iA Global Asset Management Inc. Has $7.02 Million Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

iA Global Asset Management Inc. lifted its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 103,221 shares of the information technology service provider’s stock after purchasing an additional 5,783 shares during the period. iA Global Asset Management Inc.’s holdings in Cognizant Technology Solutions were worth $7,019,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CTSH. International Assets Investment Management LLC acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $1,786,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $211,000. Mather Group LLC. bought a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $233,000. Intrust Bank NA boosted its stake in Cognizant Technology Solutions by 6.6% in the fourth quarter. Intrust Bank NA now owns 7,436 shares of the information technology service provider’s stock valued at $562,000 after acquiring an additional 460 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Cognizant Technology Solutions by 7.4% in the fourth quarter. Van ECK Associates Corp now owns 127,655 shares of the information technology service provider’s stock valued at $9,642,000 after acquiring an additional 8,819 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Insider Transactions at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CTSH has been the topic of a number of recent research reports. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, August 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Wednesday. Barclays raised their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group raised their price objective on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Robert W. Baird lifted their price target on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of “Hold” and an average price target of $76.61.

Cognizant Technology Solutions Stock Up 0.8 %

Shares of CTSH stock opened at $77.77 on Friday. The company has a current ratio of 2.46, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a 1 year low of $62.14 and a 1 year high of $80.27. The firm’s fifty day moving average price is $72.79 and its two-hundred day moving average price is $71.59. The firm has a market capitalization of $38.67 billion, a P/E ratio of 18.69, a PEG ratio of 2.26 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the business earned $1.10 EPS. The company’s revenue was down .7% compared to the same quarter last year. On average, equities analysts predict that Cognizant Technology Solutions Co. will post 4.65 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.54%. Cognizant Technology Solutions’s dividend payout ratio is presently 28.85%.

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.