Tokio Marine Asset Management Co. Ltd. lessened its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) by 19.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,227 shares of the information technology service provider’s stock after selling 1,791 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Cognizant Technology Solutions were worth $413,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also added to or reduced their stakes in the business. Zions Bancorporation N.A. raised its stake in Cognizant Technology Solutions by 29.9% in the 1st quarter. Zions Bancorporation N.A. now owns 651 shares of the information technology service provider’s stock valued at $58,000 after acquiring an additional 150 shares during the period. Optas LLC increased its position in Cognizant Technology Solutions by 1.7% during the 3rd quarter. Optas LLC now owns 10,723 shares of the information technology service provider’s stock worth $617,000 after buying an additional 175 shares during the period. Penserra Capital Management LLC increased its position in Cognizant Technology Solutions by 8.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,541 shares of the information technology service provider’s stock worth $227,000 after buying an additional 189 shares during the period. Evergreen Capital Management LLC increased its position in Cognizant Technology Solutions by 3.6% during the 1st quarter. Evergreen Capital Management LLC now owns 5,460 shares of the information technology service provider’s stock worth $490,000 after buying an additional 191 shares during the period. Finally, Reynders McVeigh Capital Management LLC increased its position in Cognizant Technology Solutions by 5.1% during the 3rd quarter. Reynders McVeigh Capital Management LLC now owns 4,160 shares of the information technology service provider’s stock worth $239,000 after buying an additional 200 shares during the period. Institutional investors own 90.12% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on CTSH shares. Barclays increased their price objective on Cognizant Technology Solutions from $45.00 to $53.00 and gave the stock an “underweight” rating in a research report on Monday, February 6th. Deutsche Bank Aktiengesellschaft raised their price objective on Cognizant Technology Solutions from $54.00 to $67.00 in a research note on Friday, February 3rd. Susquehanna reduced their price objective on Cognizant Technology Solutions from $93.00 to $91.00 and set a “positive” rating on the stock in a research note on Friday, February 3rd. Wolfe Research lowered Cognizant Technology Solutions from a “peer perform” rating to an “underperform” rating and set a $49.00 price objective on the stock. in a research note on Thursday, January 5th. Finally, Morgan Stanley cut their price target on Cognizant Technology Solutions from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Friday, February 3rd. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $69.90.
Cognizant Technology Solutions Trading Down 0.4 %
Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last released its quarterly earnings data on Thursday, February 2nd. The information technology service provider reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.78 billion. Cognizant Technology Solutions had a return on equity of 18.92% and a net margin of 11.79%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.10 earnings per share. Research analysts forecast that Cognizant Technology Solutions Co. will post 4.46 earnings per share for the current year.
Cognizant Technology Solutions Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Stockholders of record on Friday, February 17th were issued a dividend of $0.29 per share. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $1.16 annualized dividend and a dividend yield of 1.92%. Cognizant Technology Solutions’s payout ratio is currently 26.24%.
About Cognizant Technology Solutions
Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.
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