Retirement Systems of Alabama Has $92.24 Million Stock Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Retirement Systems of Alabama decreased its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 1.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,205,751 shares of the information technology service provider's stock after selling 13,629 shares during the quarter. Retirement Systems of Alabama owned about 0.24% of Cognizant Technology Solutions worth $92,240,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $527,719,000. National Bank of Canada FI increased its holdings in shares of Cognizant Technology Solutions by 54.6% during the 4th quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider's stock worth $433,254,000 after acquiring an additional 1,990,515 shares during the last quarter. AE Industrial Partners LP acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $113,088,000. Capital Research Global Investors increased its holdings in shares of Cognizant Technology Solutions by 98.9% during the 4th quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider's stock worth $210,894,000 after acquiring an additional 1,363,570 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Cognizant Technology Solutions by 47.8% during the 4th quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider's stock worth $254,028,000 after acquiring an additional 1,068,420 shares during the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $79.14 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.22 and a current ratio of 2.22. Cognizant Technology Solutions Corporation has a 52 week low of $65.52 and a 52 week high of $90.82. The stock has a market capitalization of $39.01 billion, a P/E ratio of 16.66, a price-to-earnings-growth ratio of 1.80 and a beta of 0.98. The stock has a fifty day moving average of $77.34 and a 200-day moving average of $79.02.

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 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 company had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.06 billion. During the same quarter in the previous year, the firm earned $1.12 EPS. Cognizant Technology Solutions's revenue was up 7.5% on a year-over-year basis. 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 declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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 $0.31 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a yield of 1.57%. Cognizant Technology Solutions's payout ratio is presently 26.11%.

Analyst Ratings Changes

Several analysts recently issued reports on CTSH shares. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Susquehanna upgraded Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and boosted their price target for the company from $77.00 to $90.00 in a research note on Thursday, May 1st. Robert W. Baird boosted their price target on Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions currently has an average rating of "Hold" and a consensus target price of $85.00.

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.

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