Reinhart Partners LLC. Sells 7,293 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Reinhart Partners LLC. reduced its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 6.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,741 shares of the information technology service provider's stock after selling 7,293 shares during the quarter. Reinhart Partners LLC.'s holdings in Cognizant Technology Solutions were worth $7,630,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CTSH. Norges Bank acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $527,719,000. National Bank of Canada FI lifted its holdings in Cognizant Technology Solutions by 54.6% during the 4th quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider's stock valued at $433,254,000 after purchasing an additional 1,990,515 shares during the last quarter. AE Industrial Partners LP bought a new position in Cognizant Technology Solutions during the fourth quarter worth $113,088,000. Capital Research Global Investors increased its holdings in shares of Cognizant Technology Solutions by 98.9% in 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 last quarter. Finally, Deutsche Bank AG raised its position in shares of Cognizant Technology Solutions by 47.8% in 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. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Trading Up 0.6%

NASDAQ CTSH traded up $0.50 during trading hours on Monday, reaching $80.78. The company's stock had a trading volume of 708,655 shares, compared to its average volume of 3,569,431. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market cap of $39.82 billion, a P/E ratio of 17.93, a P/E/G ratio of 2.11 and a beta of 0.98. The firm has a fifty day simple moving average of $75.64 and a 200-day simple moving average of $79.04.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.12 EPS. Equities analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

Cognizant Technology Solutions announced 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 outstanding shares. This repurchase authorization authorizes the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CTSH. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and upped their price target for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Royal Bank of Canada reiterated a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Morgan Stanley decreased 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 report on Wednesday, March 12th. Finally, UBS Group lowered their target price on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. 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, the company currently has an average rating of "Hold" and an average target price 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.