Van ECK Associates Corp Grows Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Van ECK Associates Corp lifted its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 15.4% in the first quarter, HoldingsChannel reports. The fund owned 147,345 shares of the information technology service provider’s stock after acquiring an additional 19,690 shares during the period. Van ECK Associates Corp’s holdings in Cognizant Technology Solutions were worth $10,799,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SWS Partners raised its stake in shares of Cognizant Technology Solutions by 18.7% in the first quarter. SWS Partners now owns 34,805 shares of the information technology service provider’s stock valued at $2,551,000 after acquiring an additional 5,491 shares during the period. SpiderRock Advisors LLC bought a new stake in Cognizant Technology Solutions during the first quarter valued at about $271,000. Vest Financial LLC raised its stake in shares of Cognizant Technology Solutions by 43.3% during the 1st quarter. Vest Financial LLC now owns 236,182 shares of the information technology service provider’s stock worth $17,308,000 after acquiring an additional 71,419 shares in the last quarter. Perigon Wealth Management LLC boosted its position in shares of Cognizant Technology Solutions by 19.2% in the 1st quarter. Perigon Wealth Management LLC now owns 5,654 shares of the information technology service provider’s stock worth $414,000 after purchasing an additional 911 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Cognizant Technology Solutions by 4.6% during the first quarter. Commonwealth Equity Services LLC now owns 40,589 shares of the information technology service provider’s stock worth $2,975,000 after acquiring an additional 1,796 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Down 0.3 %

Shares of NASDAQ CTSH traded down $0.19 during mid-day trading on Friday, reaching $68.11. The company had a trading volume of 638,889 shares, compared to its average volume of 4,087,621. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.35 and a current ratio of 2.35. The stock has a market capitalization of $33.86 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 2.04 and a beta of 1.05. The stock’s 50 day moving average is $67.18 and its 200-day moving average is $72.18. Cognizant Technology Solutions Co. has a twelve month low of $62.14 and a twelve month high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.01. The business had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. Cognizant Technology Solutions’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.11 earnings per share. As a group, equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Monday, May 20th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Friday, May 17th. Cognizant Technology Solutions’s payout ratio is presently 28.85%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Barclays dropped their price target on Cognizant Technology Solutions from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday, April 26th. Mizuho restated a “neutral” rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a research report on Tuesday, June 11th. Guggenheim began coverage on Cognizant Technology Solutions in a report on Tuesday, March 19th. They issued a “neutral” rating and a $80.00 price objective on the stock. Citigroup reduced their target price on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Finally, Wedbush restated an “outperform” rating and issued a $85.00 target price on shares of Cognizant Technology Solutions in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $75.44.

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.