Royal Bank of Canada Boosts Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $81.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective upped by Royal Bank of Canada from $77.00 to $81.00 in a report published on Thursday, Benzinga reports. The firm currently has a sector perform rating on the information technology service provider’s stock.

Several other research firms also recently issued reports on CTSH. Needham & Company LLC reissued a hold rating on shares of Cognizant Technology Solutions in a research report on Monday, June 10th. Robert W. Baird boosted their price target on shares of Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a neutral rating in a research note on Thursday. Wedbush reissued an outperform rating and set a $85.00 price target on shares of Cognizant Technology Solutions in a research report on Thursday, May 2nd. Citigroup decreased their price target on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a buy rating for the company in a research note on Monday, April 22nd. Finally, Mizuho reiterated a neutral rating and issued a $82.00 price target on shares of Cognizant Technology Solutions in a research note on Tuesday, June 11th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $76.12.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock traded down $2.27 during trading hours on Thursday, reaching $71.73. 5,956,042 shares of the stock were exchanged, compared to its average volume of 4,164,609. The company has a market cap of $35.66 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 2.26 and a beta of 1.05. The company has a current ratio of 2.46, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions has a twelve month low of $62.14 and a twelve month high of $80.27. The stock has a 50 day moving average of $69.35 and a two-hundred day moving average of $71.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data 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 business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business earned $1.10 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. Equities analysts expect that Cognizant Technology Solutions will post 4.65 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend is Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Institutional Investors Weigh In On Cognizant Technology Solutions

Several large investors have recently bought and sold shares of the business. 1620 Investment Advisors Inc. purchased a new stake in shares of Cognizant Technology Solutions during the second quarter valued at $25,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at $26,000. LRI Investments LLC purchased a new stake in shares of Cognizant Technology Solutions during the first quarter valued at $28,000. Spire Wealth Management boosted its stake in shares of Cognizant Technology Solutions by 79.1% during the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 193 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at $40,000. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Company 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.