Dai ichi Life Insurance Company Ltd Sells 27,338 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Dai ichi Life Insurance Company Ltd decreased its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 15.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,601 shares of the information technology service provider’s stock after selling 27,338 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Cognizant Technology Solutions were worth $11,701,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTSH. 1620 Investment Advisors Inc. acquired a new position in Cognizant Technology Solutions during the 2nd quarter worth about $25,000. Addison Advisors LLC lifted its position in shares of Cognizant Technology Solutions by 127.7% during the third quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock valued at $26,000 after purchasing an additional 189 shares in the last quarter. LRI Investments LLC purchased a new position in shares of Cognizant Technology Solutions in the 1st quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new position in Cognizant Technology Solutions in the third quarter valued at about $30,000. Finally, Pinnacle Bancorp Inc. lifted its position 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 valued at $35,000 after buying an additional 146 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CTSH. Deutsche Bank Aktiengesellschaft upped their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 price objective for the company. JPMorgan Chase & Co. increased their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. Finally, Daiwa America upgraded Cognizant Technology Solutions to a “hold” rating in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $79.47.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock opened at $80.63 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $82.41. The business’s 50 day moving average price is $77.03 and its 200 day moving average price is $73.41. The company has a market cap of $39.98 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 2.19 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data 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 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 for the quarter was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.16 EPS. On average, research analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is presently 26.55%.

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.