iA Global Asset Management Inc. Raises Stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• iA Global Asset Management Inc. increased its holdings in Cognizant Technology Solutions by 32.5% during the first quarter, acquiring an additional 17,381 shares for a total value of $5,418,000.
• Cognizant reported $1.31 EPS in its latest earnings, exceeding analysts' expectations of $1.26, with a revenue increase of 8.1% year-over-year.
• The company announced a quarterly dividend of $0.31, resulting in an annualized dividend yield of 1.8%, with a payout ratio of 25.20%.

iA Global Asset Management Inc. raised its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 32.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,823 shares of the information technology service provider's stock after acquiring an additional 17,381 shares during the period. iA Global Asset Management Inc.'s holdings in Cognizant Technology Solutions were worth $5,418,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. CoreCap Advisors LLC grew its position 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 acquiring an additional 126 shares during the last quarter. Connecticut Wealth Management LLC lifted its stake in shares of Cognizant Technology Solutions by 0.8% during the fourth quarter. Connecticut Wealth Management LLC now owns 17,650 shares of the information technology service provider's stock valued at $1,357,000 after acquiring an additional 138 shares during the period. Covestor Ltd boosted its stake in shares of Cognizant Technology Solutions by 3.3% in the 4th quarter. Covestor Ltd now owns 4,389 shares of the information technology service provider's stock valued at $338,000 after purchasing an additional 139 shares during the last quarter. Conning Inc. grew its holdings in Cognizant Technology Solutions by 4.4% during the 1st quarter. Conning Inc. now owns 3,547 shares of the information technology service provider's stock worth $271,000 after acquiring an additional 149 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Cognizant Technology Solutions by 1.7% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 8,733 shares of the information technology service provider's stock worth $668,000 after purchasing an additional 149 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock traded up $0.59 during midday trading on Friday, hitting $69.71. 240,203 shares of the company's stock were exchanged, compared to its average volume of 3,822,795. The stock has a 50-day moving average price of $77.14 and a two-hundred day moving average price of $78.40. Cognizant Technology Solutions Corporation has a 52-week low of $65.52 and a 52-week high of $90.82. The company has a market cap of $34.36 billion, a P/E ratio of 14.16, a PEG ratio of 1.48 and a beta of 0.90. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.41 and a current ratio of 2.41.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The information technology service provider reported $1.31 earnings per share 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 analysts' expectations of $5.17 billion. During the same period in the prior year, the business earned $1.17 earnings per share. Cognizant Technology Solutions's revenue for the quarter was up 8.1% compared to the same quarter last year. On average, equities research analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently declared 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 payout ratio is 25.20%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CTSH. Wall Street Zen lowered shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on Cognizant Technology Solutions in a report on Thursday, July 17th. They set a "hold" rating and a $80.00 price target for the company. Guggenheim upgraded Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price objective on the stock in a research report on Friday, July 18th. Robert W. Baird raised their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating on the stock in a research note on Monday, July 28th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $86.56.

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.