Cognizant Technology Solutions Co. (NASDAQ:CTSH) Stake Reduced by Kentucky Retirement Systems

Kentucky Retirement Systems reduced its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 37,820 shares of the information technology service provider’s stock after selling 2,298 shares during the period. Kentucky Retirement Systems’ holdings in Cognizant Technology Solutions were worth $2,772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in CTSH. Pacer Advisors Inc. boosted its position in Cognizant Technology Solutions by 11.1% during the 4th quarter. Pacer Advisors Inc. now owns 59,368 shares of the information technology service provider’s stock worth $4,484,000 after acquiring an additional 5,909 shares during the period. Denali Advisors LLC acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at $211,000. Fifth Third Bancorp lifted its holdings in shares of Cognizant Technology Solutions by 6.9% in the fourth quarter. Fifth Third Bancorp now owns 16,227 shares of the information technology service provider’s stock valued at $1,226,000 after buying an additional 1,050 shares during the period. Clarus Wealth Advisors acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at $202,000. Finally, Wendell David Associates Inc. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at $200,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Cognizant Technology Solutions Price Performance

Shares of CTSH traded down $0.46 during mid-day trading on Monday, reaching $74.11. The company had a trading volume of 553,625 shares, compared to its average volume of 4,086,411. The company’s 50-day moving average is $68.71 and its 200-day moving average is $71.86. Cognizant Technology Solutions Co. has a twelve month low of $62.14 and a twelve month high of $80.09. The company has a market capitalization of $36.85 billion, a P/E ratio of 17.86, a P/E/G ratio of 2.23 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.35 and a quick ratio of 2.35.

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

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Monday, May 20th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.20 annualized dividend and a dividend yield of 1.62%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CTSH shares. BMO Capital Markets reduced their target price on 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. JPMorgan Chase & Co. dropped their price target on Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Citigroup dropped their price target on Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. The Goldman Sachs Group assumed coverage on Cognizant Technology Solutions in a research report on Monday, June 24th. They set a “neutral” rating and a $72.00 price target on the stock. Finally, StockNews.com lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $75.75.

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.