JLB & Associates Inc. Trims Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

JLB & Associates Inc. lowered its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,982 shares of the information technology service provider’s stock after selling 3,037 shares during the period. JLB & Associates Inc.’s holdings in Cognizant Technology Solutions were worth $4,283,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CTSH. Louisbourg Investments Inc. boosted its stake in Cognizant Technology Solutions by 6.6% in the 1st quarter. Louisbourg Investments Inc. now owns 74,636 shares of the information technology service provider’s stock worth $5,710,000 after buying an additional 4,605 shares during the last quarter. Grimes & Company Inc. increased its stake in shares of Cognizant Technology Solutions by 0.8% during the 1st quarter. Grimes & Company Inc. now owns 152,487 shares of the information technology service provider’s stock valued at $11,665,000 after acquiring an additional 1,210 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Cognizant Technology Solutions by 32.5% during the 1st quarter. QRG Capital Management Inc. now owns 259,727 shares of the information technology service provider’s stock worth $19,869,000 after acquiring an additional 63,716 shares during the period. Sagespring Wealth Partners LLC lifted its holdings in shares of Cognizant Technology Solutions by 36.5% during the 1st quarter. Sagespring Wealth Partners LLC now owns 5,559 shares of the information technology service provider’s stock worth $425,000 after acquiring an additional 1,487 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of Cognizant Technology Solutions by 40.7% in the first quarter. Janney Montgomery Scott LLC now owns 28,047 shares of the information technology service provider’s stock worth $2,146,000 after acquiring an additional 8,116 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $80.15 on Tuesday. The firm has a market capitalization of $39.51 billion, a PE ratio of 17.77, a price-to-earnings-growth ratio of 2.11 and a beta of 0.98. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82. The stock’s 50 day moving average price is $76.89 and its 200 day moving average price is $79.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 earnings per share. As a group, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions announced that its Board of Directors has initiated a share buyback program on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were issued a $0.31 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a yield of 1.55%. Cognizant Technology Solutions’s dividend payout ratio is currently 26.11%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. raised shares of Cognizant Technology Solutions from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $88.00 to $98.00 in a research note on Monday, May 19th. Morgan Stanley cut their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Susquehanna raised Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and boosted their price target for the company from $77.00 to $90.00 in a research report on Thursday, May 1st. TD Securities raised their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $85.00.

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.