Intech Investment Management LLC Sells 2,383 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Intech Investment Management LLC reduced its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 10.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,008 shares of the information technology service provider’s stock after selling 2,383 shares during the period. Intech Investment Management LLC’s holdings in Cognizant Technology Solutions were worth $1,544,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CTSH. Cibc World Market Inc. grew its stake 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 worth $205,096,000 after acquiring an additional 3,000,996 shares in the last quarter. Pzena Investment Management LLC grew its stake 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 worth $1,265,473,000 after acquiring an additional 1,943,127 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Cognizant Technology Solutions by 152.8% during the second 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 purchasing an additional 1,281,236 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Cognizant Technology Solutions by 276.9% during the third quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock valued at $122,603,000 after purchasing an additional 1,167,033 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Cognizant Technology Solutions by 129.3% during the first 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 purchasing an additional 1,073,666 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Trading Up 1.4 %

NASDAQ CTSH opened at $80.63 on Tuesday. The company has a fifty day simple moving average of $77.03 and a two-hundred day simple moving average of $73.41. The stock has a market cap of $39.98 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.19 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. 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) 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 firm had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter last year, the company posted $1.16 earnings per share. The firm’s revenue was up 3.0% compared to the same quarter last year. On average, analysts forecast that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be issued a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.49%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. increased 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 note on Friday, September 6th. Mizuho increased 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 note on Friday, November 1st. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $79.47.

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.