Massachusetts Financial Services Co. MA Cuts Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Massachusetts Financial Services Co. MA cut its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 19.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,952,599 shares of the information technology service provider’s stock after selling 459,609 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.39% of Cognizant Technology Solutions worth $150,702,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CTSH. Addison Advisors LLC grew its holdings in shares of Cognizant Technology Solutions by 127.7% in the 3rd quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock worth $26,000 after acquiring an additional 189 shares during the period. 1620 Investment Advisors Inc. purchased a new position in shares of Cognizant Technology Solutions in the second quarter valued at $25,000. LRI Investments LLC acquired a new position in shares of Cognizant Technology Solutions during the 1st quarter worth $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Cognizant Technology Solutions in the 3rd quarter worth about $30,000. Finally, Pinnacle Bancorp Inc. grew its position in shares of 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 purchasing an additional 146 shares during the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Up 0.9 %

Shares of Cognizant Technology Solutions stock opened at $79.54 on Friday. The company has a fifty day moving average price of $76.98 and a 200 day moving average price of $73.28. 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 Co. has a twelve month low of $63.79 and a twelve month high of $82.41. The stock has a market cap of $39.44 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.17 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.10. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a return on equity of 17.08% and a net margin of 11.60%. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.16 earnings per share. Equities research analysts forecast that Cognizant Technology Solutions Co. will post 4.66 earnings per share 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. Stockholders of record on Tuesday, November 19th will be paid 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 1.51%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.55%.

Wall Street Analyst Weigh In

CTSH has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price on the stock. StockNews.com downgraded Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Finally, Robert W. Baird raised their price objective on Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus price target 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.