Mackenzie Financial Corp Boosts Stock Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Mackenzie Financial Corp increased its stake in Cognizant Technology Solutions by 11.6%, owning 194,131 shares worth approximately $14.85 million after acquiring an additional 20,157 shares in the first quarter.
• Several other institutional investors have also changed their holdings, with notable increases such as Schroder Investment Management Group, which raised its position by 100% to own 284,553 shares.
• Cognizant Technology Solutions announced a quarterly dividend of $0.31 per share, resulting in an annualized dividend yield of 1.69% with a payout ratio of 26.11%.

Mackenzie Financial Corp boosted its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 194,131 shares of the information technology service provider's stock after purchasing an additional 20,157 shares during the period. Mackenzie Financial Corp's holdings in Cognizant Technology Solutions were worth $14,851,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CTSH. Pacer Advisors Inc. increased its position in shares of Cognizant Technology Solutions by 2,585.0% during the first quarter. Pacer Advisors Inc. now owns 1,776,601 shares of the information technology service provider's stock worth $135,910,000 after buying an additional 1,710,433 shares during the period. AE Industrial Partners LP bought a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at $113,088,000. Capital Research Global Investors lifted its position in shares of Cognizant Technology Solutions by 98.9% during the fourth quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider's stock valued at $210,894,000 after purchasing an additional 1,363,570 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Cognizant Technology Solutions by 47.8% during the fourth quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider's stock valued at $254,028,000 after purchasing an additional 1,068,420 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Cognizant Technology Solutions by 9,072.9% during the first quarter. GAMMA Investing LLC now owns 922,514 shares of the information technology service provider's stock valued at $70,572,000 after purchasing an additional 912,457 shares in the last quarter. Institutional investors own 92.44% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Barclays dropped their price target on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Wall Street Zen downgraded shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating in a report on Saturday. JPMorgan Chase & Co. decreased their price objective on shares of Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating for the company in a report on Monday, July 28th. Finally, Evercore ISI began coverage on shares of Cognizant Technology Solutions in a report on Thursday, July 17th. They set an "outperform" rating and a $100.00 price objective for the company. Fourteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of "Hold" and a consensus price target of $85.88.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ CTSH traded down $1.17 during trading on Friday, reaching $70.59. 5,356,605 shares of the company traded hands, compared to its average volume of 3,446,974. The firm has a 50 day simple moving average of $77.93 and a 200-day simple moving average of $78.60. The company has a quick ratio of 2.22, a current ratio of 2.41 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $34.80 billion, a PE ratio of 14.35, a P/E/G ratio of 1.49 and a beta of 0.90. Cognizant Technology Solutions Corporation has a 52-week low of $65.52 and a 52-week high of $90.82.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.26 by $0.05. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.17 billion. Cognizant Technology Solutions had a net margin of 11.89% and a return on equity of 16.77%. The firm's revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.17 earnings per share. Equities research analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The company 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 is Monday, August 18th. This represents a $1.24 dividend on an annualized basis and a yield of 1.8%. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 25.20%.

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.