Forsta AP Fonden Lowers Stock Holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Forsta AP Fonden reduced its stake in Cognizant Technology Solutions by 4.6%, owning 92,358 shares valued at approximately $7.07 million after selling 4,500 shares in the first quarter.
• Cognizant's latest quarterly earnings report showed $1.31 earnings per share, surpassing analysts' expectations of $1.26, with revenue reaching $5.25 billion, a year-over-year increase of 8.1%.
• The company announced a quarterly dividend of $0.31 per share, which reflects an annualized dividend of $1.24 and a dividend yield of 1.8%.

Forsta AP Fonden lowered its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 4.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 92,358 shares of the information technology service provider's stock after selling 4,500 shares during the quarter. Forsta AP Fonden's holdings in Cognizant Technology Solutions were worth $7,065,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Park Square Financial Group LLC purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $36,000. CoreCap Advisors LLC grew its holdings in shares of Cognizant Technology Solutions by 21.5% during the fourth quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock worth $55,000 after buying an additional 126 shares during the last quarter. Pinney & Scofield Inc. purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $55,000. Optiver Holding B.V. purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $66,000. Finally, Golden State Wealth Management LLC lifted its position in Cognizant Technology Solutions by 290.9% in the first quarter. Golden State Wealth Management LLC now owns 899 shares of the information technology service provider's stock valued at $69,000 after purchasing an additional 669 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Trading Up 0.7%

Shares of CTSH opened at $69.58 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.41 and a quick ratio of 2.41. The firm has a 50 day simple moving average of $76.92 and a 200-day simple moving average of $78.33. 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 price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.45 and a beta of 0.90.

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 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $5.25 billion during the quarter, compared to analysts' expectations of $5.17 billion. During the same period last year, the company posted $1.17 EPS. The company's revenue was up 8.1% on a year-over-year basis. Equities analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal 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 dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, August 18th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 25.20%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Cognizant Technology Solutions in a research report on Thursday, July 17th. They issued a "hold" rating and a $80.00 price objective for the company. Evercore ISI initiated coverage on shares of Cognizant Technology Solutions in a research report on Thursday, July 17th. They issued an "outperform" rating and a $100.00 price objective for the company. Robert W. Baird raised their price objective on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research report on Thursday, May 1st. Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and raised their price objective for the company from $77.00 to $90.00 in a research report on Thursday, May 1st. Finally, Wall Street Zen downgraded shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Thirteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average 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.

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