Pzena Investment Management LLC lifted its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH – Free Report) by 14.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,262,362 shares of the information technology service provider’s stock after buying an additional 2,633,683 shares during the period. Cognizant Technology Solutions comprises approximately 4.1% of Pzena Investment Management LLC’s investment portfolio, making the stock its 2nd biggest position. Pzena Investment Management LLC owned approximately 4.24% of Cognizant Technology Solutions worth $1,243,096,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in CTSH. Invesco Ltd. boosted its position in Cognizant Technology Solutions by 8.6% during the 3rd quarter. Invesco Ltd. now owns 12,534,198 shares of the information technology service provider’s stock worth $840,669,000 after buying an additional 987,395 shares during the period. First Trust Advisors LP increased its position in Cognizant Technology Solutions by 7.6% in the 3rd quarter. First Trust Advisors LP now owns 9,085,998 shares of the information technology service provider’s stock valued at $609,398,000 after acquiring an additional 639,801 shares during the period. Norges Bank acquired a new position in Cognizant Technology Solutions in the 4th quarter valued at approximately $690,959,000. GQG Partners LLC bought a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at $673,651,000. Finally, FIL Ltd lifted its holdings in shares of Cognizant Technology Solutions by 46.6% during the fourth quarter. FIL Ltd now owns 6,680,508 shares of the information technology service provider’s stock worth $554,482,000 after purchasing an additional 2,122,600 shares during the period. 92.44% of the stock is currently owned by institutional investors.
Cognizant Technology Solutions Stock Up 6.0%
Shares of NASDAQ CTSH opened at $41.07 on Thursday. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.04. The firm has a market cap of $19.46 billion, a PE ratio of 8.93, a P/E/G ratio of 0.82 and a beta of 0.87. The company’s fifty day simple moving average is $50.18 and its 200 day simple moving average is $64.39. Cognizant Technology Solutions Corporation has a 12-month low of $37.08 and a 12-month high of $87.03.
Cognizant Technology Solutions Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Monday, May 18th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.32 annualized dividend and a dividend yield of 3.2%. Cognizant Technology Solutions’s payout ratio is presently 28.70%.
Cognizant Technology Solutions announced that its Board of Directors has approved a share repurchase program on Monday, May 18th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to purchase up to 9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the company. Citigroup increased their price objective on Cognizant Technology Solutions from $51.00 to $55.00 and gave the company a “neutral” rating in a report on Monday, June 8th. Berenberg Bank set a $59.00 price target on Cognizant Technology Solutions and gave the company a “hold” rating in a research report on Wednesday, June 17th. UBS Group decreased their price target on Cognizant Technology Solutions from $60.00 to $55.00 in a research note on Monday, May 11th. HSBC lowered their price objective on Cognizant Technology Solutions from $80.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Weiss Ratings cut Cognizant Technology Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $68.35.
Get Our Latest Report on Cognizant Technology Solutions
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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