Manitou Investment Management Ltd. lifted its stake in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 15.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,380 shares of the information technology service provider’s stock after purchasing an additional 1,000 shares during the quarter. Manitou Investment Management Ltd.’s holdings in Cognizant Technology Solutions were worth $445,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in CTSH. Cedar Capital LLC grew its holdings in Cognizant Technology Solutions by 12.4% in the second quarter. Cedar Capital LLC now owns 31,533 shares of the information technology service provider’s stock valued at $1,999,000 after purchasing an additional 3,486 shares during the last quarter. MU Investments Co. Ltd. grew its holdings in Cognizant Technology Solutions by 2.0% in the second quarter. MU Investments Co. Ltd. now owns 86,700 shares of the information technology service provider’s stock valued at $5,467,000 after purchasing an additional 1,700 shares during the last quarter. Fiera Capital Corp grew its holdings in Cognizant Technology Solutions by 2.2% in the second quarter. Fiera Capital Corp now owns 285,226 shares of the information technology service provider’s stock valued at $18,080,000 after purchasing an additional 6,190 shares during the last quarter. Johnson Financial Group Inc. grew its holdings in Cognizant Technology Solutions by 76.5% in the second quarter. Johnson Financial Group Inc. now owns 4,107 shares of the information technology service provider’s stock valued at $260,000 after purchasing an additional 1,780 shares during the last quarter. Finally, Dupont Capital Management Corp acquired a new stake in Cognizant Technology Solutions in the third quarter valued at $476,000. Institutional investors and hedge funds own 91.23% of the company’s stock.
Several analysts have weighed in on CTSH shares. TheStreet raised Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a report on Tuesday, July 23rd. BidaskClub downgraded Cognizant Technology Solutions from a “hold” rating to a “sell” rating in a research report on Friday, October 11th. Credit Suisse Group reduced their target price on Cognizant Technology Solutions from $83.00 to $81.00 and set an “outperform” rating on the stock in a research report on Monday, September 23rd. ValuEngine upgraded Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating and set a $66.00 target price on the stock. in a research report on Thursday, September 5th. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company’s stock. Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus price target of $71.48.
Shares of Cognizant Technology Solutions stock traded down $0.17 during trading hours on Friday, reaching $62.86. The stock had a trading volume of 1,858,000 shares, compared to its average volume of 4,136,774. The firm has a 50 day simple moving average of $60.68 and a two-hundred day simple moving average of $62.73. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $34.28 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 1.42 and a beta of 1.05. Cognizant Technology Solutions Corp has a 1 year low of $56.73 and a 1 year high of $74.85.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.03. The company had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.21 billion. Cognizant Technology Solutions had a return on equity of 20.23% and a net margin of 12.60%. The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.05 EPS. Sell-side analysts forecast that Cognizant Technology Solutions Corp will post 3.97 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date of this dividend is Monday, November 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 19.90%.
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
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