Douglas Lane & Associates LLC Reduces Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Douglas Lane & Associates LLC trimmed its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 33.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 3,000 shares of the information technology service provider’s stock after selling 1,500 shares during the period. Douglas Lane & Associates LLC’s holdings in Cognizant Technology Solutions were worth $204,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. TIAA Trust National Association purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $227,000. Trust Point Inc. purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $219,000. Asset Management One Co. Ltd. grew its position in Cognizant Technology Solutions by 1.7% during the 4th quarter. Asset Management One Co. Ltd. now owns 216,815 shares of the information technology service provider’s stock worth $16,443,000 after purchasing an additional 3,538 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $1,786,000. Finally, Nilsine Partners LLC grew its position in Cognizant Technology Solutions by 4.3% during the 4th quarter. Nilsine Partners LLC now owns 3,756 shares of the information technology service provider’s stock worth $284,000 after purchasing an additional 156 shares during the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. BMO Capital Markets lowered their price objective on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 30th. StockNews.com cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Susquehanna reduced their price objective on shares of Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Robert W. Baird raised their price objective on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, Barclays lifted their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.12.

Cognizant Technology Solutions Trading Up 1.3 %

Cognizant Technology Solutions stock traded up $0.92 during trading on Tuesday, reaching $72.65. The company had a trading volume of 2,641,517 shares, compared to its average volume of 4,154,593. Cognizant Technology Solutions Co. has a 12-month low of $62.14 and a 12-month high of $80.27. The stock’s 50 day moving average price is $69.42 and its two-hundred day moving average price is $71.79. The firm has a market capitalization of $36.12 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 2.26 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.35 and a current ratio of 2.46.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the firm earned $1.10 earnings per share. Cognizant Technology Solutions’s revenue was down .7% compared to the same quarter last year. As a group, equities analysts expect that Cognizant Technology Solutions Co. will post 4.65 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a yield of 1.65%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 28.85%.

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.