Cognizant Technology Solutions Corporation $CTSH Stake Decreased by Pzena Investment Management LLC

Pzena Investment Management LLC reduced its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 6.5% during the third quarter, Holdings Channel reports. The institutional investor owned 24,815,635 shares of the information technology service provider’s stock after selling 1,713,537 shares during the period. Cognizant Technology Solutions comprises 4.2% of Pzena Investment Management LLC’s holdings, making the stock its 2nd biggest position. Pzena Investment Management LLC owned approximately 0.06% of Cognizant Technology Solutions worth $1,425,410,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in Cognizant Technology Solutions by 3.6% during the first quarter. Dimensional Fund Advisors LP now owns 6,404,918 shares of the information technology service provider’s stock valued at $392,947,000 after purchasing an additional 222,819 shares during the last quarter. Amundi lifted its position in shares of Cognizant Technology Solutions by 9.2% in the 1st quarter. Amundi now owns 6,177,881 shares of the information technology service provider’s stock worth $379,013,000 after purchasing an additional 520,532 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Cognizant Technology Solutions by 27.2% in the 1st quarter. Hsbc Holdings PLC now owns 3,471,681 shares of the information technology service provider’s stock valued at $213,004,000 after buying an additional 742,466 shares in the last quarter. Artemis Investment Management LLP grew its holdings in Cognizant Technology Solutions by 289.6% in the third quarter. Artemis Investment Management LLP now owns 2,905,584 shares of the information technology service provider’s stock worth $166,897,000 after purchasing an additional 2,159,704 shares during the last quarter. Finally, Pacer Advisors Inc. increased its position in Cognizant Technology Solutions by 25.8% during the 1st quarter. Pacer Advisors Inc. now owns 2,442,902 shares of the information technology service provider’s stock valued at $149,872,000 after buying an additional 500,886 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $65.83 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.22 and a current ratio of 2.22. Cognizant Technology Solutions Corporation has a 1 year low of $37.08 and a 1 year high of $87.03. The stock has a market cap of $29.65 billion, a PE ratio of 11.38, a P/E/G ratio of 1.26 and a beta of 0.83. The stock has a fifty day moving average price of $62.36 and a 200 day moving average price of $58.98.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Thursday, October 29th. The information technology service provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.03. The firm had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.64 billion. Cognizant Technology Solutions had a return on equity of 17.72% and a net margin of 11.75%. Cognizant Technology Solutions’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.39 EPS. Sell-side analysts forecast that Cognizant Technology Solutions Corporation will post 5.79 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Friday, November 13th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, November 13th. Cognizant Technology Solutions’s payout ratio is 24.09%.

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of research reports. Susquehanna set a $82.00 price objective on Cognizant Technology Solutions and gave the company a “positive” rating in a report on Thursday, July 30th. Mizuho set a $69.00 target price on shares of Cognizant Technology Solutions in a research report on Monday. Wedbush reissued an “outperform” rating and issued a $70.00 price target on shares of Cognizant Technology Solutions in a research note on Friday, October 9th. Daiwa Securities Group raised their price target on Cognizant Technology Solutions from $42.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, September 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cognizant Technology Solutions from $67.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, October 26th. Ten investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus price target of $68.17.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation is a global information technology services and consulting company that helps organizations modernize their technology infrastructure, operations and customer experiences. The company serves businesses across industries including financial services, healthcare, life sciences, manufacturing, retail and communications.

Cognizant’s services include consulting, application development and modernization, cloud computing, data and artificial intelligence, digital engineering, cybersecurity and business process services.