iA Global Asset Management Inc. Boosts Stock Position in Cognizant Technology Solutions Corporation $CTSH

Key Points

• iA Global Asset Management increased its stake in Cognizant Technology Solutions by 78.4% in the first quarter, bringing its position to 107,102 shares valued at about $6.57 million.
• Cognizant recently reported quarterly EPS of $1.40, topping expectations, while revenue of $5.41 billion matched estimates and rose 5.8% year over year.
• The company also announced a $2 billion share repurchase program and a quarterly dividend of $0.33 per share, while analysts currently have a consensus rating of Hold with a target price of $68.35.

iA Global Asset Management Inc. raised its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 78.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,102 shares of the information technology service provider's stock after purchasing an additional 47,054 shares during the quarter. iA Global Asset Management Inc.'s holdings in Cognizant Technology Solutions were worth $6,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in CTSH. Norges Bank bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $690,959,000. GQG Partners LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter worth $673,651,000. CIBC Bancorp USA Inc. purchased a new position in shares of Cognizant Technology Solutions during the 3rd quarter valued at $201,834,000. Cibc World Markets Corp bought a new position in shares of Cognizant Technology Solutions during the 4th quarter worth $234,671,000. Finally, FIL Ltd increased its holdings in Cognizant Technology Solutions by 46.6% in the 4th quarter. FIL Ltd now owns 6,680,508 shares of the information technology service provider's stock worth $554,482,000 after acquiring an additional 2,122,600 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on CTSH. Guggenheim cut their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 30th. Daiwa Securities Group cut their price objective on shares of Cognizant Technology Solutions from $65.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, June 24th. BMO Capital Markets lowered their target price on shares of Cognizant Technology Solutions from $83.00 to $63.00 in a report on Thursday, April 30th. HSBC cut their price target on Cognizant Technology Solutions from $80.00 to $68.00 and set a "buy" rating for the company in a report on Wednesday. Finally, Morgan Stanley set a $44.00 price objective on Cognizant Technology Solutions and gave the stock an "equal weight" rating in a report on Tuesday, June 23rd. Eleven investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of "Hold" and a consensus target price of $68.35.

Cognizant Technology Solutions Trading Up 6.0%

Cognizant Technology Solutions stock opened at $41.07 on Thursday. The stock has a market cap of $19.46 billion, a P/E ratio of 8.93, a PEG ratio of 0.82 and a beta of 0.87. Cognizant Technology Solutions Corporation has a fifty-two week low of $37.08 and a fifty-two week high of $87.03. The firm's fifty day moving average price is $50.18 and its 200-day moving average price is $64.39. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.23 and a current ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The information technology service provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.07. Cognizant Technology Solutions had a return on equity of 17.50% and a net margin of 10.41%.The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.41 billion. During the same quarter last year, the company earned $1.23 earnings per share. The firm's quarterly revenue was up 5.8% on a year-over-year basis. Cognizant Technology Solutions has set its FY 2026 guidance at 5.630-5.770 EPS. Equities research analysts forecast that Cognizant Technology Solutions Corporation will post 5.7 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Monday, May 18th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, May 18th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 28.70%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Monday, May 18th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information technology service provider to repurchase up to 9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions NASDAQ: CTSH is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.

Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.

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