DAVENPORT & Co LLC Invests $1.09 Million in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

DAVENPORT & Co LLC purchased a new stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) during 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 hedge funds also recently modified their holdings of CTSH. Ritholtz Wealth Management grew its holdings in shares of Cognizant Technology Solutions by 21.0% in the 1st quarter. Ritholtz Wealth Management now owns 10,531 shares of the information technology service provider's stock worth $806,000 after acquiring an additional 1,827 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Cognizant Technology Solutions by 40.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 28,047 shares of the information technology service provider's stock worth $2,146,000 after acquiring an additional 8,116 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter worth $36,000. Proficio Capital Partners LLC acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter worth $10,059,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Cognizant Technology Solutions by 14.0% in the 1st quarter. Farther Finance Advisors LLC now owns 4,814 shares of the information technology service provider's stock worth $368,000 after acquiring an additional 591 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Down 0.6%

Shares of NASDAQ:CTSH traded down $0.52 on Monday, reaching $80.46. The company had a trading volume of 2,091,305 shares, compared to its average volume of 3,564,164. The stock has a market capitalization of $39.66 billion, a P/E ratio of 16.94, a P/E/G ratio of 1.86 and a beta of 0.96. The stock has a 50-day moving average price of $79.01 and a 200 day moving average price of $78.82. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04.

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 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period in the previous year, the company earned $1.12 EPS. The company's revenue for the quarter was up 7.5% on a year-over-year basis. On average, equities analysts expect that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were issued a $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.54%. Cognizant Technology Solutions's dividend payout ratio (DPR) is currently 26.11%.

Cognizant Technology Solutions declared that its board has approved a share repurchase program on Tuesday, March 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays decreased their target price 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. JPMorgan Chase & Co. raised Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $88.00 to $98.00 in a research report on Monday, May 19th. Robert W. Baird raised their target price on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Morgan Stanley decreased their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. Finally, Guggenheim reaffirmed a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target 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.