Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 7.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 171,680 shares of the information technology service provider’s stock after purchasing an additional 11,677 shares during the quarter. Van ECK Associates Corp’s holdings in Cognizant Technology Solutions were worth $13,060,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CTSH. Norden Group LLC purchased a new position in Cognizant Technology Solutions in the first quarter valued at about $233,000. Whittier Trust Co. of Nevada Inc. increased its stake in Cognizant Technology Solutions by 20.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,827 shares of the information technology service provider’s stock valued at $280,000 after purchasing an additional 648 shares in the last quarter. Mediolanum International Funds Ltd acquired a new position in Cognizant Technology Solutions during the first quarter worth $1,252,000. Flossbach Von Storch AG raised its holdings in Cognizant Technology Solutions by 0.6% during the first quarter. Flossbach Von Storch AG now owns 218,175 shares of the information technology service provider’s stock worth $15,990,000 after purchasing an additional 1,267 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its position in Cognizant Technology Solutions by 17.4% during the first quarter. Manchester Capital Management LLC now owns 1,491 shares of the information technology service provider’s stock worth $109,000 after purchasing an additional 221 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CTSH. The Goldman Sachs Group restated a “neutral” rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Barclays upped their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. TD Cowen raised their price objective on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. Daiwa America raised Cognizant Technology Solutions to a “hold” rating in a research note on Tuesday, August 27th. Finally, Royal Bank of Canada raised their price target on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.37.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $75.39 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. The company has a market cap of $37.37 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 2.06 and a beta of 1.05. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $80.27. The firm has a 50 day moving average price of $76.28 and a 200 day moving average price of $72.16.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.10. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the firm posted $1.16 EPS. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. Sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Cognizant Technology Solutions Profile

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.