E Fund Management Co. Ltd. Has $1.77 Million Holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• E Fund Management Co. Ltd. increased its stake in Cognizant Technology Solutions by 45.2%, acquiring an additional 7,181 shares during the first quarter, bringing their total holdings to $1.77 million.
• Cognizant Technology Solutions recently declared a quarterly dividend of $0.31 per share, which will be paid on August 26, representing an annualized dividend yield of 1.8%.
• Firms like Susquehanna and Guggenheim upgraded Cognizant's stock ratings, reflecting a positive outlook, with a consensus target price now at $86.56.

E Fund Management Co. Ltd. raised its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 45.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,073 shares of the information technology service provider's stock after buying an additional 7,181 shares during the period. E Fund Management Co. Ltd.'s holdings in Cognizant Technology Solutions were worth $1,765,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CTSH. Park Square Financial Group LLC purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $36,000. CoreCap Advisors LLC lifted its position in shares of Cognizant Technology Solutions by 21.5% in the 4th quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock valued at $55,000 after acquiring an additional 126 shares in the last quarter. Pinney & Scofield Inc. purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $55,000. Optiver Holding B.V. purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $66,000. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Cognizant Technology Solutions in the 1st quarter valued at approximately $66,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Robert W. Baird lifted their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. 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 research note on Friday, July 18th. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and boosted their target price for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Deutsche Bank Aktiengesellschaft started coverage on Cognizant Technology Solutions in a research note on Thursday, July 17th. They issued a "hold" rating and a $80.00 target price on the stock. Finally, Barclays lowered their target price on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Thirteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $86.56.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH traded up $0.63 during midday trading on Friday, hitting $70.00. The company had a trading volume of 3,538,845 shares, compared to its average volume of 4,640,384. 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 stock has a market cap of $34.19 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 1.46 and a beta of 0.90. The firm has a fifty day simple moving average of $75.88 and a two-hundred day simple moving average of $77.95. Cognizant Technology Solutions Corporation has a fifty-two week low of $65.52 and a fifty-two week high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The information technology service provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.05. Cognizant Technology Solutions had a net margin of 11.89% and a return on equity of 16.77%. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.17 billion. During the same period last year, the business posted $1.17 EPS. The business's quarterly revenue was up 8.1% on a year-over-year basis. Equities analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders 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 dividend yield of 1.8%. The ex-dividend date is Monday, August 18th. Cognizant Technology Solutions's payout ratio is 25.20%.

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.