Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co reduced its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 4.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 51,853 shares of the information technology service provider’s stock after selling 2,236 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Cognizant Technology Solutions were worth $3,987,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CTSH. Retirement Systems of Alabama lifted its stake in Cognizant Technology Solutions by 3.5% in the 3rd quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider’s stock valued at $91,678,000 after buying an additional 40,226 shares in the last quarter. CGN Advisors LLC acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at about $1,294,000. ICICI Prudential Asset Management Co Ltd boosted its holdings in Cognizant Technology Solutions by 50.7% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 429,660 shares of the information technology service provider’s stock valued at $33,041,000 after acquiring an additional 144,535 shares during the period. Todd Asset Management LLC grew its holdings in shares of Cognizant Technology Solutions by 24.4% in the fourth quarter. Todd Asset Management LLC now owns 436,509 shares of the information technology service provider’s stock valued at $33,568,000 after purchasing an additional 85,539 shares in the last quarter. Finally, Matthews International Capital Management LLC increased its position in shares of Cognizant Technology Solutions by 52.0% during the fourth quarter. Matthews International Capital Management LLC now owns 50,108 shares of the information technology service provider’s stock worth $3,853,000 after acquiring an additional 17,134 shares during the period. Institutional investors and hedge funds own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

CTSH opened at $75.90 on Friday. The firm has a market capitalization of $37.54 billion, a PE ratio of 16.83, a PEG ratio of 2.11 and a beta of 1.12. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The business’s 50-day simple moving average is $82.68 and its 200 day simple moving average is $79.47.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. As a group, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions announced that its board has authorized a share buyback program on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Tuesday, February 18th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s payout ratio is currently 27.49%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CTSH. BMO Capital Markets lifted their price target on Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a report on Thursday, February 6th. UBS Group dropped their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Barclays raised their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Mizuho upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Finally, Morgan Stanley lowered their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $84.56.

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.