Ballentine Partners LLC Has $992,000 Stock Holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Ballentine Partners LLC grew its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 69.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,968 shares of the information technology service provider's stock after purchasing an additional 5,305 shares during the quarter. Ballentine Partners LLC's holdings in Cognizant Technology Solutions were worth $992,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Park Square Financial Group LLC acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at about $36,000. CoreCap Advisors LLC boosted its stake in shares of Cognizant Technology Solutions by 21.5% during the fourth quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock valued at $55,000 after purchasing an additional 126 shares in the last quarter. Pinney & Scofield Inc. bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $55,000. Loomis Sayles & Co. L P bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $56,000. Finally, Optiver Holding B.V. bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $66,000. 92.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CTSH. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. TD Securities raised their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a "hold" rating in a research report on Thursday, May 1st. Finally, UBS Group lowered their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has an average rating of "Hold" and a consensus target price of $85.00.

Cognizant Technology Solutions Trading Down 1.8%

NASDAQ CTSH opened at $75.36 on Monday. The company has a market cap of $37.15 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 1.73 and a beta of 0.96. Cognizant Technology Solutions Corporation has a 52 week low of $65.52 and a 52 week high of $90.82. The business has a 50 day moving average price of $79.43 and a 200-day moving average price of $78.80. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04.

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

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.65%. Cognizant Technology Solutions's payout ratio is 26.11%.

Cognizant Technology Solutions declared that its Board of Directors has initiated a stock buyback plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

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.

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