Intech Investment Management LLC Cuts Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Intech Investment Management LLC decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 10.6% in the third quarter, Holdings Channel reports. The institutional investor owned 20,008 shares of the information technology service provider’s stock after selling 2,383 shares during the period. Intech Investment Management LLC’s holdings in Cognizant Technology Solutions were worth $1,544,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Cognizant Technology Solutions by 26.1% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 840,359 shares of the information technology service provider’s stock valued at $64,859,000 after purchasing an additional 174,020 shares during the period. Citizens Financial Group Inc. RI acquired a new stake in shares of Cognizant Technology Solutions in the third quarter valued at about $206,000. Moors & Cabot Inc. acquired a new stake in shares of Cognizant Technology Solutions in the third quarter valued at about $413,000. Grandfield & Dodd LLC grew its position in shares of Cognizant Technology Solutions by 1.5% in the third quarter. Grandfield & Dodd LLC now owns 182,834 shares of the information technology service provider’s stock valued at $14,111,000 after purchasing an additional 2,654 shares during the period. Finally, First Horizon Advisors Inc. grew its position in shares of Cognizant Technology Solutions by 5.0% in the third quarter. First Horizon Advisors Inc. now owns 5,638 shares of the information technology service provider’s stock valued at $435,000 after purchasing an additional 269 shares during the period. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $80.63 on Tuesday. The firm’s 50 day moving average price is $77.03 and its 200-day moving average price is $73.41. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $82.41. The firm has a market cap of $39.98 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.19 and a beta of 1.05.

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

Cognizant Technology Solutions Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. boosted their price target on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Daiwa America upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, October 31st. Finally, TD Cowen boosted their price target on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target 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.