Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Position Decreased by Yacktman Asset Management LP

Yacktman Asset Management LP reduced its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 13.9% during the 1st quarter, HoldingsChannel reports. The fund owned 3,495,625 shares of the information technology service provider’s stock after selling 564,894 shares during the period. Cognizant Technology Solutions accounts for 3.5% of Yacktman Asset Management LP’s portfolio, making the stock its 8th biggest position. Yacktman Asset Management LP’s holdings in Cognizant Technology Solutions were worth $267,415,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of CTSH. Norges Bank purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $527,719,000. National Bank of Canada FI boosted its position in shares of Cognizant Technology Solutions by 54.6% during the 4th quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider’s stock worth $433,254,000 after acquiring an additional 1,990,515 shares in the last quarter. AE Industrial Partners LP acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $113,088,000. Capital Research Global Investors lifted its position in Cognizant Technology Solutions by 98.9% during the 4th quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider’s stock worth $210,894,000 after acquiring an additional 1,363,570 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Cognizant Technology Solutions by 47.8% in the 4th quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider’s stock valued at $254,028,000 after buying an additional 1,068,420 shares during the period. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $80.71 on Wednesday. The firm has a market capitalization of $39.79 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.85 and a beta of 0.96. Cognizant Technology Solutions Corporation has a 1-year low of $65.52 and a 1-year high of $90.82. The firm’s 50 day simple moving average is $79.32 and its 200 day simple moving average is $78.85. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $1.12 earnings per share. As a group, analysts expect that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were given a $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.54%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.11%.

Cognizant Technology Solutions announced that its board has approved a stock repurchase program on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

CTSH has been the subject of several recent research reports. Guggenheim reissued a “neutral” rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. UBS Group lowered their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Morgan Stanley cut their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Finally, Robert W. Baird increased their price objective on Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $85.00.

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.