owns 482,880 shares of the company’s stock, valued at approximately $34,699,756.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Venkat Krishnaswamy sold 4,205 shares of Cognizant Technology Solutions Corporation stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $66.75, for a total transaction of $280,683.75. Following the sale, the insider now directly owns 13,540 shares in the company, valued at approximately $903,795. The disclosure for this sale can be found here. Insiders sold a total of 91,222 shares of company stock worth $6,326,183 over the last three months. Corporate insiders own 1.08% of the company’s stock.

About Cognizant Technology Solutions Corporation

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)

What are top analysts saying about Cognizant Technology Solutions Corporation? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Cognizant Technology Solutions Corporation and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit