Convergence Investment Partners LLC Buys New Stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Convergence Investment Partners LLC purchased a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 18,251 shares of the information technology service provider's stock, valued at approximately $1,396,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Park Square Financial Group LLC purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $36,000. CoreCap Advisors LLC raised its holdings in shares of Cognizant Technology Solutions by 21.5% during the 4th 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. purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at about $55,000. Loomis Sayles & Co. L P purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at about $56,000. Finally, Optiver Holding B.V. purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at about $66,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Down 0.1%

CTSH traded down $0.06 on Friday, hitting $76.67. 2,549,932 shares of the company were exchanged, compared to its average volume of 2,941,872. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82. The company has a market cap of $37.79 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.78 and a beta of 0.96. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $78.64 and a two-hundred day moving average price of $78.71.

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, topping analysts' consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The company had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the business earned $1.12 EPS. Cognizant Technology Solutions's revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 26.11%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CTSH. Robert W. Baird boosted their price objective on Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Evercore ISI began coverage on Cognizant Technology Solutions in a report on Thursday, July 17th. They set an "outperform" rating and a $100.00 target price for the company. Susquehanna raised Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and upped their price target for the stock from $77.00 to $90.00 in a research note on Thursday, May 1st. JPMorgan Chase & Co. raised Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $88.00 to $98.00 in a research note on Monday, May 19th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Thirteen 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, Cognizant Technology Solutions has an average rating of "Hold" and a consensus target price of $86.18.

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.