Yacktman Asset Management LP purchased a new position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,344,261 shares of the information technology service provider’s stock, valued at approximately $89,259,000. Cognizant Technology Solutions Corporation makes up about 0.9% of Yacktman Asset Management LP’s holdings, making the stock its 20th largest position. Yacktman Asset Management LP owned about 0.23% of Cognizant Technology Solutions Corporation at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Guardian Life Insurance Co. of America boosted its stake in shares of Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock worth $140,000 after buying an additional 27 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Cognizant Technology Solutions Corporation by 24.2% in the first quarter. Assetmark Inc. now owns 2,592 shares of the information technology service provider’s stock worth $154,000 after buying an additional 505 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Cognizant Technology Solutions Corporation by 40.8% in the first quarter. IFP Advisors Inc now owns 2,696 shares of the information technology service provider’s stock worth $160,000 after buying an additional 781 shares in the last quarter. Lakeview Capital Partners LLC purchased a new stake in shares of Cognizant Technology Solutions Corporation during the second quarter worth approximately $210,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Cognizant Technology Solutions Corporation during the first quarter worth approximately $192,000. 88.68% of the stock is owned by institutional investors.

Shares of Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 70.39 on Friday. Cognizant Technology Solutions Corporation has a 1-year low of $45.44 and a 1-year high of $72.07. The firm’s 50-day moving average price is $69.18 and its 200 day moving average price is $63.09. The stock has a market capitalization of $41.57 billion, a price-to-earnings ratio of 22.58 and a beta of 1.17.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a net margin of 13.36% and a return on equity of 18.72%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same period last year, the company posted $0.87 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities research analysts expect that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 22nd will be issued a $0.15 dividend. The ex-dividend date is Friday, August 18th. This represents a $0.60 dividend on an annualized basis and a yield of 0.85%. Cognizant Technology Solutions Corporation’s dividend payout ratio (DPR) is presently 19.17%.

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A number of analysts have commented on the company. Credit Suisse Group set a $70.00 price target on Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a research report on Saturday, May 6th. Needham & Company LLC reiterated a “buy” rating and set a $78.00 price objective (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research note on Wednesday, August 9th. Zacks Investment Research upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Tuesday, August 8th. Berenberg Bank upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and lifted their price objective for the company from $65.00 to $85.00 in a research note on Tuesday, August 8th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $76.00 price objective (up previously from $69.00) on shares of Cognizant Technology Solutions Corporation in a research note on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Cognizant Technology Solutions Corporation has a consensus rating of “Buy” and an average price target of $70.02.

In other Cognizant Technology Solutions Corporation news, insider Gajakarnan Vibushanan Kandiah sold 1,500 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $66.00, for a total value of $99,000.00. Following the completion of the transaction, the insider now directly owns 10,515 shares of the company’s stock, valued at $693,990. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John E. Klein sold 11,560 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $71.86, for a total transaction of $830,701.60. Following the completion of the transaction, the director now directly owns 482,880 shares of the company’s stock, valued at $34,699,756.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,222 shares of company stock valued at $6,326,183. 1.08% of the stock is currently owned by corporate insiders.

About Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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