Sumitomo Mitsui DS Asset Management Company Ltd Raises Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 0.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 55,502 shares of the information technology service provider’s stock after purchasing an additional 298 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Cognizant Technology Solutions were worth $4,284,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CTSH. Bleakley Financial Group LLC grew its holdings in Cognizant Technology Solutions by 3.8% during the third quarter. Bleakley Financial Group LLC now owns 5,972 shares of the information technology service provider’s stock valued at $461,000 after purchasing an additional 220 shares during the period. Twelve Points Wealth Management LLC purchased a new position in Cognizant Technology Solutions during the 3rd quarter valued at $756,000. Birch Capital Management LLC boosted its position in Cognizant Technology Solutions by 20.2% in the 3rd quarter. Birch Capital Management LLC now owns 34,859 shares of the information technology service provider’s stock valued at $2,690,000 after buying an additional 5,859 shares during the period. Creative Planning raised its position in shares of Cognizant Technology Solutions by 8.6% in the 3rd quarter. Creative Planning now owns 44,423 shares of the information technology service provider’s stock worth $3,429,000 after acquiring an additional 3,518 shares in the last quarter. Finally, CX Institutional boosted its stake in Cognizant Technology Solutions by 5.3% in the third quarter. CX Institutional now owns 4,066 shares of the information technology service provider’s stock valued at $314,000 after acquiring an additional 205 shares in the last quarter. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Price Performance

Shares of CTSH opened at $78.00 on Friday. Cognizant Technology Solutions Co. has a 1-year low of $62.14 and a 1-year high of $80.27. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46. The stock has a market cap of $38.78 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 2.16 and a beta of 1.05. The firm has a fifty day moving average price of $76.39 and a 200 day moving average price of $71.67.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.10 earnings per share. As a group, sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.62 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 annualized dividend and a yield of 1.54%. Cognizant Technology Solutions’s dividend payout ratio is presently 28.85%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of several research reports. Barclays lifted their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Robert W. Baird upped their target price on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and upped their price target for the company from $73.00 to $75.00 in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Cognizant Technology Solutions has an average rating of “Hold” and an average price target of $77.44.

Insider Buying and Selling

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the sale, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at $3,419,812.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company’s stock.

About Cognizant Technology Solutions

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.