Dai ichi Life Insurance Company Ltd Cuts Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Dai ichi Life Insurance Company Ltd cut its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 15.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 151,601 shares of the information technology service provider’s stock after selling 27,338 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Cognizant Technology Solutions were worth $11,701,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTSH. Cibc World Market Inc. boosted its holdings in Cognizant Technology Solutions by 19,850.5% in the 2nd quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock valued at $205,096,000 after purchasing an additional 3,000,996 shares in the last quarter. Pzena Investment Management LLC grew its holdings in Cognizant Technology Solutions by 11.7% during the second quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after acquiring an additional 1,943,127 shares during the period. Bank of Montreal Can raised its position in Cognizant Technology Solutions by 152.8% in the second quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock worth $146,132,000 after acquiring an additional 1,281,236 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Cognizant Technology Solutions by 276.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock worth $122,603,000 after purchasing an additional 1,167,033 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Cognizant Technology Solutions by 129.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,904,263 shares of the information technology service provider’s stock worth $139,565,000 after purchasing an additional 1,073,666 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $80.63 on Tuesday. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $82.41. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08. The stock has a market cap of $39.98 billion, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 2.19 and a beta of 1.05. The stock has a 50 day moving average of $77.03 and a 200-day moving average of $73.41.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.10. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the business earned $1.16 EPS. On average, analysts expect that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.49%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CTSH shares. Mizuho increased their target price on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Daiwa America raised Cognizant Technology Solutions to a “hold” rating in a research note on Tuesday, August 27th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $76.00 price target on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Royal Bank of Canada boosted their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 28th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $79.47.

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.