Asset Management One Co. Ltd. Reduces Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Asset Management One Co. Ltd. cut its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 216,127 shares of the information technology service provider’s stock after selling 2,385 shares during the period. Asset Management One Co. Ltd.’s holdings in Cognizant Technology Solutions were worth $16,681,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Pinnacle Bancorp Inc. increased its stake in shares of Cognizant Technology Solutions by 47.4% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock worth $35,000 after purchasing an additional 146 shares in the last quarter. Benjamin Edwards Inc. increased its stake in shares of Cognizant Technology Solutions by 42.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock worth $36,000 after purchasing an additional 158 shares in the last quarter. Choate Investment Advisors increased its stake in shares of Cognizant Technology Solutions by 0.4% during the 1st quarter. Choate Investment Advisors now owns 48,552 shares of the information technology service provider’s stock worth $3,558,000 after purchasing an additional 180 shares in the last quarter. V Square Quantitative Management LLC increased its stake in shares of Cognizant Technology Solutions by 1.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 11,169 shares of the information technology service provider’s stock worth $862,000 after purchasing an additional 194 shares in the last quarter. Finally, First Personal Financial Services increased its stake in shares of Cognizant Technology Solutions by 0.6% during the 2nd quarter. First Personal Financial Services now owns 34,893 shares of the information technology service provider’s stock worth $2,373,000 after purchasing an additional 195 shares in the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Up 0.7 %

CTSH stock opened at $75.39 on Wednesday. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $76.28 and a 200-day simple moving average of $72.16. The company has a market capitalization of $37.37 billion, a P/E ratio of 16.68, a PEG ratio of 2.06 and a beta of 1.05. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.10. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The business’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 earnings per share. On average, equities research analysts predict that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently announced 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 of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.59%. Cognizant Technology Solutions’s payout ratio is 26.55%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CTSH. The Goldman Sachs Group restated a “neutral” rating and set a $76.00 target price on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. TD Cowen raised their target price on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. Barclays raised their target price on shares of 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 began coverage on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price on the stock. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $78.37.

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.