Mirae Asset Global Investments Co. Ltd. Buys 121,164 Shares of Cognizant Technology Solutions Corporation $CTSH

Key Points

• Mirae Asset Global Investments initiated a Cognizant stake, buying 121,164 shares worth approximately $6.96 million in the third quarter. Institutional investors collectively own 92.44% of the company.
• Cognizant beat quarterly earnings and revenue estimates, reporting $1.49 per share and $5.66 billion in revenue; revenue grew 4.6% year over year. The company declared a quarterly dividend of $0.33 per share.
• Analysts are mixed: 10 rate the stock Buy and 14 Hold, giving it an overall average rating of Hold and an average price target of $68.17.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 121,164 shares of the information technology service provider's stock, valued at approximately $6,960,000.

Several other large investors also recently added to or reduced their stakes in the company. Unison Advisors LLC raised its position in shares of Cognizant Technology Solutions by 0.8% in the third quarter. Unison Advisors LLC now owns 30,620 shares of the information technology service provider's stock valued at $1,759,000 after purchasing an additional 235 shares during the period. Security National Bank of SO Dak grew its holdings in shares of Cognizant Technology Solutions by 1.1% during the second quarter. Security National Bank of SO Dak now owns 25,780 shares of the information technology service provider's stock worth $998,000 after purchasing an additional 290 shares in the last quarter. Signature Equity Partners LLC grew its stake in Cognizant Technology Solutions by 102.4% in the 1st quarter. Signature Equity Partners LLC now owns 599 shares of the information technology service provider's stock worth $37,000 after buying an additional 303 shares in the last quarter. Pine Valley Investments Ltd Liability Co raised its position in Cognizant Technology Solutions by 3.6% during the first quarter. Pine Valley Investments Ltd Liability Co now owns 9,338 shares of the information technology service provider's stock valued at $573,000 after purchasing an additional 322 shares in the last quarter. Finally, Marquette Asset Management LLC lifted its stake in Cognizant Technology Solutions by 183.9% during the third quarter. Marquette Asset Management LLC now owns 545 shares of the information technology service provider's stock worth $31,000 after purchasing an additional 353 shares during the last quarter. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $66.54 on Friday. The company has a 50-day simple moving average of $62.44 and a two-hundred day simple moving average of $58.89. Cognizant Technology Solutions Corporation has a 12-month low of $37.08 and a 12-month high of $87.03. The firm has a market cap of $29.97 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.30 and a beta of 0.83. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.11.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The information technology service provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.46 by $0.03. Cognizant Technology Solutions had a return on equity of 17.72% and a net margin of 11.75%. The firm had revenue of $5.66 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the previous year, the business earned $1.39 earnings per share. The company's quarterly revenue was up 4.6% on a year-over-year basis. On average, equities analysts forecast that Cognizant Technology Solutions Corporation will post 5.79 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Friday, November 13th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 13th. Cognizant Technology Solutions's payout ratio is 24.09%.

Analyst Ratings Changes

CTSH has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on Cognizant Technology Solutions from $67.00 to $77.00 and gave the stock an "overweight" rating in a report on Monday, October 26th. Royal Bank Of Canada raised their price objective on Cognizant Technology Solutions from $47.00 to $55.00 and gave the company a "sector perform" rating in a report on Friday, October 30th. Susquehanna set a $82.00 target price on Cognizant Technology Solutions and gave the stock a "positive" rating in a research report on Thursday, July 30th. Weiss Ratings raised Cognizant Technology Solutions from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, October 19th. Finally, Needham & Company LLC set a $78.00 price target on shares of Cognizant Technology Solutions in a research report on Monday, October 26th. Ten research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $68.17.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation is a global information technology services and consulting company that helps organizations modernize their technology infrastructure, operations and customer experiences. The company serves businesses across industries including financial services, healthcare, life sciences, manufacturing, retail and communications.

Cognizant's services include consulting, application development and modernization, cloud computing, data and artificial intelligence, digital engineering, cybersecurity and business process services.

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