Cognizant Technology Solutions Corporation (NASDAQ:CTSH) is Yacktman Asset Management LP's 8th Largest Position

Yacktman Asset Management LP trimmed its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 13.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,495,625 shares of the information technology service provider's stock after selling 564,894 shares during the period. Cognizant Technology Solutions makes up 3.5% of Yacktman Asset Management LP's investment portfolio, making the stock its 8th largest holding. Yacktman Asset Management LP owned about 0.71% of Cognizant Technology Solutions worth $267,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Cognizant Technology Solutions by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider's stock valued at $4,539,290,000 after acquiring an additional 515,881 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cognizant Technology Solutions by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider's stock valued at $1,032,239,000 after acquiring an additional 157,464 shares in the last quarter. FMR LLC boosted its holdings in shares of Cognizant Technology Solutions by 1.1% in the fourth quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock valued at $857,205,000 after acquiring an additional 123,745 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Cognizant Technology Solutions by 2.8% in the fourth quarter. Invesco Ltd. now owns 10,655,180 shares of the information technology service provider's stock valued at $819,383,000 after acquiring an additional 287,973 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at about $527,719,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock traded down $0.76 during trading hours on Wednesday, reaching $79.95. The stock had a trading volume of 1,935,855 shares, compared to its average volume of 3,556,489. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82. The firm has a 50-day simple moving average of $79.32 and a 200-day simple moving average of $78.85. The firm has a market capitalization of $39.41 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 1.85 and a beta of 0.96.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.03. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.73% and a return on equity of 16.73%. Cognizant Technology Solutions's revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 EPS. As a group, equities analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Monday, May 19th. Cognizant Technology Solutions's payout ratio is 26.11%.

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

Analyst Ratings Changes

CTSH has been the subject of a number of research reports. JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $88.00 to $98.00 in a research report on Monday, May 19th. Barclays dropped their price target on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Finally, Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their price objective for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $85.00.

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.