OLD National Bancorp IN Decreases Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

OLD National Bancorp IN reduced its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 38.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,983 shares of the information technology service provider’s stock after selling 1,826 shares during the period. OLD National Bancorp IN’s holdings in Cognizant Technology Solutions were worth $228,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CTSH. Brighton Jones LLC purchased a new position in Cognizant Technology Solutions in the 4th quarter valued at about $214,000. Apollon Wealth Management LLC lifted its position in shares of Cognizant Technology Solutions by 13.4% during the fourth quarter. Apollon Wealth Management LLC now owns 13,617 shares of the information technology service provider’s stock worth $1,047,000 after purchasing an additional 1,610 shares during the last quarter. Kestra Private Wealth Services LLC bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $907,000. Portfolio Design Labs LLC bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $232,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Cognizant Technology Solutions by 11.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 275,450 shares of the information technology service provider’s stock worth $21,047,000 after purchasing an additional 27,315 shares during the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH opened at $81.05 on Wednesday. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a market capitalization of $39.95 billion, a PE ratio of 17.97, a P/E/G ratio of 2.11 and a beta of 0.98. The company’s 50 day simple moving average is $75.87 and its 200 day simple moving average is $79.06.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the business earned $1.12 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities research analysts forecast that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.53%. Cognizant Technology Solutions’s dividend payout ratio is presently 26.11%.

Cognizant Technology Solutions declared that its board has approved a share buyback plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CTSH. Robert W. Baird increased their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Finally, TD Securities increased their price target on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a “hold” rating in a research report on Thursday, May 1st. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $85.00.

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.