LGT Group Foundation Has $960,000 Stock Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• LGT Group Foundation reduced its stake in Cognizant Technology Solutions by 32.3% in the first quarter, leaving them with 12,551 shares valued at approximately $960,000.
• Cognizant reported a $1.31 earnings per share for the last quarter, exceeding analysts' expectations of $1.26, with a revenue growth of 8.1% year-over-year.
• The company announced a quarterly dividend of $0.31, with an annualized yield of 1.8%, set to be paid on August 26th.

LGT Group Foundation trimmed its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 32.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,551 shares of the information technology service provider's stock after selling 5,982 shares during the period. LGT Group Foundation's holdings in Cognizant Technology Solutions were worth $960,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. boosted its stake in Cognizant Technology Solutions by 1.6% in the 1st quarter. Russell Investments Group Ltd. now owns 1,515,380 shares of the information technology service provider's stock worth $115,822,000 after buying an additional 23,572 shares during the last quarter. Resona Asset Management Co. Ltd. raised its holdings in shares of Cognizant Technology Solutions by 7.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 192,074 shares of the information technology service provider's stock worth $14,680,000 after purchasing an additional 13,925 shares during the period. Public Sector Pension Investment Board raised its holdings in shares of Cognizant Technology Solutions by 6.7% in the 1st quarter. Public Sector Pension Investment Board now owns 76,543 shares of the information technology service provider's stock worth $5,856,000 after purchasing an additional 4,806 shares during the period. Todd Asset Management LLC raised its holdings in shares of Cognizant Technology Solutions by 3.3% in the 1st quarter. Todd Asset Management LLC now owns 450,859 shares of the information technology service provider's stock worth $34,491,000 after purchasing an additional 14,350 shares during the period. Finally, AIA Group Ltd raised its holdings in shares of Cognizant Technology Solutions by 203.5% in the 1st quarter. AIA Group Ltd now owns 9,208 shares of the information technology service provider's stock worth $704,000 after purchasing an additional 6,174 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CTSH has been the topic of several analyst reports. TD Securities raised their target price on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Wall Street Zen downgraded Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Guggenheim upgraded Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a report on Friday, July 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Cognizant Technology Solutions in a report on Thursday, July 17th. They set a "hold" rating and a $80.00 target price on the stock. Finally, Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and raised their target price for the company from $77.00 to $90.00 in a report on Thursday, May 1st. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $86.56.

Cognizant Technology Solutions Trading Up 0.9%

Shares of NASDAQ CTSH traded up $0.63 during mid-day trading on Friday, hitting $70.00. 3,538,845 shares of the company traded hands, compared to its average volume of 4,640,384. Cognizant Technology Solutions Corporation has a 1 year low of $65.52 and a 1 year high of $90.82. The stock has a market capitalization of $34.19 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 1.44 and a beta of 0.90. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average of $75.88 and a two-hundred day moving average of $77.97.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its earnings results on Wednesday, July 30th. The information technology service provider reported $1.31 EPS for the quarter, beating the consensus estimate of $1.26 by $0.05. Cognizant Technology Solutions had a return on equity of 16.77% and a net margin of 11.89%. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.17 billion. During the same period in the prior year, the business posted $1.17 earnings per share. Cognizant Technology Solutions's revenue was up 8.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Monday, August 18th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Monday, August 18th. Cognizant Technology Solutions's payout ratio is presently 25.20%.

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.