MetLife Investment Management LLC Has $9.95 Million Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

MetLife Investment Management LLC lessened its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 128,917 shares of the information technology service provider’s stock after selling 3,708 shares during the quarter. MetLife Investment Management LLC’s holdings in Cognizant Technology Solutions were worth $9,950,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CTSH. Addison Advisors LLC raised its position in shares of Cognizant Technology Solutions by 127.7% during the third quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock worth $26,000 after acquiring an additional 189 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Cognizant Technology Solutions during the 2nd quarter worth approximately $25,000. LRI Investments LLC acquired a new position in shares of Cognizant Technology Solutions in the 1st quarter worth approximately $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter valued at $30,000. Finally, Pinnacle Bancorp Inc. increased its position in shares of Cognizant Technology Solutions by 47.4% during the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock worth $35,000 after buying an additional 146 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CTSH. Bank of America raised Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price target on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Robert W. Baird lifted their price objective on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. TD Cowen increased their target price on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group initiated coverage on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price target for the company. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $79.47.

Cognizant Technology Solutions Stock Down 0.4 %

CTSH opened at $80.75 on Friday. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $82.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23. The company’s 50-day moving average is $77.35 and its 200 day moving average is $73.61. The firm has a market capitalization of $40.04 billion, a P/E ratio of 17.87, a PEG ratio of 2.22 and a beta of 1.05.

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

Cognizant Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date was Tuesday, November 19th. Cognizant Technology Solutions’s payout ratio is 26.55%.

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.