Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc raised its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 5.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 155,948 shares of the information technology service provider's stock after buying an additional 7,844 shares during the quarter. CIBC Asset Management Inc's holdings in Cognizant Technology Solutions were worth $12,036,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in Cognizant Technology Solutions during the third quarter worth about $1,972,000. Trinity Legacy Partners LLC boosted its stake in shares of Cognizant Technology Solutions by 14.3% in the third quarter. Trinity Legacy Partners LLC now owns 60,291 shares of the information technology service provider's stock valued at $4,629,000 after buying an additional 7,547 shares in the last quarter. Blair William & Co. IL grew its holdings in Cognizant Technology Solutions by 2.5% during the first quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider's stock worth $1,231,000 after acquiring an additional 412 shares during the period. Cetera Investment Advisers raised its position in Cognizant Technology Solutions by 135.4% in the first quarter. Cetera Investment Advisers now owns 33,305 shares of the information technology service provider's stock worth $2,441,000 after acquiring an additional 19,157 shares in the last quarter. Finally, National Pension Service lifted its holdings in Cognizant Technology Solutions by 15.9% in the third quarter. National Pension Service now owns 907,902 shares of the information technology service provider's stock valued at $70,072,000 after acquiring an additional 124,740 shares during the period. Institutional investors and hedge funds own 92.44% of the company's stock.

Cognizant Technology Solutions Trading Down 4.5 %

CTSH traded down $3.66 during midday trading on Friday, hitting $77.11. The company's stock had a trading volume of 5,411,813 shares, compared to its average volume of 3,675,610. The firm has a 50-day moving average price of $76.85 and a two-hundred day moving average price of $72.88. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $82.41. The firm has a market cap of $38.23 billion, a P/E ratio of 17.06, a PEG ratio of 2.13 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.10. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. Cognizant Technology Solutions's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the business earned $1.16 EPS. On average, research analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.56%. Cognizant Technology Solutions's dividend payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CTSH shares. Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a "buy" rating and a $90.00 price target for the company. StockNews.com cut shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Mizuho boosted their price target on Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a "neutral" rating in a research note on Friday, November 1st. JPMorgan Chase & Co. raised their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a "neutral" rating in a research note on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cognizant Technology Solutions presently has an average rating of "Hold" and a consensus target price of $79.47.

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.