Swedbank AB Lowers Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Swedbank AB lowered its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 8.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 257,809 shares of the information technology service provider’s stock after selling 22,921 shares during the period. Swedbank AB owned about 0.05% of Cognizant Technology Solutions worth $19,898,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. 1620 Investment Advisors Inc. purchased a new position in Cognizant Technology Solutions during the 2nd quarter valued at about $25,000. Addison Advisors LLC increased its holdings in 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 valued at $26,000 after buying an additional 189 shares during the period. LRI Investments LLC bought a new position in Cognizant Technology Solutions in the first quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in Cognizant Technology Solutions during the third quarter worth $30,000. Finally, Pinnacle Bancorp Inc. boosted its position in Cognizant Technology Solutions by 47.4% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock valued at $35,000 after acquiring an additional 146 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ CTSH opened at $80.63 on Tuesday. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $82.41. The business’s 50 day moving average price is $77.03 and its 200 day moving average price is $73.41. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.08. The firm has a market cap of $39.98 billion, a P/E ratio of 17.84, a P/E/G ratio of 2.19 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the firm earned $1.16 EPS. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current 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 $0.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.49%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CTSH shares. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $73.00 to $75.00 in a research note on Wednesday, August 7th. Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. lifted their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. The Goldman Sachs Group reissued a “neutral” rating and set a $76.00 target price on shares of Cognizant Technology Solutions in a research report on Thursday, September 12th. Finally, TD Cowen upped their price target on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research 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 assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $79.47.

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.