Albion Financial Group UT Increases Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Albion Financial Group UT raised its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 7.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,197 shares of the information technology service provider’s stock after purchasing an additional 929 shares during the period. Albion Financial Group UT’s holdings in Cognizant Technology Solutions were worth $967,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Cognizant Technology Solutions by 17.0% during the fourth 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 during the period. Norges Bank bought a new position in Cognizant Technology Solutions during the 4th quarter worth approximately $406,360,000. JPMorgan Chase & Co. increased its stake in Cognizant Technology Solutions by 32.8% in 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 during the period. Cibc World Markets Corp increased its stake in Cognizant Technology Solutions by 1,861.7% in the 4th quarter. Cibc World Markets Corp now owns 1,686,597 shares of the information technology service provider’s stock worth $127,389,000 after purchasing an additional 1,600,621 shares during the period. Finally, KBC Group NV boosted its stake in shares of Cognizant Technology Solutions by 2,083.8% during the fourth quarter. KBC Group NV now owns 1,422,912 shares of the information technology service provider’s stock valued at $107,473,000 after purchasing an additional 1,357,755 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Trading Down 0.5 %

CTSH traded down $0.31 on Wednesday, reaching $68.30. 1,230,286 shares of the company traded hands, compared to its average volume of 4,114,777. The company has a market cap of $33.96 billion, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 2.03 and a beta of 1.05. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a one year low of $62.14 and a one year high of $80.09. The firm has a fifty day simple moving average of $67.14 and a two-hundred day simple moving average of $72.24.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 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. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.11 EPS. As a group, equities research analysts expect that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date was Friday, May 17th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CTSH shares. The Goldman Sachs Group began coverage on Cognizant Technology Solutions in a research note on Monday, June 24th. They set a “neutral” rating and a $72.00 target price on the stock. Citigroup reduced their price target on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Mizuho restated a “neutral” rating and set a $82.00 price target on shares of Cognizant Technology Solutions in a research report on Tuesday, June 11th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $75.44.

Cognizant Technology Solutions Company 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.