Texas Permanent School Fund Corp Sells 585 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Texas Permanent School Fund Corp lessened its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 0.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,941 shares of the information technology service provider’s stock after selling 585 shares during the period. Texas Permanent School Fund Corp’s holdings in Cognizant Technology Solutions were worth $7,545,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $26,000. Spire Wealth Management raised its position in shares of Cognizant Technology Solutions by 79.1% during the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after acquiring an additional 193 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $40,000. Quarry LP bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $43,000. Finally, Valley National Advisers Inc. raised its position in shares of Cognizant Technology Solutions by 43.2% during the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after acquiring an additional 178 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 3.4 %

Shares of Cognizant Technology Solutions stock traded up $2.31 during trading hours on Thursday, reaching $70.14. 6,550,564 shares of the company’s stock were exchanged, compared to its average volume of 4,079,435. The company has a 50 day moving average of $67.38 and a two-hundred day moving average of $71.95. Cognizant Technology Solutions Co. has a fifty-two week low of $62.14 and a fifty-two week high of $80.09. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. The stock has a market cap of $34.87 billion, a P/E ratio of 16.86, a P/E/G ratio of 2.02 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.01. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The company had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the prior year, the business posted $1.11 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Cognizant Technology Solutions Co. will post 4.61 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Monday, May 20th were issued a $0.30 dividend. The ex-dividend date was Friday, May 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.71%. Cognizant Technology Solutions’s payout ratio is 28.85%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Evercore ISI upped their target price on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the company an “in-line” rating in a research report on Tuesday, March 26th. BMO Capital Markets decreased their price target on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating for the company in a report on Tuesday, April 30th. Guggenheim initiated coverage on shares of Cognizant Technology Solutions in a report on Tuesday, March 19th. They issued a “neutral” rating and a $80.00 price target for the company. Citigroup decreased their price target on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Finally, Wedbush reissued an “outperform” rating and issued a $85.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus price target of $75.44.

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.