New York State Common Retirement Fund Reduces Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

New York State Common Retirement Fund lowered its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 5.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 984,026 shares of the information technology service provider's stock after selling 51,435 shares during the period. New York State Common Retirement Fund owned 0.20% of Cognizant Technology Solutions worth $74,323,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter worth about $26,000. NBC Securities Inc. bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter worth approximately $27,000. Valley National Advisers Inc. grew its stake in shares of Cognizant Technology Solutions by 43.2% in the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider's stock worth $44,000 after buying an additional 178 shares during the last quarter. Exchange Traded Concepts LLC increased its position in Cognizant Technology Solutions by 26.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider's stock valued at $52,000 after buying an additional 162 shares in the last quarter. Finally, Bruce G. Allen Investments LLC bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $52,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded down $0.25 during midday trading on Wednesday, hitting $67.52. The company had a trading volume of 4,255,439 shares, compared to its average volume of 4,309,306. Cognizant Technology Solutions Co. has a 12-month low of $58.09 and a 12-month high of $80.09. The company has a fifty day moving average of $74.13 and a two-hundred day moving average of $72.58. The company has a market cap of $33.61 billion, a price-to-earnings ratio of 16.14, a PEG ratio of 1.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.25 and a quick ratio of 2.25.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its earnings results on Tuesday, February 6th. The information technology service provider reported $1.18 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.14. The company had revenue of $4.76 billion for the quarter, compared to analysts' expectations of $4.76 billion. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The firm's revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.01 EPS. On average, equities research analysts expect that Cognizant Technology Solutions Co. will post 4.59 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.78%. This is a positive change from Cognizant Technology Solutions's previous quarterly dividend of $0.29. The ex-dividend date was Friday, February 16th. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 28.57%.

Insider Activity at Cognizant Technology Solutions

In other news, EVP Kathryn Diaz sold 900 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $77.06, for a total transaction of $69,354.00. Following the completion of the sale, the executive vice president now directly owns 8,312 shares in the company, valued at $640,522.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

CTSH has been the subject of several recent analyst reports. Societe Generale reaffirmed a "sell" rating and issued a $67.00 price target on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Evercore ISI boosted their price objective on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the stock an "in-line" rating in a report on Tuesday, March 26th. Barclays increased their target price on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an "equal weight" rating in a research note on Tuesday, January 23rd. BMO Capital Markets decreased their price target on Cognizant Technology Solutions from $88.00 to $85.00 and set a "market perform" rating for the company in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada lifted their price objective on Cognizant Technology Solutions from $74.00 to $77.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $76.44.

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.