Canada Pension Plan Investment Board Decreases Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Canada Pension Plan Investment Board cut its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 27.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 258,686 shares of the information technology service provider's stock after selling 98,324 shares during the quarter. Canada Pension Plan Investment Board owned 0.05% of Cognizant Technology Solutions worth $19,893,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Duncker Streett & Co. Inc. acquired a new position in Cognizant Technology Solutions during the 4th quarter worth about $28,000. Trust Co. of Vermont boosted its stake in shares of Cognizant Technology Solutions by 188.4% in the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock worth $34,000 after buying an additional 292 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Cognizant Technology Solutions during the fourth quarter valued at $36,000. Spire Wealth Management grew its position in shares of Cognizant Technology Solutions by 74.7% in the fourth 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 in the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $37,000. Institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Price Performance

Shares of CTSH stock traded up $0.06 during trading hours on Friday, reaching $72.18. The company had a trading volume of 659,277 shares, compared to its average volume of 3,590,971. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82. The company has a market capitalization of $35.70 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.11 and a beta of 1.03. 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 stock has a fifty day moving average of $77.25 and a 200-day moving average of $78.65.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating 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%. On average, equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Tuesday, February 18th. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's dividend payout ratio is currently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a stock buyback program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. StockNews.com raised Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Royal Bank of Canada reissued a "sector perform" rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Barclays reduced their price objective on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday. Robert W. Baird reduced their target price on Cognizant Technology Solutions from $90.00 to $78.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Finally, Susquehanna reduced their price target on shares of Cognizant Technology Solutions from $82.00 to $77.00 and set a "neutral" rating for the company in a research note on Wednesday. Fifteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $83.67.

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.