Hennessy Advisors Inc. Takes $2.70 Million Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Hennessy Advisors Inc. bought a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 36,800 shares of the information technology service provider’s stock, valued at approximately $2,697,000.

Several other institutional investors have also modified their holdings of CTSH. Vanguard Group Inc. lifted its stake in Cognizant Technology Solutions by 17.0% in the 4th quarter. Vanguard Group Inc. now owns 51,111,915 shares of the information technology service provider’s stock valued at $3,860,483,000 after buying an additional 7,445,089 shares in the last quarter. JPMorgan Chase & Co. increased its position in Cognizant Technology Solutions by 32.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,663,814 shares of the information technology service provider’s stock worth $1,196,547,000 after purchasing an additional 4,365,493 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Cognizant Technology Solutions by 4.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,433,474 shares of the information technology service provider’s stock valued at $410,406,000 after purchasing an additional 238,551 shares during the last quarter. Norges Bank acquired a new position in Cognizant Technology Solutions in the 4th quarter valued at about $406,360,000. Finally, National Bank of Canada FI boosted its position in Cognizant Technology Solutions by 9.2% during the fourth quarter. National Bank of Canada FI now owns 4,769,110 shares of the information technology service provider’s stock worth $354,822,000 after acquiring an additional 401,076 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.4 %

CTSH traded up $0.30 on Friday, reaching $68.03. 1,511,474 shares of the company traded hands, compared to its average volume of 4,109,330. The company has a market cap of $33.82 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 2.04 and a beta of 1.04. The stock’s 50 day moving average price is $67.11 and its 200-day moving average price is $72.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.35 and a quick ratio of 2.35. Cognizant Technology Solutions Co. has a 52-week low of $62.14 and a 52-week high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.01. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The business had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.72 billion. During the same quarter in the previous year, the business earned $1.11 EPS. Cognizant Technology Solutions’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.61 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Monday, May 20th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.76%. The ex-dividend date was Friday, May 17th. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CTSH. Susquehanna reduced their price target on Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Guggenheim started coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, March 19th. They issued a “neutral” rating and a $80.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $85.00 price target on shares of Cognizant Technology Solutions in a research note on Thursday, May 2nd. Finally, The Goldman Sachs Group assumed coverage on Cognizant Technology Solutions in a research note on Monday. They issued a “neutral” rating and a $72.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions presently has a consensus rating of “Hold” and an average price target of $75.44.

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.