Northwest Bancshares Inc. Trims Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Northwest Bancshares Inc. cut its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 45.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 42,017 shares of the information technology service provider's stock after selling 34,530 shares during the period. Northwest Bancshares Inc.'s holdings in Cognizant Technology Solutions were worth $3,243,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. 1620 Investment Advisors Inc. purchased a new stake in Cognizant Technology Solutions during the second quarter valued at about $25,000. Addison Advisors LLC boosted its position in Cognizant Technology Solutions by 127.7% in the third quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider's stock worth $26,000 after purchasing an additional 189 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Cognizant Technology Solutions during the 1st quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new position in Cognizant Technology Solutions in the 3rd quarter worth approximately $30,000. Finally, Pinnacle Bancorp Inc. increased its stake in Cognizant Technology Solutions by 47.4% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider's stock worth $35,000 after acquiring an additional 146 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Up 0.8 %

NASDAQ CTSH traded up $0.58 on Wednesday, hitting $76.90. 867,189 shares of the company were exchanged, compared to its average volume of 3,821,376. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average of $76.86 and a 200-day moving average of $73.08. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $82.41. The company has a market cap of $38.13 billion, a PE ratio of 16.88, a PEG ratio of 2.13 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts' expectations of $4.99 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. The business's revenue was up 3.0% compared to the same quarter last year. As a group, analysts forecast that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The company 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 annualized dividend and a yield of 1.56%. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.55%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CTSH shares. Jefferies Financial Group started coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a "buy" rating and a $90.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a "neutral" rating in a report on Friday, September 6th. Bank of America upgraded Cognizant Technology Solutions from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a "hold" rating in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Cognizant Technology Solutions currently 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.