Mirae Asset Global Investments Co. Ltd. Makes New $6.96 Million Investment in Cognizant Technology Solutions Corporation $CTSH

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) in the 3rd quarter, HoldingsChannel reports. The fund acquired 121,164 shares of the information technology service provider’s stock, valued at approximately $6,960,000.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CTSH shares. Wedbush reiterated an “outperform” rating and issued a $70.00 price objective on shares of Cognizant Technology Solutions in a research report on Friday, October 9th. Citigroup restated a “neutral” rating on shares of Cognizant Technology Solutions in a report on Monday, October 19th. Susquehanna set a $82.00 price target on Cognizant Technology Solutions and gave the stock a “positive” rating in a research note on Thursday, July 30th. Royal Bank Of Canada raised their target price on shares of Cognizant Technology Solutions from $47.00 to $55.00 and gave the stock a “sector perform” rating in a research report on Friday, October 30th. Finally, Morgan Stanley dropped their price target on Cognizant Technology Solutions from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, October 30th. Ten analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat, Cognizant Technology Solutions currently has an average rating of “Hold” and an average target price of $68.17.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $66.54 on Friday. The company has a market capitalization of $29.97 billion, a price-to-earnings ratio of 12.14, a price-to-earnings-growth ratio of 1.30 and a beta of 0.83. 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 one year low of $37.08 and a one year high of $87.03. The company’s 50-day moving average is $62.44 and its 200 day moving average is $58.89.

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

Cognizant Technology Solutions Dividend Announcement

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

Cognizant Technology Solutions Company Profile

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.