Public Employees Retirement System of Ohio acquired a new stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 160,062 shares of the information technology service provider's stock, valued at approximately $6,199,000.
Other hedge funds also recently made changes to their positions in the company. Ancora Advisors LLC bought a new position in Cognizant Technology Solutions during the 2nd quarter worth $2,929,000. Manning & Napier Advisors LLC acquired a new position in Cognizant Technology Solutions during the 2nd quarter worth approximately $2,707,000. Dearborn Partners LLC bought a new position in shares of Cognizant Technology Solutions in the 2nd quarter valued at $373,000. Foster & Motley Inc. acquired a new stake in shares of Cognizant Technology Solutions during the second quarter valued at about $2,462,000. Finally, Plato Investment Management Ltd bought a new stake in Cognizant Technology Solutions during the 2nd quarter worth approximately $659,000. 92.44% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on CTSH. Berenberg Bank set a $59.00 price objective on Cognizant Technology Solutions and gave the stock a "hold" rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. decreased their target price on Cognizant Technology Solutions from $74.00 to $55.00 and set an "overweight" rating for the company in a research note on Friday, July 24th. Deutsche Bank Aktiengesellschaft set a $55.00 target price on Cognizant Technology Solutions in a report on Friday, July 10th. Wedbush upgraded Cognizant Technology Solutions from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $56.00 to $70.00 in a report on Monday, June 8th. Finally, HSBC reduced their price objective on shares of Cognizant Technology Solutions from $80.00 to $68.00 and set a "buy" rating for the company in a research report on Wednesday, July 1st. Ten research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $63.00.
View Our Latest Stock Report on Cognizant Technology Solutions
Cognizant Technology Solutions Trading Down 1.8%
Shares of Cognizant Technology Solutions stock opened at $63.39 on Wednesday. The stock has a fifty day simple moving average of $51.10 and a 200 day simple moving average of $55.06. Cognizant Technology Solutions Corporation has a 12-month low of $37.08 and a 12-month high of $87.03. The company has a market capitalization of $28.55 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.21 and a beta of 0.83. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.11.
Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The information technology service provider reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.01). Cognizant Technology Solutions had a net margin of 10.26% and a return on equity of 17.70%. The company had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter last year, the business posted $1.31 earnings per share. Cognizant Technology Solutions's revenue was up 4.5% on a year-over-year basis. Cognizant Technology Solutions has set its FY 2026 guidance at 5.700-5.820 EPS. On average, sell-side analysts anticipate that Cognizant Technology Solutions Corporation will post 5.71 earnings per share for the current fiscal year.
Cognizant Technology Solutions declared that its board has approved a stock buyback program on Monday, May 18th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology service provider to purchase up to 9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.
Cognizant Technology Solutions Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 18th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, August 18th. Cognizant Technology Solutions's dividend payout ratio is currently 28.39%.
About Cognizant Technology Solutions
(
Free Report)
Cognizant Technology Solutions NASDAQ: CTSH is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.
Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.
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