Bank Julius Baer & Co. Ltd Zurich lowered its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH – Free Report) by 2.6% during the 2nd quarter, Holdings Channel reports. The fund owned 11,012 shares of the information technology service provider’s stock after selling 293 shares during the period. Bank Julius Baer & Co. Ltd Zurich’s holdings in Cognizant Technology Solutions were worth $719,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in CTSH. Norges Bank bought a new stake in Cognizant Technology Solutions during the 4th quarter valued at $374,413,000. JPMorgan Chase & Co. raised its stake in Cognizant Technology Solutions by 84.6% during the 1st quarter. JPMorgan Chase & Co. now owns 13,148,963 shares of the information technology service provider’s stock valued at $801,166,000 after acquiring an additional 6,027,057 shares in the last quarter. Toronto Dominion Bank raised its stake in Cognizant Technology Solutions by 211.3% during the 1st quarter. Toronto Dominion Bank now owns 6,172,703 shares of the information technology service provider’s stock valued at $375,901,000 after acquiring an additional 4,189,677 shares in the last quarter. Wellington Management Group LLP raised its stake in Cognizant Technology Solutions by 43.7% during the 1st quarter. Wellington Management Group LLP now owns 9,917,510 shares of the information technology service provider’s stock valued at $604,274,000 after acquiring an additional 3,017,452 shares in the last quarter. Finally, Hawk Ridge Capital Management LP bought a new stake in Cognizant Technology Solutions during the 1st quarter valued at $93,170,000. Institutional investors own 90.77% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on CTSH shares. Wedbush reiterated an “outperform” rating and set a $75.00 price target on shares of Cognizant Technology Solutions in a research report on Friday, August 11th. Citigroup lifted their price target on Cognizant Technology Solutions from $65.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, August 3rd. Royal Bank of Canada lifted their price target on Cognizant Technology Solutions from $66.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, August 3rd. Barclays lifted their price target on Cognizant Technology Solutions from $53.00 to $61.00 and gave the company an “underweight” rating in a research report on Tuesday, July 25th. Finally, StockNews.com started coverage on Cognizant Technology Solutions in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Four analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions has an average rating of “Hold” and a consensus price target of $68.75.
Cognizant Technology Solutions Stock Performance
Shares of CTSH stock opened at $68.18 on Tuesday. Cognizant Technology Solutions Co. has a 1-year low of $51.33 and a 1-year high of $72.71. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $34.43 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 1.76 and a beta of 1.08. The stock’s fifty day simple moving average is $69.71 and its 200-day simple moving average is $65.33.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Free Report) last issued its quarterly earnings results on Wednesday, August 2nd. The information technology service provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.13. Cognizant Technology Solutions had a return on equity of 18.00% and a net margin of 11.31%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.84 billion. During the same quarter in the previous year, the company posted $1.14 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was down .4% compared to the same quarter last year. On average, sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.41 earnings per share for the current fiscal year.
Cognizant Technology Solutions Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 29th. Investors of record on Monday, August 21st were given a dividend of $0.29 per share. The ex-dividend date was Friday, August 18th. This represents a $1.16 dividend on an annualized basis and a yield of 1.70%. Cognizant Technology Solutions’s payout ratio is 27.04%.
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.
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