Legacy Wealth Asset Management LLC Has $1.22 Million Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Legacy Wealth Asset Management LLC trimmed its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 13.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,697 shares of the information technology service provider’s stock after selling 2,488 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Cognizant Technology Solutions were worth $1,224,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Cognizant Technology Solutions by 17.0% in the fourth quarter. Vanguard Group Inc. now owns 51,111,915 shares of the information technology service provider’s stock valued at $3,860,483,000 after buying an additional 7,445,089 shares during the period. Norges Bank bought a new position in Cognizant Technology Solutions during the 4th quarter worth about $406,360,000. JPMorgan Chase & Co. raised its stake in shares of Cognizant Technology Solutions by 32.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,663,814 shares of the information technology service provider’s stock valued at $1,196,547,000 after purchasing an additional 4,365,493 shares during the period. Cibc World Markets Corp boosted its position in shares of Cognizant Technology Solutions by 1,861.7% during the fourth quarter. Cibc World Markets Corp now owns 1,686,597 shares of the information technology service provider’s stock worth $127,389,000 after buying an additional 1,600,621 shares during the period. Finally, KBC Group NV grew its holdings in shares of Cognizant Technology Solutions by 2,083.8% during the fourth quarter. KBC Group NV now owns 1,422,912 shares of the information technology service provider’s stock worth $107,473,000 after buying an additional 1,357,755 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CTSH. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Monday, June 10th. BMO Capital Markets cut their price target on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating for the company in a research note on Tuesday, April 30th. The Goldman Sachs Group started coverage on shares of Cognizant Technology Solutions in a report on Monday, June 24th. They issued a “neutral” rating and a $72.00 target price on the stock. Wedbush reissued an “outperform” rating and set a $85.00 price target on shares of Cognizant Technology Solutions in a research report on Thursday, May 2nd. Finally, Barclays reduced their target price on Cognizant Technology Solutions from $80.00 to $75.00 and set an “equal weight” rating for the company in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $75.44.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH traded down $0.31 during midday trading on Thursday, hitting $68.30. The company had a trading volume of 1,230,286 shares, compared to its average volume of 3,713,830. The firm has a 50-day moving average price of $67.15 and a 200-day moving average price of $72.21. The company has a market capitalization of $33.96 billion, a PE ratio of 16.42, a P/E/G ratio of 2.05 and a beta of 1.05. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a twelve month low of $62.14 and a twelve month high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.01. The business had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. Cognizant Technology Solutions’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 earnings per share. As a group, analysts anticipate that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Monday, May 20th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.76%. Cognizant Technology Solutions’s dividend payout ratio is 28.85%.

About Cognizant Technology Solutions

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.