Power Corp of Canada Purchases New Shares in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Posted by Defense World Staff on Mar 16th, 2023

Power Corp of Canada acquired a new stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH – Get Rating) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 3,419 shares of the information technology service provider’s stock, valued at approximately $196,000.

A number of other hedge funds have also bought and sold shares of CTSH. D.A. Davidson & CO. bought a new position in Cognizant Technology Solutions during the first quarter valued at $256,000. Canada Pension Plan Investment Board grew its holdings in shares of Cognizant Technology Solutions by 84.4% in the first quarter. Canada Pension Plan Investment Board now owns 269,207 shares of the information technology service provider’s stock worth $24,140,000 after purchasing an additional 123,220 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Cognizant Technology Solutions by 9.4% in the first quarter. Cetera Investment Advisers now owns 17,774 shares of the information technology service provider’s stock worth $1,594,000 after purchasing an additional 1,523 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Cognizant Technology Solutions in the first quarter worth about $239,000. Finally, Brighton Jones LLC grew its holdings in shares of Cognizant Technology Solutions by 18.7% in the first quarter. Brighton Jones LLC now owns 3,484 shares of the information technology service provider’s stock worth $312,000 after purchasing an additional 550 shares during the last quarter. Institutional investors own 90.12% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock opened at $57.07 on Thursday. The firm has a market capitalization of $29.07 billion, a P/E ratio of 12.91, a PEG ratio of 1.22 and a beta of 1.10. The company has a quick ratio of 2.17, a current ratio of 2.17 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average price of $63.79 and a 200 day moving average price of $60.98. Cognizant Technology Solutions Co. has a 52 week low of $51.33 and a 52 week high of $93.47.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The information technology service provider reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.78 billion. Cognizant Technology Solutions had a net margin of 11.79% and a return on equity of 18.92%. Cognizant Technology Solutions’s revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $1.10 EPS. Sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.51 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Friday, February 17th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Thursday, February 16th. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.27. Cognizant Technology Solutions’s dividend payout ratio is 26.24%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CTSH shares. JPMorgan Chase & Co. cut shares of Cognizant Technology Solutions from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $61.00 to $62.00 in a report on Thursday, December 15th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Cognizant Technology Solutions from $54.00 to $67.00 in a research note on Friday, February 3rd. TheStreet raised shares of Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a research note on Tuesday, January 31st. Robert W. Baird lowered shares of Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $66.00 to $68.00 in a research note on Friday, February 3rd. Finally, Susquehanna lowered their price objective on shares of Cognizant Technology Solutions from $93.00 to $91.00 and set a “positive” rating for the company in a research note on Friday, February 3rd. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, Cognizant Technology Solutions has an average rating of “Hold” and an average target price of $69.90.

Cognizant Technology Solutions Company Profile

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Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.