Bessemer Group Inc. Lowers Stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Bessemer Group Inc. decreased its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 55.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,418 shares of the information technology service provider's stock after selling 28,771 shares during the period. Bessemer Group Inc.'s holdings in Cognizant Technology Solutions were worth $1,792,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Brighton Jones LLC purchased a new stake in Cognizant Technology Solutions during the fourth quarter valued at $214,000. IFP Advisors Inc increased its holdings in shares of Cognizant Technology Solutions by 46.2% in the 4th quarter. IFP Advisors Inc now owns 3,846 shares of the information technology service provider's stock worth $300,000 after buying an additional 1,215 shares during the last quarter. New York Life Investment Management LLC increased its holdings in shares of Cognizant Technology Solutions by 0.4% in the 4th quarter. New York Life Investment Management LLC now owns 73,672 shares of the information technology service provider's stock worth $5,665,000 after buying an additional 264 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at about $10,059,000. Finally, Versor Investments LP lifted its holdings in shares of Cognizant Technology Solutions by 124.1% in the 4th quarter. Versor Investments LP now owns 9,699 shares of the information technology service provider's stock valued at $746,000 after acquiring an additional 5,371 shares during the last quarter. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Trading Up 0.5%

Cognizant Technology Solutions stock traded up $0.36 during trading hours on Monday, hitting $78.10. The company had a trading volume of 135,579 shares, compared to its average volume of 3,544,392. The firm has a market cap of $38.50 billion, a P/E ratio of 16.44, a P/E/G ratio of 1.77 and a beta of 0.98. The company has a 50-day moving average price of $78.16 and a two-hundred day moving average price of $78.85. Cognizant Technology Solutions Corporation has a 1 year low of $65.52 and a 1 year high of $90.82. 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 announced its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.03. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. Cognizant Technology Solutions's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.12 earnings per share. On average, sell-side analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions declared that its board has approved a share repurchase plan on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to buy up to 5.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were issued a $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.59%. Cognizant Technology Solutions's payout ratio is currently 26.11%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CTSH shares. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and increased their price target for the company from $88.00 to $98.00 in a report on Monday, May 19th. Robert W. Baird raised their price target on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Barclays cut their price objective on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Finally, Susquehanna raised shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their target price for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $85.00.

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.