Teachers Retirement System of The State of Kentucky Buys 10,608 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Teachers Retirement System of The State of Kentucky increased its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 3.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 334,294 shares of the information technology service provider's stock after purchasing an additional 10,608 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of Cognizant Technology Solutions worth $25,573,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Ritholtz Wealth Management increased its holdings in shares of Cognizant Technology Solutions by 21.0% during the 1st quarter. Ritholtz Wealth Management now owns 10,531 shares of the information technology service provider's stock worth $806,000 after acquiring an additional 1,827 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Cognizant Technology Solutions by 1.4% in the first quarter. Envestnet Asset Management Inc. now owns 500,039 shares of the information technology service provider's stock valued at $38,253,000 after purchasing an additional 7,105 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Cognizant Technology Solutions by 40.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 28,047 shares of the information technology service provider's stock worth $2,146,000 after buying an additional 8,116 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Cognizant Technology Solutions by 290.9% during the 1st quarter. Golden State Wealth Management LLC now owns 899 shares of the information technology service provider's stock worth $69,000 after buying an additional 669 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in Cognizant Technology Solutions by 14.0% in the 1st quarter. Farther Finance Advisors LLC now owns 4,814 shares of the information technology service provider's stock valued at $368,000 after buying an additional 591 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Trading Up 1.6%

CTSH traded up $1.18 during midday trading on Tuesday, hitting $76.60. 1,518,029 shares of the company were exchanged, compared to its average volume of 3,517,868. The firm's 50 day moving average price is $79.11 and its 200-day moving average price is $78.72. Cognizant Technology Solutions Corporation has a 1-year low of $65.52 and a 1-year high of $90.82. The firm has a market capitalization of $37.76 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.75 and a beta of 0.96. 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 (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The firm's quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.12 earnings per share. As a group, equities analysts forecast that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions declared that its Board of Directors has initiated a share repurchase plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors 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. Investors of record on Monday, May 19th were issued a $0.31 dividend. The ex-dividend date was Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.62%. Cognizant Technology Solutions's payout ratio is 26.11%.

Analysts Set New Price Targets

Several analysts recently weighed in on CTSH shares. Evercore ISI began coverage on Cognizant Technology Solutions in a report on Thursday, July 17th. They set an "outperform" rating and a $100.00 price target for the company. TD Securities upped their price target on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. Susquehanna upgraded shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and lifted their price objective for the stock from $77.00 to $90.00 in a research note on Thursday, May 1st. Guggenheim raised shares of Cognizant Technology Solutions from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a report on Friday. Finally, Barclays lowered 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. Thirteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $86.18.

Cognizant Technology Solutions Company 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.