Van ECK Associates Corp Acquires 32,358 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Van ECK Associates Corp raised its position in Cognizant Technology Solutions Co. (NASDAQ:CTSHFree Report) by 37.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 118,836 shares of the information technology service provider’s stock after buying an additional 32,358 shares during the quarter. Van ECK Associates Corp’s holdings in Cognizant Technology Solutions were worth $8,050,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CTSH. NBC Securities Inc. acquired a new stake in Cognizant Technology Solutions during the 3rd quarter worth approximately $27,000. China Universal Asset Management Co. Ltd. boosted its position in Cognizant Technology Solutions by 272.1% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 573 shares of the information technology service provider’s stock worth $37,000 after buying an additional 419 shares during the period. Parkside Financial Bank & Trust boosted its position in Cognizant Technology Solutions by 33.5% during the 2nd quarter. Parkside Financial Bank & Trust now owns 630 shares of the information technology service provider’s stock worth $41,000 after buying an additional 158 shares during the period. Zions Bancorporation N.A. boosted its position in Cognizant Technology Solutions by 29.9% during the 1st quarter. Zions Bancorporation N.A. now owns 651 shares of the information technology service provider’s stock worth $58,000 after buying an additional 150 shares during the period. Finally, Exchange Traded Concepts LLC boosted its position in Cognizant Technology Solutions by 26.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider’s stock worth $52,000 after buying an additional 162 shares during the period. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CTSH shares. Wolfe Research upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Mizuho initiated coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, January 30th. They issued a “neutral” rating and a $82.00 price target on the stock. Societe Generale restated a “sell” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Barclays boosted their price target on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 23rd. Finally, BMO Capital Markets dropped their target price on shares of Cognizant Technology Solutions from $88.00 to $85.00 and set a “market perform” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and an average target price of $75.43.

Read Our Latest Research Report on Cognizant Technology Solutions

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $77.10 on Friday. The firm has a market capitalization of $38.66 billion, a PE ratio of 18.36, a price-to-earnings-growth ratio of 1.94 and a beta of 1.08. The firm has a fifty day simple moving average of $75.25 and a two-hundred day simple moving average of $70.83. The company has a current ratio of 2.25, a quick ratio of 2.23 and a debt-to-equity ratio of 0.05. Cognizant Technology Solutions Co. has a 12 month low of $56.45 and a 12 month high of $78.93.

Cognizant Technology Solutions (NASDAQ:CTSHGet Free Report) last posted its earnings results on Tuesday, February 6th. The information technology service provider reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.14. The firm had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.76 billion. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. Analysts forecast that Cognizant Technology Solutions Co. will post 4.6 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, February 16th. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. This represents a $1.20 annualized dividend and a yield of 1.56%. Cognizant Technology Solutions’s dividend payout ratio is 27.62%.

Cognizant Technology Solutions Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

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