Principal Financial Group Inc. Grows Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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

A number of other institutional investors also recently bought and sold shares of CTSH. Teacher Retirement System of Texas increased its holdings in shares of Cognizant Technology Solutions by 0.7% during the 1st quarter. Teacher Retirement System of Texas now owns 428,875 shares of the information technology service provider's stock valued at $32,809,000 after purchasing an additional 2,777 shares in the last quarter. Private Trust Co. NA grew its stake in Cognizant Technology Solutions by 8.6% in the 1st quarter. Private Trust Co. NA now owns 1,913 shares of the information technology service provider's stock valued at $146,000 after acquiring an additional 151 shares during the period. Keybank National Association OH grew its stake in Cognizant Technology Solutions by 2.4% in the 1st quarter. Keybank National Association OH now owns 21,987 shares of the information technology service provider's stock valued at $1,682,000 after acquiring an additional 522 shares during the period. Rossby Financial LCC acquired a new stake in Cognizant Technology Solutions in the 1st quarter valued at $246,000. Finally, DAVENPORT & Co LLC acquired a new stake in Cognizant Technology Solutions in the 1st quarter valued at $1,094,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Down 4.0%

Shares of Cognizant Technology Solutions stock traded down $3.22 on Thursday, reaching $76.73. 4,751,060 shares of the company were exchanged, compared to its average volume of 3,792,058. Cognizant Technology Solutions Corporation has a 1-year low of $65.52 and a 1-year high of $90.82. The company has a market cap of $37.82 billion, a P/E ratio of 16.15, a price-to-earnings-growth ratio of 1.86 and a beta of 0.96. 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 stock's 50 day moving average price is $79.45 and its 200-day moving average price is $78.85.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, topping 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 business had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the previous year, the company posted $1.12 earnings per share. The business's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current year.

Cognizant Technology Solutions announced that its board has approved a stock buyback program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Cognizant Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.11%.

Wall Street Analyst Weigh In

CTSH has been the topic of several recent research reports. Morgan Stanley lowered their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Robert W. Baird lifted 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 note on Thursday, May 1st. Guggenheim reaffirmed a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $88.00 to $98.00 in a report on Monday, May 19th. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $85.00.

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.