Oppenheimer Asset Management Inc. Purchases 44,147 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Oppenheimer Asset Management Inc. lifted its holdings in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 294.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,124 shares of the information technology service provider's stock after acquiring an additional 44,147 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Cognizant Technology Solutions were worth $4,523,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CTSH. Todd Asset Management LLC lifted its holdings in shares of Cognizant Technology Solutions by 24.4% in the fourth quarter. Todd Asset Management LLC now owns 436,509 shares of the information technology service provider's stock valued at $33,568,000 after purchasing an additional 85,539 shares in the last quarter. Ritholtz Wealth Management lifted its stake in Cognizant Technology Solutions by 21.0% during the 1st quarter. Ritholtz Wealth Management now owns 10,531 shares of the information technology service provider's stock valued at $806,000 after acquiring an additional 1,827 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Cognizant Technology Solutions during the 4th quarter valued at $36,000. Proficio Capital Partners LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $10,059,000. Finally, Farther Finance Advisors LLC boosted its holdings in Cognizant Technology Solutions by 14.0% during the 1st quarter. Farther Finance Advisors LLC now owns 4,814 shares of the information technology service provider's stock worth $368,000 after acquiring an additional 591 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock traded down $0.61 during midday trading on Wednesday, reaching $76.98. The stock had a trading volume of 2,311,039 shares, compared to its average volume of 3,589,061. The firm has a market capitalization of $37.95 billion, a PE ratio of 16.21, a P/E/G ratio of 1.75 and a beta of 0.98. Cognizant Technology Solutions Corporation has a 12 month low of $65.52 and a 12 month high of $90.82. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. The firm's 50-day moving average price is $77.69 and its 200 day moving average price is $78.93.

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

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 26.11%.

Cognizant Technology Solutions declared that its Board of Directors has approved a stock repurchase program on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Robert W. Baird increased their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. TD Securities increased their price objective on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Finally, Barclays cut their price objective 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. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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.