QRG Capital Management Inc. Raises Stock Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

QRG Capital Management Inc. boosted its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 32.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 259,727 shares of the information technology service provider's stock after purchasing an additional 63,716 shares during the quarter. QRG Capital Management Inc. owned about 0.05% of Cognizant Technology Solutions worth $19,869,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTSH. Norges Bank bought a new position in shares of Cognizant Technology Solutions in the fourth quarter worth approximately $527,719,000. National Bank of Canada FI lifted its stake in shares of Cognizant Technology Solutions by 54.6% in the fourth quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider's stock worth $433,254,000 after buying an additional 1,990,515 shares in the last quarter. AE Industrial Partners LP bought a new position in shares of Cognizant Technology Solutions in the fourth quarter worth approximately $113,088,000. Capital Research Global Investors lifted its position in Cognizant Technology Solutions by 98.9% during the fourth quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider's stock valued at $210,894,000 after purchasing an additional 1,363,570 shares during the period. Finally, Deutsche Bank AG lifted its position in Cognizant Technology Solutions by 47.8% during the fourth quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider's stock valued at $254,028,000 after purchasing an additional 1,068,420 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Trading Down 0.5%

CTSH traded down $0.44 on Tuesday, reaching $79.71. 2,798,609 shares of the company traded hands, compared to its average volume of 3,565,330. Cognizant Technology Solutions Corporation has a one year low of $65.48 and a one year high of $90.82. The firm has a fifty day simple moving average of $76.89 and a two-hundred day simple moving average of $79.03. The company has a market cap of $39.29 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 1.83 and a beta of 0.98. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04.

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 earnings per share for the quarter, beating 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 company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the business posted $1.12 EPS. The firm's revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities research analysts expect that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 25th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.11%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CTSH. Barclays lowered their price objective on shares of 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. 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 report on Thursday, May 1st. Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their price target for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $85.00.

About Cognizant Technology Solutions

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.