Cognizant Technology Solutions Co. (NASDAQ:CTSH) Position Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 155,948 shares of the information technology service provider’s stock after purchasing 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 modified their holdings of CTSH. Vanguard Group Inc. raised its stake in Cognizant Technology Solutions by 13.6% during the first quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock valued at $4,254,178,000 after buying an additional 6,933,908 shares in the last quarter. Cibc World Market Inc. increased its holdings in shares of Cognizant Technology Solutions by 19,850.5% in the 2nd quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock valued at $205,096,000 after acquiring an additional 3,000,996 shares during the last quarter. Pzena Investment Management LLC raised its position in shares of Cognizant Technology Solutions by 11.7% during the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock valued at $1,265,473,000 after acquiring an additional 1,943,127 shares in the last quarter. Bank of Montreal Can boosted its holdings in Cognizant Technology Solutions by 152.8% in the second quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock worth $146,132,000 after purchasing an additional 1,281,236 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Cognizant Technology Solutions by 276.9% in the third quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock worth $122,603,000 after purchasing an additional 1,167,033 shares during the period. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CTSH. The Goldman Sachs Group restated a “neutral” rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Royal Bank of Canada upped their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a report on Wednesday, August 28th. Robert W. Baird boosted their price objective on Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Barclays increased their target price on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. They set a “buy” rating and a $90.00 price target for the company. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and an average price target of $79.47.

Cognizant Technology Solutions Stock Down 4.5 %

Shares of CTSH stock opened at $77.11 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. The stock has a market cap of $38.23 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 2.27 and a beta of 1.05. The business’s fifty day moving average is $76.85 and its 200-day moving average is $72.88. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.41.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.15 by $0.10. The firm 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%. Cognizant Technology Solutions’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.16 earnings per share. Equities analysts expect that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

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.