Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lessened its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 27.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 258,686 shares of the information technology service provider's stock after selling 98,324 shares during the period. Canada Pension Plan Investment Board owned 0.05% of Cognizant Technology Solutions worth $19,893,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Duncker Streett & Co. Inc. acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $28,000. Trust Co. of Vermont increased its stake in shares of Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock worth $34,000 after purchasing an additional 292 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at $36,000. Spire Wealth Management lifted its holdings in Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock valued at $37,000 after purchasing an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at approximately $37,000. Institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Up 1.9 %

Shares of CTSH stock traded up $1.32 on Wednesday, reaching $71.05. 4,969,628 shares of the stock were exchanged, compared to its average volume of 3,599,895. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The company has a market capitalization of $35.14 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 2.11 and a beta of 1.03. The business's 50 day moving average price is $78.02 and its 200 day moving average price is $78.73.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. 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 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 purchase up to 5.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.31 per share. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley lowered their price target 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. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, March 27th. Robert W. Baird decreased their target price on Cognizant Technology Solutions from $90.00 to $78.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. StockNews.com raised Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Finally, Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday. Fifteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions has an average rating of "Hold" and a consensus target price of $84.53.

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.