Mirae Asset Global Investments Co. Ltd. lowered its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 12.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 541,032 shares of the information technology service provider’s stock after selling 74,367 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cognizant Technology Solutions were worth $35,269,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. D.A. Davidson & CO. bought a new stake in Cognizant Technology Solutions in the first quarter worth $256,000. Canada Pension Plan Investment Board increased its holdings in shares of Cognizant Technology Solutions by 84.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 269,207 shares of the information technology service provider’s stock valued at $24,140,000 after acquiring an additional 123,220 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Cognizant Technology Solutions by 9.4% in the 1st quarter. Cetera Investment Advisers now owns 17,774 shares of the information technology service provider’s stock valued at $1,594,000 after acquiring an additional 1,523 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in Cognizant Technology Solutions during the first quarter worth approximately $239,000. Finally, Brighton Jones LLC grew its holdings in Cognizant Technology Solutions by 18.7% during the first quarter. Brighton Jones LLC now owns 3,484 shares of the information technology service provider’s stock valued at $312,000 after purchasing an additional 550 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.
Cognizant Technology Solutions Trading Up 1.5 %
CTSH stock opened at $69.53 on Monday. Cognizant Technology Solutions Co. has a 1-year low of $54.25 and a 1-year high of $72.71. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $67.22 and its 200-day moving average is $66.54. The firm has a market cap of $34.86 billion, a P/E ratio of 16.92, a P/E/G ratio of 1.77 and a beta of 1.08.
Cognizant Technology Solutions Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Tuesday, November 21st will be given a $0.29 dividend. The ex-dividend date of this dividend is Monday, November 20th. This represents a $1.16 dividend on an annualized basis and a yield of 1.67%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.22%.
Analysts Set New Price Targets
Several analysts recently issued reports on CTSH shares. Redburn Atlantic assumed coverage on shares of Cognizant Technology Solutions in a report on Thursday. They set a “neutral” rating and a $68.00 price objective for the company. Wedbush reaffirmed an “outperform” rating and issued a $75.00 price target on shares of Cognizant Technology Solutions in a research report on Friday, August 11th. Barclays boosted their price objective on Cognizant Technology Solutions from $53.00 to $61.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 25th. JPMorgan Chase & Co. lowered their target price on Cognizant Technology Solutions from $77.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, November 2nd. Finally, Morgan Stanley cut their price target on Cognizant Technology Solutions from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions presently has a consensus rating of “Hold” and a consensus price target of $68.94.
Cognizant Technology Solutions 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.
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