Principal Financial Group Inc. Has $51.76 Million Stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Principal Financial Group Inc. boosted its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 2.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 676,581 shares of the information technology service provider's stock after purchasing an additional 19,185 shares during the quarter. Principal Financial Group Inc. owned approximately 0.14% of Cognizant Technology Solutions worth $51,758,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management lifted its stake in Cognizant Technology Solutions by 21.0% in the first quarter. Ritholtz Wealth Management now owns 10,531 shares of the information technology service provider's stock valued at $806,000 after buying an additional 1,827 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Cognizant Technology Solutions by 40.7% in the first quarter. Janney Montgomery Scott LLC now owns 28,047 shares of the information technology service provider's stock valued at $2,146,000 after purchasing an additional 8,116 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $36,000. Proficio Capital Partners LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth approximately $10,059,000. Finally, Farther Finance Advisors LLC grew its holdings in Cognizant Technology Solutions by 14.0% in the 1st quarter. Farther Finance Advisors LLC now owns 4,814 shares of the information technology service provider's stock worth $368,000 after buying an additional 591 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Analyst Upgrades and Downgrades

CTSH has been the topic of a number of recent analyst reports. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. UBS Group dropped their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Royal Bank Of Canada reissued a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Finally, JPMorgan Chase & Co. raised Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $88.00 to $98.00 in a research report on Monday, May 19th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of "Hold" and a consensus price target of $85.00.

Cognizant Technology Solutions Price Performance

Shares of Cognizant Technology Solutions stock traded up $0.25 during trading on Tuesday, hitting $80.71. 1,965,813 shares of the company's stock traded hands, compared to its average volume of 3,557,798. 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 firm's fifty day moving average price is $79.17 and its 200 day moving average price is $78.83. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82. The company has a market cap of $39.79 billion, a PE ratio of 16.99, a PEG ratio of 1.86 and a beta of 0.96.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating 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 analysts' expectations of $5.06 billion. During the same period in the prior year, the business posted $1.12 earnings per share. The business's revenue was up 7.5% compared to the same quarter last year. Analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.54%. 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 announced that its board has approved a stock buyback plan on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

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.