DAVENPORT & Co LLC Acquires Shares of 14,297 Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

DAVENPORT & Co LLC purchased a new position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 14,297 shares of the information technology service provider's stock, valued at approximately $1,094,000.

Several other institutional investors also recently modified their holdings of the business. Brighton Jones LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at $214,000. Fisher Asset Management LLC raised its stake in Cognizant Technology Solutions by 6.8% during the fourth quarter. Fisher Asset Management LLC now owns 5,245 shares of the information technology service provider's stock valued at $403,000 after buying an additional 336 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at $36,000. Steward Partners Investment Advisory LLC raised its stake in Cognizant Technology Solutions by 3.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,441 shares of the information technology service provider's stock valued at $342,000 after buying an additional 166 shares during the last quarter. Finally, Keybank National Association OH raised its stake in Cognizant Technology Solutions by 21.8% during the fourth quarter. Keybank National Association OH now owns 21,465 shares of the information technology service provider's stock valued at $1,651,000 after buying an additional 3,837 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ:CTSH traded down $1.75 during mid-day trading on Friday, reaching $78.50. The stock had a trading volume of 1,777,059 shares, compared to its average volume of 3,570,082. 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 company has a market cap of $38.70 billion, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 1.86 and a beta of 0.96. Cognizant Technology Solutions Corporation has a 1 year low of $65.52 and a 1 year high of $90.82. The business's 50 day moving average price is $79.01 and its 200 day moving average price is $78.83.

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

Cognizant Technology Solutions announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were given a dividend of $0.31 per share. The ex-dividend date was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a yield of 1.58%. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 26.11%.

Analyst Ratings Changes

A number of research analysts have issued reports on CTSH shares. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $88.00 to $98.00 in a research note on Monday, May 19th. TD Securities lifted their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Robert W. Baird lifted their price objective on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Finally, Royal Bank Of Canada reissued a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $85.00.

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.