Kingsview Wealth Management LLC Boosts Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Kingsview Wealth Management LLC grew its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 118,211 shares of the information technology service provider’s stock after buying an additional 2,489 shares during the period. Kingsview Wealth Management LLC’s holdings in Cognizant Technology Solutions were worth $9,124,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CTSH. 1620 Investment Advisors Inc. purchased a new position in shares of Cognizant Technology Solutions during the second quarter worth $25,000. Addison Advisors LLC raised its holdings in shares of Cognizant Technology Solutions by 127.7% during the third quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock worth $26,000 after purchasing an additional 189 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Cognizant Technology Solutions during the first quarter worth $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Cognizant Technology Solutions during the third quarter worth $30,000. Finally, Pinnacle Bancorp Inc. increased its holdings in Cognizant Technology Solutions by 47.4% in the third quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock valued at $35,000 after buying an additional 146 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

CTSH opened at $79.54 on Friday. The firm has a market capitalization of $39.44 billion, a PE ratio of 17.60, a PEG ratio of 2.17 and a beta of 1.05. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $82.41. The firm’s 50-day moving average price is $76.98 and its 200 day moving average price is $73.24. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the firm earned $1.16 earnings per share. Cognizant Technology Solutions’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently announced 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. This represents a $1.20 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of a number of recent analyst reports. Robert W. Baird lifted their price objective on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. StockNews.com cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus target price 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.