Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 17.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 360,868 shares of the information technology service provider’s stock after selling 75,516 shares during the period. Korea Investment CORP’s holdings in Cognizant Technology Solutions were worth $27,751,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Duncker Streett & Co. Inc. purchased a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at $28,000. Trust Co. of Vermont grew its holdings in shares of Cognizant Technology Solutions by 188.4% during 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 position in shares of Cognizant Technology Solutions during the fourth quarter worth about $36,000. Spire Wealth Management lifted its holdings in shares of Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after purchasing an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $75.90 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The firm’s 50-day simple moving average is $82.68 and its 200 day simple moving average is $79.47. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The firm has a market capitalization of $37.54 billion, a PE ratio of 16.83, a P/E/G ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share 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%. On average, equities research analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions declared that its board has approved a stock buyback plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.63%. 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 payout ratio is currently 27.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Morgan Stanley reduced their price objective on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Barclays raised their price objective on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. BMO Capital Markets lifted 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 research note 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, UBS Group reduced their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus price target of $84.56.

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.