Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) – Equities researchers at Wedbush issued their Q1 2023 earnings per share estimates for shares of Cognizant Technology Solutions in a research report issued on Sunday, March 12th. Wedbush analyst M. Katri anticipates that the information technology service provider will post earnings per share of $1.08 for the quarter. Wedbush currently has a “Outperform” rating and a $75.00 price objective on the stock. The consensus estimate for Cognizant Technology Solutions’ current full-year earnings is $4.51 per share. Wedbush also issued estimates for Cognizant Technology Solutions’ Q2 2023 earnings at $1.10 EPS, Q3 2023 earnings at $1.11 EPS, Q4 2023 earnings at $1.12 EPS and FY2024 earnings at $5.02 EPS.
CTSH has been the subject of several other research reports. UBS Group raised their target price on Cognizant Technology Solutions from $62.00 to $68.00 in a research report on Sunday, January 15th. Morgan Stanley cut their target price on Cognizant Technology Solutions from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, February 3rd. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, February 14th. Susquehanna dropped their price target on Cognizant Technology Solutions from $93.00 to $91.00 and set a “positive” rating for the company in a report on Friday, February 3rd. Finally, Barclays raised their price target on Cognizant Technology Solutions from $45.00 to $53.00 and gave the company an “underweight” rating in a report on Monday, February 6th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $69.90.
Cognizant Technology Solutions Price Performance
Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The information technology service provider reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. Cognizant Technology Solutions had a return on equity of 18.92% and a net margin of 11.79%. The company had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter last year, the company earned $1.10 EPS. The company’s quarterly revenue was up 1.3% on a year-over-year basis.
Cognizant Technology Solutions Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Friday, February 17th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, February 16th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.27. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.98%. Cognizant Technology Solutions’s payout ratio is 26.24%.
Institutional Investors Weigh In On Cognizant Technology Solutions
Institutional investors have recently made changes to their positions in the stock. Dark Forest Capital Management LP acquired a new stake in shares of Cognizant Technology Solutions during the second quarter worth $26,000. Prospera Financial Services Inc grew its stake in shares of Cognizant Technology Solutions by 77.0% during the second quarter. Prospera Financial Services Inc now owns 393 shares of the information technology service provider’s stock worth $27,000 after purchasing an additional 171 shares during the period. Neo Ivy Capital Management lifted its holdings in Cognizant Technology Solutions by 75.6% during the third quarter. Neo Ivy Capital Management now owns 504 shares of the information technology service provider’s stock worth $29,000 after acquiring an additional 217 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in Cognizant Technology Solutions by 492.9% during the third quarter. Hexagon Capital Partners LLC now owns 587 shares of the information technology service provider’s stock worth $34,000 after acquiring an additional 488 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd lifted its holdings in Cognizant Technology Solutions by 613.9% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 721 shares of the information technology service provider’s stock worth $41,000 after acquiring an additional 620 shares in the last quarter. 90.12% of the stock is owned by institutional investors and hedge funds.
Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.
- Get a free copy of the StockNews.com research report on Cognizant Technology Solutions (CTSH)
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