Summit Global Investments Sells 2,616 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Summit Global Investments decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 19.9% during the 4th quarter, Holdings Channel.com reports. The fund owned 10,529 shares of the information technology service provider’s stock after selling 2,616 shares during the quarter. Summit Global Investments’ holdings in Cognizant Technology Solutions were worth $810,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in Cognizant Technology Solutions by 3.6% during the third quarter. State Street Corp now owns 24,985,816 shares of the information technology service provider’s stock worth $1,928,405,000 after buying an additional 867,176 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cognizant Technology Solutions by 1.3% during the third quarter. Geode Capital Management LLC now owns 13,280,223 shares of the information technology service provider’s stock worth $1,022,728,000 after buying an additional 173,667 shares during the last quarter. Boston Partners boosted its holdings in Cognizant Technology Solutions by 11.0% during the fourth quarter. Boston Partners now owns 3,406,513 shares of the information technology service provider’s stock worth $261,996,000 after buying an additional 336,870 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Cognizant Technology Solutions by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,348,102 shares of the information technology service provider’s stock worth $257,469,000 after buying an additional 103,371 shares during the last quarter. Finally, Cibc World Markets Corp boosted its holdings in Cognizant Technology Solutions by 0.4% during the fourth quarter. Cibc World Markets Corp now owns 2,929,239 shares of the information technology service provider’s stock worth $225,258,000 after buying an additional 11,024 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Down 1.0 %

Shares of Cognizant Technology Solutions stock opened at $76.42 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. The business’s 50 day simple moving average is $82.66 and its 200 day simple moving average is $79.47. The firm has a market cap of $37.80 billion, a PE ratio of 16.94, a P/E/G ratio of 2.11 and a beta of 1.12. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. On average, analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.62%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 27.49%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CTSH. Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, February 6th. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Morgan Stanley dropped their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Finally, BMO Capital Markets raised their price target on Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a research report on Thursday, February 6th. Fifteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cognizant Technology Solutions has a consensus rating of “Hold” and an average target price of $83.71.

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.