Campbell Newman Asset Management Inc. Takes Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Campbell Newman Asset Management Inc. bought a new position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 240,890 shares of the information technology service provider's stock, valued at approximately $18,428,000. Cognizant Technology Solutions makes up about 1.6% of Campbell Newman Asset Management Inc.'s portfolio, making the stock its 25th largest holding.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $527,719,000. National Bank of Canada FI boosted its stake in shares of Cognizant Technology Solutions by 54.6% during the fourth quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider's stock valued at $433,254,000 after purchasing an additional 1,990,515 shares in the last quarter. AE Industrial Partners LP bought a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $113,088,000. Capital Research Global Investors boosted its stake in shares of Cognizant Technology Solutions by 98.9% during the fourth quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider's stock valued at $210,894,000 after purchasing an additional 1,363,570 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Cognizant Technology Solutions by 47.8% during the fourth quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider's stock valued at $254,028,000 after purchasing an additional 1,068,420 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded down $1.51 on Friday, hitting $78.95. 2,469,134 shares of the company were exchanged, compared to its average volume of 3,558,605. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The stock's 50 day moving average price is $76.62 and its 200 day moving average price is $79.04. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $90.82. The firm has a market capitalization of $38.92 billion, a P/E ratio of 17.51, a price-to-earnings-growth ratio of 2.11 and a beta of 0.98.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The firm had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.06 billion. During the same quarter last year, the company posted $1.12 earnings per share. The firm's revenue was up 7.5% compared to the same quarter last year. Sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

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

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders 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 dividend on an annualized basis and a yield of 1.57%. Cognizant Technology Solutions's payout ratio is 26.11%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CTSH. Morgan Stanley dropped their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. Robert W. Baird raised their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. UBS Group lowered their target price on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Barclays lowered their target price on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a research note on Friday, April 25th. Finally, Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $85.00.

Cognizant Technology Solutions Company 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.