Manning & Napier Advisors LLC Trims Stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Manning & Napier Advisors LLC cut its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 5.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 154,882 shares of the information technology service provider's stock after selling 9,164 shares during the quarter. Manning & Napier Advisors LLC's holdings in Cognizant Technology Solutions were worth $11,848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Duncker Streett & Co. Inc. acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Park Square Financial Group LLC acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Venturi Wealth Management LLC grew its holdings in Cognizant Technology Solutions by 85.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the information technology service provider's stock valued at $48,000 after purchasing an additional 286 shares during the period. Finally, Kestra Investment Management LLC acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $49,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Trading Up 1.7%

Cognizant Technology Solutions stock traded up $1.25 during trading on Monday, reaching $76.72. 4,740,183 shares of the company were exchanged, compared to its average volume of 3,585,663. 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 capitalization of $37.82 billion, a P/E ratio of 16.15, a PEG ratio of 1.72 and a beta of 0.98. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22. The stock's 50 day simple moving average is $77.45 and its two-hundred day simple moving average is $78.97.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the business posted $1.12 earnings per share. The firm's revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts expect that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions announced that its board has approved a share buyback plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were given a $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a yield of 1.62%. Cognizant Technology Solutions's dividend payout ratio is currently 26.11%.

Analysts Set New Price Targets

CTSH has been the topic of several research analyst reports. Guggenheim reissued a "neutral" rating on shares of Cognizant Technology Solutions in a report on Wednesday, April 23rd. Mizuho raised Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. Barclays decreased their target price on 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. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and raised their target price for the company from $88.00 to $98.00 in a research report on Monday, May 19th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $85.00.

Cognizant Technology Solutions 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.