Louisiana State Employees Retirement System bought a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH – Free Report) in the 1st quarter, Holdings Channel reports. The firm bought 55,800 shares of the information technology service provider’s stock, valued at approximately $3,423,000.
A number of other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at about $214,000. Geneos Wealth Management Inc. raised its stake in Cognizant Technology Solutions by 118.8% in the first quarter. Geneos Wealth Management Inc. now owns 569 shares of the information technology service provider’s stock valued at $44,000 after buying an additional 309 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Cognizant Technology Solutions in the first quarter valued at approximately $142,000. Cresset Asset Management LLC boosted its stake in shares of Cognizant Technology Solutions by 11.4% during the 2nd quarter. Cresset Asset Management LLC now owns 9,160 shares of the information technology service provider’s stock worth $715,000 after acquiring an additional 935 shares during the period. Finally, Jump Financial LLC boosted its stake in shares of Cognizant Technology Solutions by 231.4% during the 2nd quarter. Jump Financial LLC now owns 29,667 shares of the information technology service provider’s stock worth $2,315,000 after acquiring an additional 20,716 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.
Cognizant Technology Solutions Stock Up 2.2%
CTSH opened at $40.03 on Friday. The stock has a fifty day moving average of $51.46 and a 200-day moving average of $65.41. The company has a market capitalization of $18.97 billion, a P/E ratio of 8.70, a P/E/G ratio of 0.84 and a beta of 0.81. Cognizant Technology Solutions Corporation has a fifty-two week low of $38.97 and a fifty-two week high of $87.03. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.23 and a current ratio of 2.23.
Cognizant Technology Solutions Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Shareholders of record on Monday, May 18th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, May 18th. Cognizant Technology Solutions’s dividend payout ratio is presently 28.70%.
Cognizant Technology Solutions announced that its Board of Directors has initiated a stock repurchase plan on Monday, May 18th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to purchase up to 9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the company. Daiwa Securities Group dropped their price target on Cognizant Technology Solutions from $65.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. dropped their price objective on shares of Cognizant Technology Solutions from $92.00 to $74.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 28th. Robert W. Baird set a $72.00 target price on shares of Cognizant Technology Solutions and gave the stock a “neutral” rating in a research note on Friday, April 10th. Mizuho decreased their price target on shares of Cognizant Technology Solutions from $87.00 to $68.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Finally, BMO Capital Markets cut their price objective on shares of Cognizant Technology Solutions from $83.00 to $63.00 in a research report on Thursday, April 30th. Ten analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $69.70.
View Our Latest Research Report on CTSH
About Cognizant Technology Solutions
Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.
Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.
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