Neo Ivy Capital Management Cuts Stock Holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Neo Ivy Capital Management has reduced its stake in Cognizant Technology Solutions by 50.6%, now holding 7,336 shares valued at $561,000 as per their latest SEC filing.
• Multiple analysts have recently upgraded their ratings and price targets for Cognizant, with average price target now at $86.18 and several firms giving it a "buy" rating.
• Cognizant Technology Solutions announced a quarterly dividend of $0.31 per share, reflecting an annualized yield of 1.62%, with a payout ratio of 26.11%.

Neo Ivy Capital Management cut its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 50.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,336 shares of the information technology service provider's stock after selling 7,502 shares during the quarter. Neo Ivy Capital Management's holdings in Cognizant Technology Solutions were worth $561,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of CTSH. Brighton Jones LLC bought a new position in Cognizant Technology Solutions in the 4th quarter valued at $214,000. LPL Financial LLC increased its holdings in Cognizant Technology Solutions by 36.4% during the fourth quarter. LPL Financial LLC now owns 260,691 shares of the information technology service provider's stock worth $20,047,000 after buying an additional 69,509 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cognizant Technology Solutions by 8.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 826,300 shares of the information technology service provider's stock worth $63,113,000 after acquiring an additional 62,437 shares during the period. UniSuper Management Pty Ltd boosted its stake in Cognizant Technology Solutions by 1.6% in the fourth quarter. UniSuper Management Pty Ltd now owns 104,466 shares of the information technology service provider's stock valued at $8,033,000 after acquiring an additional 1,655 shares during the last quarter. Finally, NEOS Investment Management LLC raised its holdings in shares of Cognizant Technology Solutions by 25.1% in the 4th quarter. NEOS Investment Management LLC now owns 66,128 shares of the information technology service provider's stock worth $5,085,000 after purchasing an additional 13,279 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Trading Down 0.7%

NASDAQ:CTSH traded down $0.56 during trading hours on Wednesday, hitting $74.35. The company had a trading volume of 789,580 shares, compared to its average volume of 3,725,042. 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 $36.65 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 1.75 and a beta of 0.96. The stock has a 50-day moving average price of $78.40 and a 200 day moving average price of $78.72. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22.

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

Analyst Ratings Changes

A number of analysts have issued reports on CTSH shares. Deutsche Bank Aktiengesellschaft began coverage on Cognizant Technology Solutions in a research report on Thursday, July 17th. They issued a "hold" rating and a $80.00 target price for the company. Robert W. Baird increased their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their target price for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. Finally, Evercore ISI initiated coverage on Cognizant Technology Solutions in a research report on Thursday, July 17th. They set an "outperform" rating and a $100.00 price target on the stock. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $85.88.

Cognizant Technology Solutions Company 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.