CWA Asset Management Group LLC Makes New $524,000 Investment in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

CWA Asset Management Group LLC bought a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 6,790 shares of the information technology service provider's stock, valued at approximately $524,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Summit Global Investments purchased a new position in Cognizant Technology Solutions during the 3rd quarter valued at about $1,015,000. Trinity Legacy Partners LLC increased its position in shares of Cognizant Technology Solutions by 14.3% during 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 purchasing an additional 7,547 shares during the period. Principal Financial Group Inc. increased its position in shares of Cognizant Technology Solutions by 5.0% during the third quarter. Principal Financial Group Inc. now owns 665,305 shares of the information technology service provider's stock valued at $51,348,000 after purchasing an additional 31,758 shares during the period. Graypoint LLC grew its position in Cognizant Technology Solutions by 9.0% in the third quarter. Graypoint LLC now owns 4,661 shares of the information technology service provider's stock valued at $360,000 after acquiring an additional 385 shares during the period. Finally, Concurrent Investment Advisors LLC grew its position in Cognizant Technology Solutions by 14.5% in the third quarter. Concurrent Investment Advisors LLC now owns 5,961 shares of the information technology service provider's stock valued at $460,000 after acquiring an additional 753 shares during the period. 92.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on CTSH. TD Cowen upped their price target on Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a "hold" rating in a research note on Thursday, October 31st. Jefferies Financial Group began coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a "buy" rating and a $90.00 target price for the company. Daiwa America raised Cognizant Technology Solutions to a "hold" rating in a report on Tuesday, August 27th. Mizuho increased their price target on Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a "neutral" rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised their target price on Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a "neutral" rating in a research report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $78.83.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ CTSH traded up $0.24 during trading on Tuesday, hitting $81.74. 1,909,305 shares of the company were exchanged, compared to its average volume of 3,817,052. The company has a market cap of $40.53 billion, a price-to-earnings ratio of 18.03, a PEG ratio of 2.21 and a beta of 1.05. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.19. The firm's fifty day moving average price is $76.54 and its 200 day moving average price is $72.53. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23.

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

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.47%. Cognizant Technology Solutions's payout ratio is 26.55%.

Cognizant Technology Solutions 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.