Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Shares Bought by Arizona State Retirement System

Arizona State Retirement System lifted its holdings in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 7.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 151,580 shares of the information technology service provider's stock after purchasing an additional 10,519 shares during the quarter. Arizona State Retirement System's holdings in Cognizant Technology Solutions were worth $11,596,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CTSH. Park Square Financial Group LLC bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $36,000. CoreCap Advisors LLC lifted its position in Cognizant Technology Solutions by 21.5% in the fourth quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock worth $55,000 after buying an additional 126 shares during the last quarter. Pinney & Scofield Inc. bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $55,000. Loomis Sayles & Co. L P bought a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $56,000. Finally, Optiver Holding B.V. bought a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $66,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Up 1.0%

Shares of CTSH stock traded up $0.73 during trading hours on Thursday, reaching $75.56. 3,830,978 shares of the company's stock were exchanged, compared to its average volume of 3,538,902. Cognizant Technology Solutions Corporation has a 1 year low of $65.52 and a 1 year high of $90.82. The stock has a market cap of $37.25 billion, a PE ratio of 15.91, a PEG ratio of 1.72 and a beta of 0.96. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The stock's fifty day moving average price is $79.18 and its two-hundred day moving average price is $78.70.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued 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. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The business had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the firm earned $1.12 earnings per share. The company's revenue was up 7.5% on a year-over-year basis. Research analysts predict that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current year.

Cognizant Technology Solutions announced that its board has approved a share buyback 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 buy up to 5.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is 26.11%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of several research analyst reports. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and lifted their target price for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. Barclays decreased their target price on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Guggenheim reiterated a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $88.00 to $98.00 in a research report on Monday, May 19th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Cognizant Technology Solutions in a report on Thursday. They issued a "hold" rating and a $80.00 price objective for the company. Fourteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of "Hold" and a consensus target price of $85.94.

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.