Teachers Retirement System of The State of Kentucky Purchases 52,153 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Teachers Retirement System of The State of Kentucky lifted its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 19.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 323,686 shares of the information technology service provider's stock after buying an additional 52,153 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.07% of Cognizant Technology Solutions worth $24,891,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CTSH. Duncker Streett & Co. Inc. bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $28,000. Trust Co. of Vermont lifted its stake 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 purchasing an additional 292 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Cognizant Technology Solutions during the fourth quarter valued at about $36,000. Spire Wealth Management grew its stake in shares of 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 buying an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Wall Street Analyst Weigh In

CTSH has been the subject of several analyst reports. BMO Capital Markets increased their target price on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a "market perform" rating in a report on Thursday, February 6th. Barclays increased their price objective 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. Morgan Stanley lowered their price target on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Finally, Royal Bank of Canada reaffirmed 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. Fifteen analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $84.53.

Cognizant Technology Solutions Stock Up 1.9 %

Shares of CTSH traded up $1.32 on Wednesday, reaching $71.05. The stock had a trading volume of 4,969,628 shares, compared to its average volume of 3,603,015. The company has a 50-day simple moving average of $77.62 and a 200-day simple moving average of $78.68. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $35.14 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its 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 return on equity of 16.78% and a net margin of 11.35%. Sell-side 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 disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.75%. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions's payout ratio is presently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in 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 an indication that the company's management believes its shares are undervalued.

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.