Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Oak Associates Ltd. OH

Oak Associates Ltd. OH trimmed its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 7.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 133,676 shares of the information technology service provider's stock after selling 10,169 shares during the quarter. Oak Associates Ltd. OH's holdings in Cognizant Technology Solutions were worth $10,280,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CTSH. Dymon Asia Capital Singapore PTE. LTD. boosted its holdings in Cognizant Technology Solutions by 37.0% in the 4th quarter. Dymon Asia Capital Singapore PTE. LTD. now owns 12,600 shares of the information technology service provider's stock valued at $969,000 after purchasing an additional 3,402 shares during the period. Covestor Ltd lifted its holdings in Cognizant Technology Solutions by 3.3% during the 4th quarter. Covestor Ltd now owns 4,389 shares of the information technology service provider's stock worth $338,000 after buying an additional 139 shares in the last quarter. DRW Securities LLC increased its position in Cognizant Technology Solutions by 22.1% in the fourth quarter. DRW Securities LLC now owns 3,625 shares of the information technology service provider's stock worth $279,000 after purchasing an additional 656 shares during the period. APG Asset Management US Inc. acquired a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $1,200,000. Finally, Raymond James Financial Inc. bought a new position in shares of Cognizant Technology Solutions in the 4th quarter worth $27,114,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH traded down $0.14 on Wednesday, reaching $71.12. The company had a trading volume of 1,090,386 shares, compared to its average volume of 3,594,422. The firm's 50 day moving average price is $79.86 and its 200 day moving average price is $78.99. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82. The stock has a market capitalization of $35.18 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03. 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 (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping 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%. As a group, equities analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, February 18th. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 1.74%. Cognizant Technology Solutions's payout ratio is currently 27.49%.

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

Wall Street Analysts Forecast Growth

CTSH has been the topic of a number of research analyst reports. BMO Capital Markets raised their price target on Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a "market perform" rating in a research report on Thursday, February 6th. Royal Bank of Canada reissued a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. StockNews.com raised Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Finally, Barclays increased their price target on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. Fourteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $84.44.

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.