Yacktman Asset Management LP Reduces Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Yacktman Asset Management LP decreased its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,615,785 shares of the information technology service provider's stock after selling 291,356 shares during the period. Cognizant Technology Solutions makes up about 3.7% of Yacktman Asset Management LP's portfolio, making the stock its 6th largest position. Yacktman Asset Management LP owned approximately 0.93% of Cognizant Technology Solutions worth $356,246,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new stake in Cognizant Technology Solutions in the 2nd quarter valued at $25,000. LRI Investments LLC purchased a new stake in shares of Cognizant Technology Solutions in the first quarter valued at about $28,000. Pinnacle Bancorp Inc. boosted its holdings in Cognizant Technology Solutions by 47.4% during the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider's stock worth $35,000 after purchasing an additional 146 shares during the last quarter. Benjamin Edwards Inc. grew its position in Cognizant Technology Solutions by 42.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider's stock worth $36,000 after purchasing an additional 158 shares in the last quarter. Finally, Eastern Bank purchased a new stake in Cognizant Technology Solutions in the 3rd quarter valued at about $37,000. 92.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. TD Cowen upped their target price on Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a "hold" rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a "hold" rating in a report on Tuesday, October 22nd. Daiwa America raised shares of Cognizant Technology Solutions to a "hold" rating in a research report on Tuesday, August 27th. Bank of America raised shares of Cognizant Technology Solutions from an "underperform" rating to a "neutral" rating and increased their target price for the company from $73.00 to $75.00 in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a "neutral" rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $78.37.

Cognizant Technology Solutions Trading Up 0.7 %

NASDAQ CTSH traded up $0.49 on Tuesday, hitting $75.39. The company's stock had a trading volume of 2,612,322 shares, compared to its average volume of 3,825,321. 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 $80.27. The firm has a market cap of $37.37 billion, a P/E ratio of 16.68, a PEG ratio of 2.06 and a beta of 1.05. The company's 50-day simple moving average is $76.32 and its 200 day simple moving average is $72.10.

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, beating the consensus estimate of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The business had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the previous year, the business posted $1.16 earnings per share. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. Research analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be given 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 1.59%. 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.