Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 467,772 shares of the information technology service provider’s stock after acquiring an additional 17,411 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cognizant Technology Solutions were worth $31,808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CTSH. MBB Public Markets I LLC increased its holdings in shares of Cognizant Technology Solutions by 875.8% in the second quarter. MBB Public Markets I LLC now owns 34,093 shares of the information technology service provider’s stock valued at $2,318,000 after purchasing an additional 30,599 shares during the period. APG Asset Management N.V. increased its holdings in Cognizant Technology Solutions by 5.8% in the 2nd quarter. APG Asset Management N.V. now owns 955,275 shares of the information technology service provider’s stock worth $60,610,000 after buying an additional 52,722 shares during the period. AQR Capital Management LLC increased its holdings in Cognizant Technology Solutions by 4.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,005,775 shares of the information technology service provider’s stock worth $68,393,000 after buying an additional 47,005 shares during the period. AXA S.A. lifted its stake in Cognizant Technology Solutions by 27.4% during the 2nd quarter. AXA S.A. now owns 1,152,320 shares of the information technology service provider’s stock valued at $78,358,000 after acquiring an additional 247,549 shares during the period. Finally, Trinity Legacy Partners LLC purchased a new stake in shares of Cognizant Technology Solutions in the 2nd quarter valued at $3,587,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Trading Up 0.4 %

Shares of Cognizant Technology Solutions stock opened at $77.18 on Tuesday. Cognizant Technology Solutions Co. has a fifty-two week low of $62.14 and a fifty-two week high of $80.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. The firm has a market capitalization of $38.37 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 2.14 and a beta of 1.05. The stock has a 50 day moving average of $75.65 and a 200 day moving average of $71.33.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $4.80 billion. During the same period last year, the company earned $1.10 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. As a group, research analysts predict that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were issued a $0.30 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.55%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Insider Buying and Selling

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the sale, the chief executive officer now owns 46,427 shares of the company’s stock, valued at $3,419,812.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on CTSH. Robert W. Baird raised their target price on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. The Goldman Sachs Group reissued a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Royal Bank of Canada upped their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 28th. Mizuho reiterated a “neutral” rating and set a $82.00 price target on shares of Cognizant Technology Solutions in a research report on Tuesday, June 11th. Finally, Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.44.

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.