JPMorgan Chase & Co. Lowers Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $81.00

Cognizant Technology Solutions (NASDAQ:CTSH - Free Report) had its price target trimmed by JPMorgan Chase & Co. from $92.00 to $81.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the information technology service provider's stock.

A number of other brokerages have also weighed in on CTSH. BMO Capital Markets increased their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a "market perform" rating in a report on Thursday, February 6th. StockNews.com upgraded shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a report on Thursday, February 6th. Royal Bank of Canada restated 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. UBS Group cut their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Fifteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has an average rating of "Hold" and an average target price of $83.94.

Cognizant Technology Solutions Stock Up 3.3 %

Shares of CTSH stock traded up $2.47 during trading hours on Tuesday, reaching $77.70. 5,330,479 shares of the company's stock were exchanged, compared to its average volume of 3,596,423. Cognizant Technology Solutions has a 1 year low of $63.79 and a 1 year high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The stock has a market cap of $38.43 billion, a PE ratio of 17.23, a PEG ratio of 2.11 and a beta of 1.03. The stock's fifty day moving average price is $75.91 and its two-hundred day moving average price is $78.56.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its 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. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Cognizant Technology Solutions's revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.12 EPS. Research analysts predict that Cognizant Technology Solutions will post 4.98 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is presently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tudor Financial Inc. purchased a new position in shares of Cognizant Technology Solutions in the third quarter valued at approximately $225,000. World Investment Advisors LLC lifted its holdings in Cognizant Technology Solutions by 21.8% in the 3rd quarter. World Investment Advisors LLC now owns 5,634 shares of the information technology service provider's stock valued at $435,000 after purchasing an additional 1,010 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Cognizant Technology Solutions during the 3rd quarter worth $155,000. Retirement Systems of Alabama grew its holdings in shares of Cognizant Technology Solutions by 3.5% during the third quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider's stock worth $91,678,000 after buying an additional 40,226 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Cognizant Technology Solutions by 5.0% in the third quarter. Principal Financial Group Inc. now owns 665,305 shares of the information technology service provider's stock valued at $51,348,000 after buying an additional 31,758 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

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.