Lazard Asset Management LLC Reduces Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Lazard Asset Management LLC cut its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 13.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,831,878 shares of the information technology service provider's stock after selling 286,754 shares during the quarter. Lazard Asset Management LLC owned approximately 0.37% of Cognizant Technology Solutions worth $140,869,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its stake in Cognizant Technology Solutions by 5.0% in the third quarter. Principal Financial Group Inc. now owns 665,305 shares of the information technology service provider's stock valued at $51,348,000 after purchasing an additional 31,758 shares during the last quarter. Graypoint LLC grew its position in shares of Cognizant Technology Solutions by 2.9% in the 4th quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider's stock worth $369,000 after buying an additional 134 shares during the last quarter. Czech National Bank raised its stake in shares of Cognizant Technology Solutions by 6.5% during the 4th quarter. Czech National Bank now owns 107,505 shares of the information technology service provider's stock worth $8,267,000 after acquiring an additional 6,535 shares in the last quarter. Matrix Trust Co raised its stake in shares of Cognizant Technology Solutions by 539.2% during the 4th quarter. Matrix Trust Co now owns 1,208 shares of the information technology service provider's stock worth $93,000 after acquiring an additional 1,019 shares in the last quarter. Finally, City Center Advisors LLC lifted its position in Cognizant Technology Solutions by 13.8% during the fourth quarter. City Center Advisors LLC now owns 3,300 shares of the information technology service provider's stock valued at $254,000 after acquiring an additional 400 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CTSH shares. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price target on Cognizant Technology Solutions from $92.00 to $81.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th. Barclays cut their price objective 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 reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Finally, UBS Group cut their price target on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Fifteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $83.87.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH traded down $0.91 during mid-day trading on Wednesday, reaching $80.36. 2,504,353 shares of the stock were exchanged, compared to its average volume of 3,575,146. The company has a market capitalization of $39.75 billion, a P/E ratio of 17.82, a P/E/G ratio of 2.11 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. The business's 50 day moving average is $75.07 and its 200-day moving average is $78.73. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its earnings results 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 firm had revenue of $5.12 billion for the quarter, compared to analysts' expectations of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The company's quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm earned $1.12 EPS. On average, equities research analysts forecast that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th will be given a $0.31 dividend. The ex-dividend date is Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.54%. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 26.11%.

Cognizant Technology Solutions announced that its Board of Directors has approved 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 repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

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.