Investment Management Corp of Ontario Trims Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Investment Management Corp of Ontario reduced its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 36.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 56,121 shares of the information technology service provider's stock after selling 31,503 shares during the period. Investment Management Corp of Ontario's holdings in Cognizant Technology Solutions were worth $4,331,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CTSH. Janus Henderson Group PLC raised its position in Cognizant Technology Solutions by 3.4% in the 3rd quarter. Janus Henderson Group PLC now owns 60,813 shares of the information technology service provider's stock worth $4,694,000 after purchasing an additional 2,000 shares during the period. Centiva Capital LP purchased a new position in Cognizant Technology Solutions in the 3rd quarter worth $1,712,000. Benjamin Edwards Inc. raised its position in Cognizant Technology Solutions by 7,116.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 38,463 shares of the information technology service provider's stock worth $2,969,000 after purchasing an additional 37,930 shares during the period. Point72 Europe London LLP purchased a new position in Cognizant Technology Solutions in the 3rd quarter worth $679,000. Finally, Fiduciary Trust Co raised its position in Cognizant Technology Solutions by 0.3% in the 3rd quarter. Fiduciary Trust Co now owns 78,175 shares of the information technology service provider's stock worth $6,034,000 after purchasing an additional 210 shares during the period. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Up 0.6 %

CTSH stock traded up $0.46 during midday trading on Wednesday, hitting $80.44. The company's stock had a trading volume of 629,703 shares, compared to its average volume of 3,789,171. The company has a market cap of $39.88 billion, a PE ratio of 17.69, a P/E/G ratio of 2.23 and a beta of 1.06. The firm's 50-day moving average is $77.62 and its 200-day moving average is $73.93. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $82.41. 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 (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, topping the consensus estimate 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 previous year, the business earned $1.16 earnings per share. The company's revenue was up 3.0% on a year-over-year basis. On average, equities research analysts forecast that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Tuesday, November 19th. Cognizant Technology Solutions's dividend payout ratio is currently 26.55%.

Analysts Set New Price Targets

CTSH has been the topic of a number of analyst reports. Bank of America upgraded shares of Cognizant Technology Solutions from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a "neutral" rating in a research report on Friday, September 6th. Mizuho boosted their price objective on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $76.00 target price on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, Cognizant Technology Solutions presently has a consensus rating of "Hold" and a consensus price target of $79.47.

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.