Cognizant Technology Solutions Co. (NASDAQ:CTSH) Stake Increased by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 155,948 shares of the information technology service provider’s stock after buying an additional 7,844 shares during the period. CIBC Asset Management Inc’s holdings in Cognizant Technology Solutions were worth $12,036,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new position in Cognizant Technology Solutions during the third quarter valued at approximately $1,972,000. Trinity Legacy Partners LLC boosted its position in Cognizant Technology Solutions by 14.3% during the third quarter. Trinity Legacy Partners LLC now owns 60,291 shares of the information technology service provider’s stock valued at $4,629,000 after purchasing an additional 7,547 shares during the last quarter. Blair William & Co. IL increased its position in Cognizant Technology Solutions by 2.5% in the 1st quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock worth $1,231,000 after purchasing an additional 412 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Cognizant Technology Solutions by 135.4% during the 1st quarter. Cetera Investment Advisers now owns 33,305 shares of the information technology service provider’s stock worth $2,441,000 after purchasing an additional 19,157 shares in the last quarter. Finally, National Pension Service lifted its holdings in shares of Cognizant Technology Solutions by 15.9% during the 3rd quarter. National Pension Service now owns 907,902 shares of the information technology service provider’s stock valued at $70,072,000 after buying an additional 124,740 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Down 4.5 %

Shares of CTSH stock opened at $77.11 on Friday. The stock has a market cap of $38.23 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 2.27 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23. The stock has a fifty day moving average price of $76.85 and a 200 day moving average price of $72.88. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $82.41.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.10. The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.16 earnings per share. Analysts predict that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.56%. Cognizant Technology Solutions’s dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CTSH. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. TD Cowen raised their price target on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a report on Thursday, October 31st. Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. Jefferies Financial Group began coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price target for the company. Finally, StockNews.com lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions currently has a consensus rating of “Hold” and a consensus price target of $79.47.

About Cognizant Technology Solutions

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.