Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Legal & General Group Plc

Legal & General Group Plc decreased its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 18.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,532,196 shares of the information technology service provider's stock after selling 1,050,298 shares during the quarter. Legal & General Group Plc owned approximately 0.91% of Cognizant Technology Solutions worth $348,526,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CTSH. Duncker Streett & Co. Inc. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $28,000. Trust Co. of Vermont raised its position in Cognizant Technology Solutions by 188.4% in the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock worth $34,000 after acquiring an additional 292 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at about $36,000. Spire Wealth Management boosted its stake in shares of Cognizant Technology Solutions by 74.7% during the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock worth $37,000 after acquiring an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new stake in Cognizant Technology Solutions during the fourth quarter worth $37,000. Institutional investors and hedge funds own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Performance

CTSH traded up $1.04 on Monday, hitting $71.21. 545,251 shares of the company's stock were exchanged, compared to its average volume of 3,586,124. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The firm has a market cap of $35.22 billion, a PE ratio of 15.79, a P/E/G ratio of 2.11 and a beta of 1.03. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The stock has a fifty day moving average of $80.43 and a two-hundred day moving average of $79.09.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, research analysts anticipate 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 buy up to 5.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.74%. 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 27.49%.

Analyst Upgrades and Downgrades

CTSH has been the topic of several research reports. StockNews.com upgraded shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Barclays upped their price objective on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. Royal Bank of Canada reiterated a "sector perform" rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Finally, Robert W. Baird lowered their target price on 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. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently 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.