Cognizant Technology Solutions Co. (NASDAQ:CTSH) Holdings Increased by Legal & General Group Plc

Legal & General Group Plc increased its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 5,340,480 shares of the information technology service provider’s stock after acquiring an additional 142,225 shares during the period. Legal & General Group Plc’s holdings in Cognizant Technology Solutions were worth $363,153,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Cognizant Technology Solutions by 17.0% in 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. Blair William & Co. IL lifted its holdings in Cognizant Technology Solutions by 2.5% in the 1st quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock valued at $1,231,000 after acquiring an additional 412 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its position in shares of Cognizant Technology Solutions by 373.8% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 76,159 shares of the information technology service provider’s stock valued at $5,752,000 after purchasing an additional 60,086 shares in the last quarter. Duality Advisers LP acquired a new position in shares of Cognizant Technology Solutions in the 1st quarter worth approximately $1,687,000. Finally, Norden Group LLC bought a new stake in shares of Cognizant Technology Solutions in the 1st quarter worth approximately $233,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Cognizant Technology Solutions Trading Down 0.4 %

Shares of NASDAQ:CTSH opened at $76.89 on Friday. Cognizant Technology Solutions Co. has a 12-month low of $62.14 and a 12-month high of $80.27. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $38.23 billion, a P/E ratio of 18.48, a price-to-earnings-growth ratio of 2.14 and a beta of 1.05. The firm has a fifty day moving average of $75.61 and a two-hundred day moving average of $71.36.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.05. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the firm earned $1.10 earnings per share. The business’s revenue for the quarter was down .7% on a year-over-year basis. On average, equities analysts expect that Cognizant Technology Solutions Co. will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.56%. The ex-dividend date was Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is presently 28.85%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays raised their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group restated a “neutral” rating and issued a $76.00 target price on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price for the company. Bank of America raised Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $73.00 to $75.00 in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $77.44.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the transaction, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.26% of the company’s stock.

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.