Wellington Management Group LLP Decreases Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Wellington Management Group LLP lowered its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,497,569 shares of the information technology service provider’s stock after selling 58,164 shares during the period. Wellington Management Group LLP owned 1.31% of Cognizant Technology Solutions worth $490,761,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Turtle Creek Wealth Advisors LLC purchased a new position in Cognizant Technology Solutions in the 4th quarter valued at approximately $26,000. Spire Wealth Management grew its stake in Cognizant Technology Solutions by 79.1% in the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 193 shares in the last quarter. Neo Ivy Capital Management purchased a new position in Cognizant Technology Solutions in the 4th quarter valued at approximately $40,000. Quarry LP purchased a new position in Cognizant Technology Solutions in the 4th quarter valued at approximately $43,000. Finally, Valley National Advisers Inc. grew its stake in Cognizant Technology Solutions by 43.2% in the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after buying an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Analyst Upgrades and Downgrades

CTSH has been the subject of a number of recent research reports. Mizuho reiterated a “neutral” rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a research note on Tuesday, June 11th. BMO Capital Markets cut their price target on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating for the company in a report on Tuesday, April 30th. Wedbush reissued an “outperform” rating and issued a $85.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, May 2nd. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $75.67.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $64.26 on Monday. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $31.95 billion, a PE ratio of 15.45, a P/E/G ratio of 1.92 and a beta of 1.04. The firm has a fifty day simple moving average of $67.44 and a two-hundred day simple moving average of $72.59. Cognizant Technology Solutions Co. has a twelve month low of $61.23 and a twelve month high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.01. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The firm had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same quarter in the previous year, the company earned $1.11 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Research analysts expect that Cognizant Technology Solutions Co. will post 4.61 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Friday, May 17th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.85%.

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.