Cognizant Technology Solutions Corporation (NASDAQ:CTSH) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 11.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 804,752 shares of the information technology service provider's stock after selling 108,723 shares during the period. New York State Common Retirement Fund owned 0.16% of Cognizant Technology Solutions worth $61,564,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at $36,000. CoreCap Advisors LLC raised its holdings 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 valued at $55,000 after acquiring an additional 126 shares in the last quarter. Pinney & Scofield Inc. acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at $55,000. Loomis Sayles & Co. L P acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at $56,000. Finally, Optiver Holding B.V. acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at $66,000. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

CTSH stock opened at $75.36 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. The stock has a market cap of $37.15 billion, a P/E ratio of 15.87, a P/E/G ratio of 1.73 and a beta of 0.96. The firm has a 50 day simple moving average of $79.43 and a 200 day simple moving average of $78.80. Cognizant Technology Solutions Corporation has a 52 week low of $65.52 and a 52 week high of $90.82.

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 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.73% and a return on equity of 16.73%. The firm's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the company posted $1.12 earnings per share. Research analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 26.11%.

Cognizant Technology Solutions announced that its board has initiated a share buyback plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have weighed in on CTSH shares. Susquehanna raised shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their target price for the stock from $77.00 to $90.00 in a report on Thursday, May 1st. Barclays dropped their target price on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $88.00 to $98.00 in a research report on Monday, May 19th. Finally, Mizuho upgraded shares of Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $85.00.

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.

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