Kentucky Retirement Systems Insurance Trust Fund Purchases 3,762 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Kentucky Retirement Systems Insurance Trust Fund boosted its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 35.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,474 shares of the information technology service provider's stock after buying an additional 3,762 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Cognizant Technology Solutions were worth $1,107,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Unison Advisors LLC lifted its holdings in Cognizant Technology Solutions by 0.4% during the 4th quarter. Unison Advisors LLC now owns 29,595 shares of the information technology service provider's stock worth $2,276,000 after buying an additional 114 shares in the last quarter. Congress Wealth Management LLC DE lifted its holdings in Cognizant Technology Solutions by 0.5% during the 4th quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider's stock worth $1,920,000 after buying an additional 126 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in Cognizant Technology Solutions by 21.5% during the 4th 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 in the last quarter. Sound View Wealth Advisors Group LLC lifted its holdings in Cognizant Technology Solutions by 4.6% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider's stock worth $222,000 after buying an additional 127 shares in the last quarter. Finally, Parallel Advisors LLC raised its position in shares of Cognizant Technology Solutions by 1.5% during the 4th quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider's stock valued at $704,000 after acquiring an additional 134 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on CTSH shares. Guggenheim reiterated a "neutral" rating on shares of Cognizant Technology Solutions in a research report on Wednesday, April 23rd. Morgan Stanley dropped their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and upped their target price for the company from $88.00 to $98.00 in a research report on Monday, May 19th. Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and upped their target price for the company from $77.00 to $90.00 in a research report on Thursday, May 1st. Finally, UBS Group dropped their target price 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. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $85.00.

Cognizant Technology Solutions Trading Down 0.8%

Shares of CTSH traded down $0.61 during trading hours on Wednesday, reaching $76.98. The stock had a trading volume of 2,311,039 shares, compared to its average volume of 3,592,328. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Corporation has a 52 week low of $65.52 and a 52 week high of $90.82. The firm has a 50-day moving average of $77.83 and a 200 day moving average of $78.91. The company has a market cap of $37.95 billion, a P/E ratio of 16.21, a P/E/G ratio of 1.77 and a beta of 0.98.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, beating analysts' consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.12 EPS. On average, sell-side analysts expect that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders 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 yield of 1.61%. 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 declared that its board has initiated 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 reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

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.