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

Ontario Teachers Pension Plan Board trimmed its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 82.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,324 shares of the information technology service provider's stock after selling 34,197 shares during the period. Ontario Teachers Pension Plan Board's holdings in Cognizant Technology Solutions were worth $563,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CTSH. Unison Advisors LLC raised its position in shares of 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 during the last quarter. Congress Wealth Management LLC DE raised its stake in Cognizant Technology Solutions by 0.5% in the 4th quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider's stock valued at $1,920,000 after purchasing an additional 126 shares during the last quarter. Sound View Wealth Advisors Group LLC grew its holdings in shares of Cognizant Technology Solutions by 4.6% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider's stock worth $222,000 after buying an additional 127 shares in the last quarter. Graypoint LLC raised its position in shares of Cognizant Technology Solutions by 2.9% in the fourth quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider's stock valued at $369,000 after buying an additional 134 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings 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 acquiring an additional 134 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH traded up $1.10 during trading hours on Tuesday, hitting $69.16. The company had a trading volume of 402,625 shares, compared to its average volume of 3,582,559. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The business has a fifty day simple moving average of $78.41 and a 200-day simple moving average of $78.80. The firm has a market cap of $34.21 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03.

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

Cognizant Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors 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 1.79%. The ex-dividend date was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's dividend payout ratio is currently 27.49%.

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

Analyst Ratings Changes

CTSH has been the topic of several recent analyst reports. Royal Bank of Canada reiterated a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Mizuho raised Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. BMO Capital Markets raised their price objective 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. StockNews.com upgraded shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $84.44.

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.