Sompo Asset Management Co. Ltd. Increases Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Sompo Asset Management Co. Ltd. increased its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 26.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,790 shares of the information technology service provider’s stock after purchasing an additional 1,000 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Cognizant Technology Solutions were worth $370,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CTSH. Kingsview Wealth Management LLC lifted its position in shares of Cognizant Technology Solutions by 2.2% in the 3rd quarter. Kingsview Wealth Management LLC now owns 118,211 shares of the information technology service provider’s stock worth $9,124,000 after purchasing an additional 2,489 shares during the period. Cerity Partners LLC increased its stake in shares of Cognizant Technology Solutions by 12.5% in the 3rd quarter. Cerity Partners LLC now owns 82,111 shares of the information technology service provider’s stock worth $6,337,000 after acquiring an additional 9,131 shares in the last quarter. Nwam LLC bought a new stake in Cognizant Technology Solutions during the 3rd quarter valued at about $329,000. Charles Schwab Investment Management Inc. increased its stake in Cognizant Technology Solutions by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,244,731 shares of the information technology service provider’s stock valued at $250,428,000 after purchasing an additional 44,129 shares in the last quarter. Finally, Banco Santander S.A. bought a new stake in Cognizant Technology Solutions during the 3rd quarter valued at about $205,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.9 %

NASDAQ:CTSH opened at $79.54 on Monday. The firm has a market cap of $39.44 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 2.17 and a beta of 1.05. The company has a 50-day moving average of $76.98 and a 200 day moving average of $73.32. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $82.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, beating 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 business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the firm posted $1.16 earnings per share. The company’s quarterly revenue was up 3.0% on a year-over-year basis. As a group, research analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal 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 dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.51%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is currently 26.55%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CTSH shares. Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 price target for the company. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $76.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Daiwa America upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Mizuho boosted their price target on shares of Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Finally, Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Cognizant Technology Solutions presently has an average rating of “Hold” and an average price target of $79.47.

Cognizant Technology Solutions Company 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.