Pacer Advisors Inc. Has $135.91 Million Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Pacer Advisors Inc. increased its stake in Cognizant Technology Solutions Corporation by 2,585.0%, owning 1,776,601 shares valued at approximately $135.9 million.
• The company's quarterly earnings surpassed analysts' expectations, reporting $1.23 earnings per share and $5.12 billion in revenue for the quarter.
• Cognizant declared a quarterly dividend of $0.31 per share, resulting in an annualized dividend of $1.24 and a yield of 1.62%.

Pacer Advisors Inc. lifted its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 2,585.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,776,601 shares of the information technology service provider's stock after buying an additional 1,710,433 shares during the period. Pacer Advisors Inc. owned approximately 0.36% of Cognizant Technology Solutions worth $135,910,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Barclays dropped their price target on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Cognizant Technology Solutions in a research note on Thursday, July 17th. They set a "hold" rating and a $80.00 target price on the stock. Guggenheim raised shares of Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a research note on Friday, July 18th. Finally, Robert W. Baird boosted 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. Thirteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $85.88.

Cognizant Technology Solutions Stock Down 0.5%

NASDAQ:CTSH traded down $0.40 during trading hours on Tuesday, reaching $75.02. The company's stock had a trading volume of 654,671 shares, compared to its average volume of 3,708,970. The company has a market cap of $36.98 billion, a price-to-earnings ratio of 15.81, a price-to-earnings-growth ratio of 1.77 and a beta of 0.96. Cognizant Technology Solutions Corporation has a one year low of $65.52 and a one year high of $90.82. The business's 50-day moving average is $78.52 and its 200-day moving average is $78.74. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22.

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

Cognizant Technology Solutions Dividend Announcement

The firm 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. This represents a $1.24 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

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.