JPMorgan Chase & Co. Cuts Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $81.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective reduced by JPMorgan Chase & Co. from $92.00 to $81.00 in a research note issued to investors on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the information technology service provider’s stock.

A number of other equities research analysts also recently issued reports on the company. Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. UBS Group dropped their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Morgan Stanley reduced their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Finally, Susquehanna reduced their target price on Cognizant Technology Solutions from $82.00 to $77.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 23rd. Fifteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $83.94.

Cognizant Technology Solutions Trading Up 2.3 %

Cognizant Technology Solutions stock opened at $75.23 on Tuesday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The business has a 50-day simple moving average of $75.91 and a two-hundred day simple moving average of $78.56. The company has a market cap of $37.21 billion, a P/E ratio of 16.68, a P/E/G ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions has a 52-week low of $63.79 and a 52-week high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The business had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the business posted $1.12 EPS. Cognizant Technology Solutions’s revenue for the quarter was up 7.5% compared to the same quarter last year. Analysts predict that Cognizant Technology Solutions will post 4.98 EPS for the current year.

Cognizant Technology Solutions announced that its board has approved a share buyback plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Cognizant Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a dividend of $0.31 per share. The ex-dividend date is Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.65%. Cognizant Technology Solutions’s dividend payout ratio is presently 27.49%.

Institutional Investors Weigh In On Cognizant Technology Solutions

Institutional investors have recently added to or reduced their stakes in the stock. CWM LLC boosted its stake in Cognizant Technology Solutions by 0.8% during the 1st quarter. CWM LLC now owns 78,715 shares of the information technology service provider’s stock worth $6,022,000 after purchasing an additional 658 shares during the last quarter. Q3 Asset Management purchased a new stake in Cognizant Technology Solutions during the first quarter worth about $225,000. Arizona State Retirement System grew its stake in shares of Cognizant Technology Solutions by 7.5% in the first quarter. Arizona State Retirement System now owns 151,580 shares of the information technology service provider’s stock worth $11,596,000 after acquiring an additional 10,519 shares in the last quarter. Kathmere Capital Management LLC increased its holdings in Cognizant Technology Solutions by 13.2% during the 1st quarter. Kathmere Capital Management LLC now owns 8,395 shares of the information technology service provider’s stock worth $642,000 after purchasing an additional 979 shares during the period. Finally, Ballentine Partners LLC lifted its stake in Cognizant Technology Solutions by 69.2% in the first quarter. Ballentine Partners LLC now owns 12,968 shares of the information technology service provider’s stock worth $992,000 after acquiring an additional 5,305 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

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.