Huntington National Bank Decreases Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Huntington National Bank lowered its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,506 shares of the information technology service provider’s stock after selling 356 shares during the period. Huntington National Bank’s holdings in Cognizant Technology Solutions were worth $502,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Cognizant Technology Solutions by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock worth $4,254,178,000 after purchasing an additional 6,933,908 shares in the last quarter. Cibc World Market Inc. boosted its stake in Cognizant Technology Solutions by 19,850.5% in the 2nd quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock worth $205,096,000 after purchasing an additional 3,000,996 shares in the last quarter. Pzena Investment Management LLC grew its position in Cognizant Technology Solutions by 11.7% during the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after purchasing an additional 1,943,127 shares during the last quarter. Bank of Montreal Can increased its stake 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 purchasing an additional 1,281,236 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Cognizant Technology Solutions by 276.9% in the third quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock worth $122,603,000 after buying an additional 1,167,033 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

CTSH has been the topic of several research reports. Daiwa America raised Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft raised their price objective on Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group restated a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. Barclays increased their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group began coverage on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price for the company. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $79.47.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock opened at $77.11 on Friday. The business’s 50 day moving average price is $76.85 and its 200 day moving average price is $72.83. The company has a market cap of $38.23 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 2.27 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $82.41.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The firm had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the company posted $1.16 EPS. The company’s revenue was up 3.0% compared to the same quarter last year. On average, research analysts predict that Cognizant Technology Solutions Co. will post 4.66 EPS for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.56%. Cognizant Technology Solutions’s payout ratio is 26.55%.

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.