Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Cognizant Technology Solutions by 11.2%, owning approximately 918,711 shares valued at $70.28 million as of its latest SEC filing.
• Cognizant reported quarterly earnings of $1.31 EPS, exceeding estimates and showcasing an 8.1% year-over-year revenue growth to $5.25 billion.
• The company announced a quarterly dividend of $0.31 per share, reflecting an annual yield of 1.8% and a dividend payout ratio of 25.20%.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 918,711 shares of the information technology service provider's stock after acquiring an additional 92,411 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.19% of Cognizant Technology Solutions worth $70,281,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Park Square Financial Group LLC acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at $36,000. CoreCap Advisors LLC boosted its holdings in shares of Cognizant Technology Solutions by 21.5% in the 4th quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock valued at $55,000 after buying an additional 126 shares in the last quarter. Pinney & Scofield Inc. acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at $55,000. Optiver Holding B.V. acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at $66,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of Cognizant Technology Solutions by 290.9% in the 1st quarter. Golden State Wealth Management LLC now owns 899 shares of the information technology service provider's stock valued at $69,000 after buying an additional 669 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CTSH. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Guggenheim upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 target price for the company in a report on Friday, July 18th. JPMorgan Chase & Co. decreased their price target on shares of Cognizant Technology Solutions from $98.00 to $93.00 and set an "overweight" rating for the company in a research note on Monday, July 28th. Robert W. Baird increased their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Cognizant Technology Solutions in a research note on Thursday, July 17th. They set a "hold" rating and a $80.00 price target for the company. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $86.56.

Cognizant Technology Solutions Price Performance

Shares of CTSH traded down $0.43 during trading hours on Monday, reaching $69.15. The company had a trading volume of 4,547,938 shares, compared to its average volume of 4,211,431. The firm has a 50 day simple moving average of $76.92 and a 200-day simple moving average of $78.32. The company has a current ratio of 2.41, a quick ratio of 2.41 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $33.77 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.45 and a beta of 0.90. Cognizant Technology Solutions Corporation has a 12-month low of $65.52 and a 12-month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The information technology service provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.26 by $0.05. The business had revenue of $5.25 billion during 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 business's revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.17 EPS. Research analysts expect that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Monday, August 18th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, August 18th. Cognizant Technology Solutions's dividend payout ratio (DPR) is currently 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.