Cognizant Technology Solutions Corp (NASDAQ:CTSH) Position Lessened by Tredje AP fonden

Tredje AP fonden decreased its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 46.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,278 shares of the information technology service provider’s stock after selling 35,285 shares during the period. Tredje AP fonden’s holdings in Cognizant Technology Solutions were worth $3,514,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. S.A. Mason LLC bought a new stake in Cognizant Technology Solutions during the 4th quarter valued at $48,000. Brandes Investment Partners LP increased its position in shares of Cognizant Technology Solutions by 3.5% during the 4th quarter. Brandes Investment Partners LP now owns 130,194 shares of the information technology service provider’s stock valued at $8,075,000 after purchasing an additional 4,358 shares during the period. Ancora Advisors LLC increased its position in shares of Cognizant Technology Solutions by 13.6% during the 4th quarter. Ancora Advisors LLC now owns 39,456 shares of the information technology service provider’s stock valued at $2,447,000 after purchasing an additional 4,723 shares during the period. Advisor Partners LLC increased its position in shares of Cognizant Technology Solutions by 28.0% during the 4th quarter. Advisor Partners LLC now owns 16,014 shares of the information technology service provider’s stock valued at $990,000 after purchasing an additional 3,501 shares during the period. Finally, Bigelow Investment Advisors LLC increased its position in shares of Cognizant Technology Solutions by 2.5% during the 4th quarter. Bigelow Investment Advisors LLC now owns 8,775 shares of the information technology service provider’s stock valued at $544,000 after purchasing an additional 214 shares during the period. 88.27% of the stock is currently owned by institutional investors and hedge funds.

Shares of CTSH stock traded down $0.29 on Friday, reaching $51.45. 2,624,990 shares of the company’s stock traded hands, compared to its average volume of 4,044,953. Cognizant Technology Solutions Corp has a 12-month low of $40.01 and a 12-month high of $71.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.90 and a current ratio of 2.90. The company has a market capitalization of $27.97 billion, a P/E ratio of 16.13, a price-to-earnings-growth ratio of 1.37 and a beta of 1.20. The business’s 50 day moving average price is $52.72 and its two-hundred day moving average price is $58.97.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Thursday, May 7th. The information technology service provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.03. Cognizant Technology Solutions had a return on equity of 20.90% and a net margin of 10.46%. The business had revenue of $4.23 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was up 2.8% compared to the same quarter last year. Research analysts predict that Cognizant Technology Solutions Corp will post 3.44 earnings per share for the current year.

Cognizant Technology Solutions declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to buy up to 5.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 20th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.71%. Cognizant Technology Solutions’s dividend payout ratio is 22.06%.

CTSH has been the topic of several research analyst reports. Wells Fargo & Co reiterated a “buy” rating on shares of Cognizant Technology Solutions in a research report on Friday, May 8th. JPMorgan Chase & Co. lifted their price target on Cognizant Technology Solutions from $59.00 to $62.00 and gave the company an “underweight” rating in a research report on Friday, May 8th. Atlantic Securities initiated coverage on Cognizant Technology Solutions in a research report on Wednesday, February 19th. They set an “underweight” rating and a $65.00 price target on the stock. Robert W. Baird lifted their price target on Cognizant Technology Solutions from $50.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, April 13th. Finally, Royal Bank of Canada lifted their price target on Cognizant Technology Solutions from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Seven analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $62.50.

Cognizant Technology Solutions 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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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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