HB Wealth Management LLC Grows Stock Holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• HB Wealth Management LLC increased its stake in Cognizant Technology Solutions by 108.0%, acquiring an additional 7,551 shares, bringing its total holdings to 14,542 shares valued at approximately $1.1 million.
• Cognizant recently reported a 7.5% increase in year-over-year revenue, achieving $5.12 billion with earnings per share of $1.23, surpassing analyst expectations.
• Analysts have set a consensus price target of $85.88 for Cognizant, with a mix of hold and buy ratings from various firms.

HB Wealth Management LLC grew its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 108.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,542 shares of the information technology service provider's stock after purchasing an additional 7,551 shares during the period. HB Wealth Management LLC's holdings in Cognizant Technology Solutions were worth $1,112,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Park Square Financial Group LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $36,000. CoreCap Advisors LLC increased its holdings in 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 worth $55,000 after purchasing an additional 126 shares during the period. Pinney & Scofield Inc. purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $55,000. Optiver Holding B.V. purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $66,000. Finally, Golden State Wealth Management LLC increased its holdings in Cognizant Technology Solutions by 290.9% during the 1st quarter. Golden State Wealth Management LLC now owns 899 shares of the information technology service provider's stock worth $69,000 after purchasing an additional 669 shares during the period. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ:CTSH traded down $1.17 during midday trading on Friday, hitting $70.59. The company had a trading volume of 5,356,605 shares, compared to its average volume of 3,446,974. The business's 50-day simple moving average is $78.10 and its 200-day simple moving average is $78.65. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.41 and a quick ratio of 2.22. The stock has a market cap of $34.80 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 1.52 and a beta of 0.90. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its 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. The company had revenue of $5.25 billion during the quarter, compared to analysts' expectations of $5.17 billion. Cognizant Technology Solutions had a return on equity of 16.77% and a net margin of 11.89%. The firm's quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.17 earnings per share. On average, research analysts predict that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Monday, August 18th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $1.24 annualized dividend and a yield of 1.8%. Cognizant Technology Solutions's dividend payout ratio (DPR) is 25.20%.

Wall Street Analyst Weigh In

Several research analysts have commented on CTSH shares. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and raised their price objective for the stock from $77.00 to $90.00 in a report on Thursday, May 1st. Robert W. Baird raised 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. Barclays reduced their price objective 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. cut their price target on Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating on the stock in a report on Monday. Finally, Evercore ISI initiated coverage on shares of Cognizant Technology Solutions in a research note on Thursday, July 17th. They set an "outperform" rating and a $100.00 price objective for the company. Thirteen analysts have rated the stock with a hold rating and seven have given 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 $85.88.

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.