Macquarie Group Ltd. reduced its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH – Free Report) by 29.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,536,381 shares of the information technology service provider’s stock after selling 656,216 shares during the period. Cognizant Technology Solutions makes up approximately 0.6% of Macquarie Group Ltd.’s investment portfolio, making the stock its 29th biggest position. Macquarie Group Ltd.’s holdings in Cognizant Technology Solutions were worth $127,520,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in CTSH. Brighton Jones LLC bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $214,000. Geneos Wealth Management Inc. boosted its stake in shares of 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 bought 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% in the second quarter. Cresset Asset Management LLC now owns 9,160 shares of the information technology service provider’s stock valued at $715,000 after buying an additional 935 shares during the period. Finally, Jump Financial LLC increased its stake in Cognizant Technology Solutions by 231.4% in the second quarter. Jump Financial LLC now owns 29,667 shares of the information technology service provider’s stock valued at $2,315,000 after acquiring an additional 20,716 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.
Cognizant Technology Solutions Stock Up 1.9%
Shares of NASDAQ:CTSH opened at $52.17 on Friday. The company has a fifty day moving average of $54.79 and a 200-day moving average of $67.76. The company has a market capitalization of $24.72 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 1.08 and a beta of 0.81. 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 Corporation has a 52-week low of $45.48 and a 52-week high of $87.03.
Cognizant Technology Solutions announced that its Board of Directors has authorized a stock repurchase program on Monday, May 18th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to reacquire up to 9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Cognizant Technology Solutions Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Monday, May 18th were issued a dividend of $0.33 per share. The ex-dividend date was Monday, May 18th. This represents a $1.32 annualized dividend and a dividend yield of 2.5%. Cognizant Technology Solutions’s dividend payout ratio is 28.70%.
Wall Street Analysts Forecast Growth
Several research analysts have commented on CTSH shares. BMO Capital Markets lowered their price objective on shares of Cognizant Technology Solutions from $83.00 to $63.00 in a research report on Thursday, April 30th. Berenberg Bank lowered their price objective on shares of Cognizant Technology Solutions from $107.00 to $81.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Dbs Bank lowered their price objective on shares of Cognizant Technology Solutions from $80.00 to $66.00 in a research report on Thursday, May 7th. Wedbush upgraded shares of Cognizant Technology Solutions from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $56.00 to $70.00 in a research report on Monday. Finally, The Goldman Sachs Group set a $75.00 price objective on shares of Cognizant Technology Solutions in a research report on Wednesday, April 29th. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions presently has a consensus rating of “Hold” and a consensus price target of $73.50.
Get Our Latest Stock Report on CTSH
Cognizant Technology Solutions Profile
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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