Tredje AP fonden decreased its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 46.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,278 shares of the information technology service provider’s stock after selling 35,285 shares during the quarter. Tredje AP fonden’s holdings in Cognizant Technology Solutions were worth $3,514,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of CTSH. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cognizant Technology Solutions by 5.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 143,100 shares of the information technology service provider’s stock worth $8,875,000 after purchasing an additional 7,914 shares during the last quarter. Advisor Partners LLC lifted its stake in Cognizant Technology Solutions by 28.0% during the fourth quarter. Advisor Partners LLC now owns 16,014 shares of the information technology service provider’s stock worth $990,000 after purchasing an additional 3,501 shares during the last quarter. Intellectus Partners LLC lifted its stake in Cognizant Technology Solutions by 12.3% during the fourth quarter. Intellectus Partners LLC now owns 8,168 shares of the information technology service provider’s stock worth $507,000 after purchasing an additional 897 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Cognizant Technology Solutions by 5.1% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 36,930 shares of the information technology service provider’s stock worth $2,290,000 after purchasing an additional 1,789 shares during the last quarter. Finally, CWM Advisors LLC lifted its stake in Cognizant Technology Solutions by 3.3% during the fourth quarter. CWM Advisors LLC now owns 22,559 shares of the information technology service provider’s stock worth $1,399,000 after purchasing an additional 712 shares during the last quarter. Hedge funds and other institutional investors own 88.27% of the company’s stock.
Several equities research analysts recently weighed in on the company. Atlantic Securities assumed coverage on Cognizant Technology Solutions in a research note on Wednesday, February 19th. They set an “underweight” rating and a $65.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on Cognizant Technology Solutions from $59.00 to $62.00 and gave the company an “underweight” rating in a research note on Friday, May 8th. Needham & Company LLC reiterated a “sell” rating on shares of Cognizant Technology Solutions in a research note on Thursday, April 9th. Nomura reiterated a “hold” rating and issued a $68.00 price objective on shares of Cognizant Technology Solutions in a research note on Sunday, May 10th. Finally, Sanford C. Bernstein cut Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and set a $60.00 price objective for the company. in a research note on Friday, May 8th. Seven investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $62.50.
CTSH stock traded down $0.29 on Friday, reaching $51.45. 2,624,990 shares of the company’s stock were exchanged, compared to its average volume of 4,044,953. The stock has a fifty day moving average of $52.72 and a 200-day moving average of $58.97. Cognizant Technology Solutions Corp has a twelve month low of $40.01 and a twelve month high of $71.48. The firm has a market cap of $27.97 billion, a PE ratio of 16.13, a P/E/G ratio of 1.37 and a beta of 1.20. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 0.30.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Thursday, May 7th. The information technology service provider reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.03. Cognizant Technology Solutions had a return on equity of 20.90% and a net margin of 10.46%. The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. Cognizant Technology Solutions’s quarterly revenue was up 2.8% on a year-over-year basis. On average, equities research analysts predict that Cognizant Technology Solutions Corp will post 3.44 EPS for the current fiscal year.
Cognizant Technology Solutions declared that its Board of Directors has authorized a share buyback program on Wednesday, February 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to buy up to 5.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Wednesday, May 20th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Tuesday, May 19th. Cognizant Technology Solutions’s dividend payout ratio is presently 22.06%.
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 analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
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