Caisse DE Depot ET Placement DU Quebec Sells 671,347 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Caisse DE Depot ET Placement DU Quebec cut its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 51.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 640,297 shares of the information technology service provider's stock after selling 671,347 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned about 0.13% of Cognizant Technology Solutions worth $49,239,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Duncker Streett & Co. Inc. bought a new position in shares of Cognizant Technology Solutions in the fourth quarter worth about $28,000. Trust Co. of Vermont lifted its position 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. bought a new position in Cognizant Technology Solutions in the 4th 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 worth $37,000 after buying an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC bought a new position in Cognizant Technology Solutions during the 4th quarter worth about $37,000. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Price Performance

CTSH traded up $2.47 during trading on Friday, reaching $77.70. The stock had a trading volume of 5,330,479 shares, compared to its average volume of 3,581,150. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $90.82. 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 has a market capitalization of $38.43 billion, a price-to-earnings ratio of 17.23, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03. The stock has a 50 day moving average of $75.76 and a two-hundred day moving average of $78.58.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Cognizant Technology Solutions's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.12 earnings per share. As a group, equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions announced that its board has authorized a share repurchase program on Tuesday, March 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th will be issued a $0.31 dividend. The ex-dividend date is Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.60%. Cognizant Technology Solutions's payout ratio is presently 27.49%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CTSH. Mizuho raised Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. UBS Group decreased their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. TD Securities boosted their price target on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a "hold" rating in a report on Thursday. JPMorgan Chase & Co. reduced their target price on Cognizant Technology Solutions from $92.00 to $81.00 and set a "neutral" rating for the company in a report on Tuesday, April 29th. Finally, BMO Capital Markets boosted their price target on shares of 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. Fifteen analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $83.87.

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.