Allianz Asset Management GmbH Has $81.99 Million Stock Holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Allianz Asset Management GmbH trimmed its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 9.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,071,713 shares of the information technology service provider's stock after selling 117,846 shares during the quarter. Allianz Asset Management GmbH owned 0.22% of Cognizant Technology Solutions worth $81,986,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Lindbrook Capital LLC increased its position in Cognizant Technology Solutions by 162.6% in the first quarter. Lindbrook Capital LLC now owns 4,747 shares of the information technology service provider's stock worth $363,000 after buying an additional 2,939 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Cognizant Technology Solutions by 3.3% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 334,294 shares of the information technology service provider's stock worth $25,573,000 after purchasing an additional 10,608 shares during the period. IFP Advisors Inc lifted its stake in shares of Cognizant Technology Solutions by 142.8% during the 1st quarter. IFP Advisors Inc now owns 9,338 shares of the information technology service provider's stock worth $718,000 after acquiring an additional 5,492 shares during the last quarter. OneAscent Financial Services LLC lifted its stake in shares of Cognizant Technology Solutions by 116.6% during the 1st quarter. OneAscent Financial Services LLC now owns 6,868 shares of the information technology service provider's stock worth $526,000 after acquiring an additional 3,697 shares during the last quarter. Finally, Forum Financial Management LP raised its position in Cognizant Technology Solutions by 13.9% during the 1st quarter. Forum Financial Management LP now owns 6,763 shares of the information technology service provider's stock valued at $517,000 after purchasing an additional 825 shares in the last quarter. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Performance

Shares of CTSH traded up $1.38 during mid-day trading on Tuesday, reaching $76.80. 2,738,821 shares of the company's stock traded hands, compared to its average volume of 3,519,914. Cognizant Technology Solutions Corporation has a 12 month low of $65.52 and a 12 month high of $90.82. The stock has a market capitalization of $37.86 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 1.75 and a beta of 0.96. The business's 50-day moving average price is $79.11 and its 200-day moving average price is $78.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The company had revenue of $5.12 billion for the quarter, compared to analysts' expectations of $5.06 billion. During the same quarter in the prior year, the company earned $1.12 earnings per share. The firm's revenue was up 7.5% on a year-over-year basis. Equities analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions announced that its board has initiated a share buyback plan on Tuesday, March 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is currently 26.11%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CTSH. TD Securities lifted their price target on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Royal Bank Of Canada reissued a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and upped their price target for the company from $88.00 to $98.00 in a research report on Monday, May 19th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Cognizant Technology Solutions in a research report on Thursday, July 17th. They issued a "hold" rating and a $80.00 price objective for the company. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $86.18.

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.