Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lowered its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 19.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,952,599 shares of the information technology service provider’s stock after selling 459,609 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Cognizant Technology Solutions were worth $150,702,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CTSH. Pzena Investment Management LLC grew its holdings in Cognizant Technology Solutions by 11.7% during the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after acquiring an additional 1,943,127 shares in the last quarter. Boston Partners lifted its position in shares of Cognizant Technology Solutions by 1.3% during the first quarter. Boston Partners now owns 7,781,273 shares of the information technology service provider’s stock worth $569,175,000 after purchasing an additional 101,078 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Cognizant Technology Solutions by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 5,565,974 shares of the information technology service provider’s stock worth $378,483,000 after purchasing an additional 94,209 shares in the last quarter. Legal & General Group Plc increased its holdings in Cognizant Technology Solutions by 2.7% in the second quarter. Legal & General Group Plc now owns 5,340,480 shares of the information technology service provider’s stock valued at $363,153,000 after buying an additional 142,225 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in Cognizant Technology Solutions by 1.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,844,882 shares of the information technology service provider’s stock valued at $329,452,000 after buying an additional 67,017 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.9 %

Cognizant Technology Solutions stock opened at $79.54 on Friday. The company’s 50-day moving average price is $76.98 and its two-hundred day moving average price is $73.28. The stock has a market cap of $39.44 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.17 and a beta of 1.05. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $82.41. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.15 by $0.10. The firm had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.16 earnings per share. On average, analysts expect that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s payout ratio is currently 26.55%.

Analysts Set New Price Targets

CTSH has been the subject of several research reports. Robert W. Baird lifted their target price on Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $73.00 to $75.00 in a research note on Wednesday, August 7th. Jefferies Financial Group initiated coverage on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price target on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. Finally, Mizuho raised their target price on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $79.47.

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.