Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Key Points

• Zurcher Kantonalbank has increased its stake in Cognizant Technology Solutions by 7.3%, owning 408,450 shares worth approximately $31.25 million after acquiring an additional 27,614 shares.
• Cognizant reported an earnings per share (EPS) of $1.23, exceeding estimates by $0.03, and achieved a revenue of $5.12 billion for the latest quarter, reflecting a year-over-year increase of 7.5%.
• The company has announced a quarterly dividend of $0.31 per share, with an annualized dividend of $1.24, representing a dividend yield of 1.62%.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 7.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 408,450 shares of the information technology service provider's stock after acquiring an additional 27,614 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.08% of Cognizant Technology Solutions worth $31,246,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTSH. Intellus Advisors LLC raised its holdings in Cognizant Technology Solutions by 0.5% during the first quarter. Intellus Advisors LLC now owns 143,116 shares of the information technology service provider's stock valued at $10,948,000 after acquiring an additional 659 shares during the period. Empirical Finance LLC raised its stake in Cognizant Technology Solutions by 1.9% during the 1st quarter. Empirical Finance LLC now owns 24,869 shares of the information technology service provider's stock valued at $1,902,000 after purchasing an additional 461 shares during the period. HB Wealth Management LLC lifted its holdings in Cognizant Technology Solutions by 108.0% in the 1st quarter. HB Wealth Management LLC now owns 14,542 shares of the information technology service provider's stock worth $1,112,000 after purchasing an additional 7,551 shares in the last quarter. Applied Finance Capital Management LLC boosted its stake in Cognizant Technology Solutions by 6.2% in the 1st quarter. Applied Finance Capital Management LLC now owns 11,168 shares of the information technology service provider's stock worth $854,000 after purchasing an additional 649 shares during the period. Finally, Caliber Wealth Management LLC KS purchased a new stake in Cognizant Technology Solutions during the 1st quarter valued at approximately $220,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Down 1.6%

NASDAQ:CTSH traded down $1.25 during mid-day trading on Monday, reaching $75.42. The company's stock had a trading volume of 3,184,222 shares, compared to its average volume of 2,870,927. 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 Corporation has a 1 year low of $65.52 and a 1 year high of $90.82. The stock has a fifty day moving average of $78.52 and a 200-day moving average of $78.74. The firm has a market capitalization of $37.18 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 1.77 and a beta of 0.96.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.06 billion. During the same quarter in the prior year, the company earned $1.12 EPS. The company's revenue was up 7.5% compared to the same quarter last year. Equities research analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were issued a $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.64%. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CTSH shares. TD Securities increased their price target on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Barclays lowered their price objective 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. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Robert W. Baird increased their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Cognizant Technology Solutions in a research report on Thursday, July 17th. They issued a "hold" rating and a $80.00 price target for the company. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $85.88.

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.