Distillate Capital Partners LLC Takes Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Distillate Capital Partners LLC acquired a new position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 241,838 shares of the information technology service provider’s stock, valued at approximately $16,445,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CTSH. Marshall Wace LLP bought a new stake in shares of Cognizant Technology Solutions in the second quarter valued at approximately $26,451,000. Bank of Montreal Can raised its holdings in Cognizant Technology Solutions by 152.8% during the 2nd quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock valued at $146,132,000 after acquiring an additional 1,281,236 shares during the period. Evergreen Capital Management LLC lifted its position in shares of Cognizant Technology Solutions by 14.4% during the second quarter. Evergreen Capital Management LLC now owns 5,980 shares of the information technology service provider’s stock worth $407,000 after acquiring an additional 752 shares in the last quarter. DRW Securities LLC purchased a new position in shares of Cognizant Technology Solutions in the second quarter valued at $264,000. Finally, Dalton Investments Inc. grew its position in shares of Cognizant Technology Solutions by 25.9% in the second quarter. Dalton Investments Inc. now owns 45,200 shares of the information technology service provider’s stock valued at $3,074,000 after purchasing an additional 9,300 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Trading Up 0.6 %

NASDAQ CTSH opened at $76.12 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. Cognizant Technology Solutions Co. has a fifty-two week low of $62.14 and a fifty-two week high of $80.27. The stock has a market cap of $37.85 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 2.14 and a beta of 1.05. The stock has a 50 day simple moving average of $75.47 and a two-hundred day simple moving average of $71.34.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the business earned $1.10 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. On average, analysts forecast that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of a number of recent analyst reports. Bank of America raised Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $73.00 to $75.00 in a report on Wednesday, August 7th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Jefferies Financial Group initiated coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They issued a “buy” rating and a $90.00 target price on the stock. StockNews.com cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $77.44.

Insider Activity at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the transaction, the chief executive officer now owns 46,427 shares in the company, valued at $3,419,812.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

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.