PNC Financial Services Group Inc. Acquires 6,626 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

PNC Financial Services Group Inc. raised its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 5.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 119,570 shares of the information technology service provider's stock after acquiring an additional 6,626 shares during the period. PNC Financial Services Group Inc.'s holdings in Cognizant Technology Solutions were worth $9,228,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CTSH. Cibc World Market Inc. increased its holdings in Cognizant Technology Solutions by 19,850.5% in the 2nd quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider's stock valued at $205,096,000 after acquiring an additional 3,000,996 shares during the last quarter. Pzena Investment Management LLC increased its holdings in Cognizant Technology Solutions by 11.7% in the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider's stock valued at $1,265,473,000 after acquiring an additional 1,943,127 shares during the last quarter. Bank of Montreal Can increased its holdings in Cognizant Technology Solutions by 152.8% in the 2nd quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider's stock valued at $146,132,000 after acquiring an additional 1,281,236 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Cognizant Technology Solutions by 276.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider's stock worth $122,603,000 after buying an additional 1,167,033 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Cognizant Technology Solutions by 129.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,904,263 shares of the information technology service provider's stock valued at $139,565,000 after buying an additional 1,073,666 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Price Performance

CTSH opened at $79.54 on Friday. 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 business's fifty day simple moving average is $76.98 and its 200-day simple moving average is $73.24. The company has a market capitalization of $39.44 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.10 and a beta of 1.05. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $82.41.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping 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 company had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same period in the prior year, the business earned $1.16 EPS. The firm's quarterly revenue was up 3.0% on a year-over-year basis. On average, equities research analysts anticipate 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 issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.51%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions's payout ratio is 26.55%.

Wall Street Analyst Weigh In

Several research firms recently commented on CTSH. JPMorgan Chase & Co. lifted their price target 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. Deutsche Bank Aktiengesellschaft boosted their target price on Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a "hold" rating in a research report on Tuesday, October 22nd. Bank of America upgraded Cognizant Technology Solutions from an "underperform" rating to a "neutral" rating and raised their price target for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. Royal Bank of Canada upped their price target on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a "sector perform" rating in a report on Wednesday, August 28th. Finally, TD Cowen raised their price objective on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a "hold" rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has an average rating of "Hold" and a consensus target price 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.