USS Investment Management Ltd Decreases Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

USS Investment Management Ltd lowered its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 9.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 110,999 shares of the information technology service provider's stock after selling 12,144 shares during the period. USS Investment Management Ltd's holdings in Cognizant Technology Solutions were worth $8,535,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Duncker Streett & Co. Inc. acquired a new position in Cognizant Technology Solutions during the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $36,000. Spire Wealth Management raised its position in shares of Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock worth $37,000 after purchasing an additional 204 shares during the period. Morton Brown Family Wealth LLC bought a new position in shares of Cognizant Technology Solutions in the 4th quarter worth $37,000. Finally, Asset Planning Inc acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at $46,000. Institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Performance

Shares of CTSH traded up $1.11 on Tuesday, reaching $80.23. 421,478 shares of the company's stock traded hands, compared to its average volume of 3,563,532. The stock's 50 day simple moving average is $75.09 and its two-hundred day simple moving average is $78.98. The stock has a market cap of $39.55 billion, a PE ratio of 17.80, a PEG ratio of 2.11 and a beta of 0.93. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The business's revenue was up 7.5% compared to the same quarter last year. During the same period last year, the firm posted $1.12 EPS. On average, analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date of this dividend is Monday, May 19th. Cognizant Technology Solutions's payout ratio is 26.11%.

Cognizant Technology Solutions announced that its Board of Directors has initiated a stock buyback program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CTSH. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, May 1st. Robert W. Baird boosted their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday, May 1st. Barclays dropped their price target on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. UBS Group decreased their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a report on Monday, March 17th. Finally, BMO Capital Markets increased their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a "market perform" rating in a research note on Thursday, February 6th. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average 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.