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Institutional Investor Lowers Stake in Cognizant Technology Solutions
LGT Capital Partners LTD. recently sold 43.9% of its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) according to its recent Form 13F filing with the Securities and Exchange Commission. The company sold 888,820 shares of the information technology service provider’s stock and now owns 1,134,040 shares, making it the company’s 17th biggest position. LGT Capital Partners LTD. sold its shares for approximately $64.9 million.
Reinhart Partners Inc., Hudson Capital Management LLC, Sequoia Financial Advisors LLC, Diversified Trust Co, and Donald L. Hagan LLC are also among the hedge funds and institutional investors who recently increased or decreased their stake in the stock. Hedge funds and institutional investors presently own 90.12% of the company’s stock.
Wall Street Analysts Provide Mixed Reviews
Several Wall Street analysts have provided varied opinions on CTSH recently. Deutsche Bank Aktiengesellschaft lifted their price target on Cognizant Technology Solutions from $54.00 to $67.00. Susquehanna dropped their target price from $93.00 to $91.00 and set a “positive” rating for the company, while BMO Capital Markets boosted their target price on Cognizant Technology Solutions from $65.00 to $71.00 and gave the company a “market performance” rating. JPMorgan Chase & Co. has lowered Cognizant Technology Solutions from a “neutral” rating to an “underweight” rating and increased their target to $62.00. Bank of America has lowered Cognizant Technology Solutions from a “neutral” rating to an “underperform” rating and set a target price of $57.00. Out of the 19 analysts covering the stock, 5 have provided a sell rating while only 3 have a buy rating.
Cognizant Technology Solutions Stock Performance
Cognizant Technology Solutions opened at $58.65 on the NASDAQ. Its market capitalization is $29.87 billion with a price-to-earnings ratio of 13.27, a price-to-earnings-growth ratio of 1.19, and a beta of 1.10. The company has not performed as well in the past year, with a 52 week low of $51.33 and a 52 week high of $92.99. Its quick ratio and current ratio stand at 2.17 with a debt-to-equity ratio of 0.05. The stock has a 50 day moving average of $63.35 and a 200 day moving average of $60.74.
Cognizant Technology Solutions Increases Dividend
Cognizant Technology Solutions declared an increase in its quarterly dividend payout from $0.27 to $0.29 per share. The dividend was paid on February 28th to shareholders of record on February 17th. The annualized payout is now $1.16 and represents a dividend yield of 1.98%. Its payout ratio currently stands at 26.24% of its earnings.
Cognizant Technology Solutions Business Overview
Cognizant Technology Solutions Corp. is a leading provider of information technology, consulting, and business process outsourcing services. It operates through several business segments, including Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. Its Financial Services segment provides banking and insurance services.
