Cognizant Technology Solutions Corporation $CTSH Stock Position Lessened by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama cut its Cognizant stake by 30% in the third quarter, selling 440,451 shares and retaining 1,025,623 shares valued at about $58.9 million.
• Cognizant beat quarterly estimates, reporting $1.49 in earnings per share and $5.66 billion in revenue; revenue rose 4.6% year over year.
• The company declared a quarterly dividend of $0.33 per share, equal to a 2.1% annualized yield. Analysts’ consensus rating was Hold, with an average price target of $68.17.

Retirement Systems of Alabama decreased its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 30.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,025,623 shares of the information technology service provider's stock after selling 440,451 shares during the quarter. Retirement Systems of Alabama owned about 0.23% of Cognizant Technology Solutions worth $58,912,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CTSH. Heritage Family Offices LLP acquired a new stake in Cognizant Technology Solutions during the 3rd quarter worth approximately $29,000. Marquette Asset Management LLC grew its holdings in Cognizant Technology Solutions by 183.9% in the 3rd quarter. Marquette Asset Management LLC now owns 545 shares of the information technology service provider's stock valued at $31,000 after buying an additional 353 shares in the last quarter. Pension & Wealth Management Advisors Inc. acquired a new position in Cognizant Technology Solutions in the 3rd quarter valued at $35,000. Signature Equity Partners LLC grew its holdings in Cognizant Technology Solutions by 102.4% in the 1st quarter. Signature Equity Partners LLC now owns 599 shares of the information technology service provider's stock valued at $37,000 after buying an additional 303 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new position in Cognizant Technology Solutions during the 3rd quarter worth $38,000. Institutional investors and hedge funds own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Down 1.7%

Shares of NASDAQ CTSH opened at $63.60 on Tuesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.22 and a current ratio of 2.22. Cognizant Technology Solutions Corporation has a 52 week low of $37.08 and a 52 week high of $87.03. The stock has a market capitalization of $28.65 billion, a P/E ratio of 11.61, a PEG ratio of 1.30 and a beta of 0.83. The stock's fifty day moving average is $62.45 and its 200 day moving average is $58.70.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The information technology service provider reported $1.49 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.03. The company had revenue of $5.66 billion during the quarter, compared to analysts' expectations of $5.64 billion. Cognizant Technology Solutions had a return on equity of 17.72% and a net margin of 11.75%. Cognizant Technology Solutions's revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.39 EPS. Sell-side analysts forecast that Cognizant Technology Solutions Corporation will post 5.78 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, November 13th. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 24.09%.

Analyst Upgrades and Downgrades

CTSH has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on shares of Cognizant Technology Solutions from $67.00 to $78.00 and gave the company an "overweight" rating in a research report on Monday, October 26th. Susquehanna set a $82.00 price target on shares of Cognizant Technology Solutions and gave the stock a "positive" rating in a research report on Thursday, July 30th. Wedbush reissued an "outperform" rating and issued a $70.00 price objective on shares of Cognizant Technology Solutions in a report on Friday, October 9th. Guggenheim restated a "buy" rating and set a $80.00 target price (up from $65.00) on shares of Cognizant Technology Solutions in a research report on Tuesday, October 27th. Finally, Robert W. Baird set a $68.00 target price on shares of Cognizant Technology Solutions in a research report on Thursday, July 30th. Ten research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $68.17.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions is a professional services company that helps businesses use technology to modernize operations and develop digital capabilities. Its services include IT consulting, application development and maintenance, cloud and infrastructure services, data and artificial intelligence, engineering, and business process services.

The company serves clients across industries including financial services, healthcare, manufacturing, communications, media, and retail. Its operations span North America, Europe, and Asia-Pacific, with a significant global delivery network.

Cognizant was established in 1994 as a technology unit of Dun & Bradstreet and became an independent company in 1996.

Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.