Envestnet Asset Management Inc. Sells 12,402 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Envestnet Asset Management Inc. trimmed its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 2.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 492,934 shares of the information technology service provider's stock after selling 12,402 shares during the period. Envestnet Asset Management Inc. owned 0.10% of Cognizant Technology Solutions worth $37,907,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in CTSH. Unison Advisors LLC increased its holdings in Cognizant Technology Solutions by 0.4% during the 4th quarter. Unison Advisors LLC now owns 29,595 shares of the information technology service provider's stock worth $2,276,000 after purchasing an additional 114 shares in the last quarter. Congress Wealth Management LLC DE boosted its holdings in Cognizant Technology Solutions by 0.5% during the 4th quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider's stock worth $1,920,000 after acquiring an additional 126 shares during the last quarter. Sound View Wealth Advisors Group LLC grew its stake in shares of Cognizant Technology Solutions by 4.6% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider's stock worth $222,000 after acquiring an additional 127 shares in the last quarter. Graypoint LLC lifted its position in shares of Cognizant Technology Solutions by 2.9% during the fourth quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider's stock valued at $369,000 after purchasing an additional 134 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in Cognizant Technology Solutions by 1.5% in the 4th quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider's stock valued at $704,000 after buying an additional 134 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Trading Down 0.7 %

Shares of CTSH traded down $0.48 during mid-day trading on Thursday, reaching $69.53. The company's stock had a trading volume of 773,965 shares, compared to its average volume of 3,596,504. 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 52 week low of $63.79 and a 52 week high of $90.82. The company's fifty day moving average price is $79.53 and its two-hundred day moving average price is $78.93. The stock has a market cap of $34.39 billion, a PE ratio of 15.42, a P/E/G ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, beating 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%. On average, analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions declared that its Board of Directors has initiated a share repurchase plan 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 reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.78%. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, February 18th. Cognizant Technology Solutions's payout ratio is presently 27.49%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CTSH. Mizuho upgraded shares of Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. BMO Capital Markets upped their price objective on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a "market perform" rating in a report on Thursday, February 6th. Robert W. Baird reduced their target price on shares of Cognizant Technology Solutions from $90.00 to $78.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $84.44.

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.