PNC Financial Services Group Inc. Has $9.23 Million Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

PNC Financial Services Group Inc. grew its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 119,570 shares of the information technology service provider’s stock after purchasing an additional 6,626 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cognizant Technology Solutions were worth $9,228,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinnacle Bancorp Inc. boosted its holdings in 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 last quarter. Benjamin Edwards Inc. raised its position in shares of Cognizant Technology Solutions by 42.1% in the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock valued at $36,000 after acquiring an additional 158 shares during the period. Addison Advisors LLC boosted its stake in Cognizant Technology Solutions by 127.7% during the 3rd 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. Meeder Asset Management Inc. grew its holdings in Cognizant Technology Solutions by 32.5% during the third quarter. Meeder Asset Management Inc. now owns 786 shares of the information technology service provider’s stock valued at $61,000 after purchasing an additional 193 shares during the period. Finally, V Square Quantitative Management LLC raised its holdings in Cognizant Technology Solutions by 1.8% in the third quarter. V Square Quantitative Management LLC now owns 11,169 shares of the information technology service provider’s stock worth $862,000 after purchasing an additional 194 shares during the period. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Price Performance

NASDAQ:CTSH opened at $79.54 on Friday. The firm’s fifty day moving average price is $76.98 and its two-hundred day moving average price is $73.24. 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 has a market cap of $39.44 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.10 and a beta of 1.05. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $82.41.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.10. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the company posted $1.16 EPS. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. Equities analysts expect that Cognizant Technology Solutions Co. will post 4.66 earnings per share 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. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, November 19th. This represents a $1.20 dividend on an annualized basis and a yield of 1.51%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Jefferies Financial Group initiated coverage on Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price for the company. Finally, Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a research note on Tuesday, August 27th. 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, the stock currently has a consensus rating of “Hold” and an average price target of $79.47.

Cognizant Technology Solutions 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.