WINTON GROUP Ltd purchased a new position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 92,776 shares of the information technology service provider’s stock, valued at approximately $3,593,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new stake in shares of Cognizant Technology Solutions in the 2nd quarter worth about $468,000. Cidel Asset Management Inc. lifted its holdings in shares of Cognizant Technology Solutions by 18.5% during the second quarter. Cidel Asset Management Inc. now owns 8,628 shares of the information technology service provider’s stock valued at $334,000 after purchasing an additional 1,344 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Cognizant Technology Solutions by 96.4% during the second quarter. NewEdge Advisors LLC now owns 37,532 shares of the information technology service provider’s stock valued at $1,454,000 after purchasing an additional 18,425 shares during the last quarter. Baird Financial Group Inc. boosted its position in shares of Cognizant Technology Solutions by 31.4% in the 2nd quarter. Baird Financial Group Inc. now owns 32,565 shares of the information technology service provider’s stock worth $1,261,000 after purchasing an additional 7,783 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Cognizant Technology Solutions by 4.6% in the 2nd quarter. Arizona State Retirement System now owns 137,119 shares of the information technology service provider’s stock worth $5,311,000 after buying an additional 5,973 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.
Cognizant Technology Solutions Trading Up 0.2%
NASDAQ:CTSH opened at $58.32 on Friday. The company has a market cap of $26.27 billion, a PE ratio of 12.54, a price-to-earnings-growth ratio of 1.09 and a beta of 0.83. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.11. The company has a 50 day simple moving average of $54.06 and a two-hundred day simple moving average of $54.83. 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 company also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 18th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Tuesday, August 18th. Cognizant Technology Solutions’s payout ratio is currently 28.39%.
Cognizant Technology Solutions declared that its board has initiated a share 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 buy up to 9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
A number of research analysts have issued reports on the company. TD Cowen lifted their price objective on Cognizant Technology Solutions from $47.00 to $54.00 and gave the company a “hold” rating in a research note on Thursday, July 30th. Wells Fargo & Company increased their target price on Cognizant Technology Solutions from $61.00 to $67.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Truist Financial assumed coverage on Cognizant Technology Solutions in a report on Monday, June 1st. They set a “hold” rating and a $66.00 price target for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Cognizant Technology Solutions in a research report on Friday, August 7th. Finally, Royal Bank Of Canada set a $55.00 price objective on shares of Cognizant Technology Solutions in a research report on Friday, July 24th. Ten research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.00.
View Our Latest Analysis on Cognizant Technology Solutions
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corporation is a professional services and information technology company that helps organizations modernize their technology infrastructure, operations and customer experiences. The company provides consulting, systems integration, application development and maintenance, and business process services to clients across industries.
Its offerings include cloud enablement, software engineering, data and analytics, artificial intelligence, cybersecurity, automation and digital workplace solutions.
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