National Bank of Canada FI Trims Holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• National Bank of Canada FI reduced its stake in Cognizant Technology Solutions by 11.1%, selling 628,185 shares during the first quarter.
• Cognizant's quarterly earnings exceeded analysts' estimates, reporting an EPS of $1.31 and revenue of $5.25 billion, reflecting an 8.1% year-over-year growth.
• The company announced a $0.31 quarterly dividend, which translates to an annual yield of 1.8% with a payout ratio of 25.20%.

National Bank of Canada FI cut its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,005,802 shares of the information technology service provider's stock after selling 628,185 shares during the quarter. National Bank of Canada FI owned about 1.01% of Cognizant Technology Solutions worth $382,944,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Brighton Jones LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at about $214,000. Cerity Partners LLC raised its stake in Cognizant Technology Solutions by 6.8% during the 4th quarter. Cerity Partners LLC now owns 87,689 shares of the information technology service provider's stock worth $6,748,000 after buying an additional 5,578 shares during the period. Martingale Asset Management L P acquired a new position in Cognizant Technology Solutions during the 4th quarter worth approximately $5,996,000. Raymond James Financial Inc. acquired a new position in Cognizant Technology Solutions during the 4th quarter worth approximately $27,114,000. Finally, DRW Securities LLC raised its stake in Cognizant Technology Solutions by 22.1% during the 4th quarter. DRW Securities LLC now owns 3,625 shares of the information technology service provider's stock worth $279,000 after buying an additional 656 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock traded up $0.46 on Friday, reaching $69.58. The stock had a trading volume of 2,770,882 shares, compared to its average volume of 4,206,553. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.41 and a current ratio of 2.41. 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 cap of $34.30 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.45 and a beta of 0.90. The company has a 50 day simple moving average of $76.92 and a 200 day simple moving average of $78.33.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The information technology service provider reported $1.31 EPS for the quarter, topping 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 company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.17 billion. During the same quarter in the previous year, the company posted $1.17 earnings per share. Cognizant Technology Solutions's revenue was up 8.1% compared to the same quarter last year. Equities research analysts expect 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 will be paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Monday, August 18th. Cognizant Technology Solutions's dividend payout ratio is 25.20%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CTSH shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Guggenheim raised Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research note on Friday, July 18th. JPMorgan Chase & Co. reduced their price objective on shares of Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating for the company in a report on Monday, July 28th. Barclays reduced their price objective on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Finally, Robert W. Baird lifted their price objective on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, Cognizant Technology Solutions presently has a consensus rating of "Hold" and a consensus target price of $86.56.

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.