Kentucky Retirement Systems Sells 2,937 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Kentucky Retirement Systems cut its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 7.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 34,530 shares of the information technology service provider’s stock after selling 2,937 shares during the period. Kentucky Retirement Systems’ holdings in Cognizant Technology Solutions were worth $2,665,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Pzena Investment Management LLC raised its holdings in Cognizant Technology Solutions by 11.7% in the second quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after buying an additional 1,943,127 shares during the last quarter. Boston Partners lifted its position in Cognizant Technology Solutions by 1.3% in the 1st quarter. Boston Partners now owns 7,781,273 shares of the information technology service provider’s stock valued at $569,175,000 after acquiring an additional 101,078 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Cognizant Technology Solutions by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,565,974 shares of the information technology service provider’s stock valued at $378,483,000 after purchasing an additional 94,209 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Cognizant Technology Solutions by 2.7% in the second quarter. Legal & General Group Plc now owns 5,340,480 shares of the information technology service provider’s stock worth $363,153,000 after purchasing an additional 142,225 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Cognizant Technology Solutions by 1.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,844,882 shares of the information technology service provider’s stock valued at $329,452,000 after purchasing an additional 67,017 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Daiwa America upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research note on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group began coverage on Cognizant Technology Solutions in a report on Wednesday, August 28th. They set a “buy” rating and a $90.00 price target on the stock. Royal Bank of Canada lifted their price objective on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. increased their target price on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $79.47.

Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH opened at $77.11 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.23 and a quick ratio of 2.23. The company has a market cap of $38.23 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 2.13 and a beta of 1.05. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $82.41. The stock’s 50 day simple moving average is $76.85 and its two-hundred day simple moving average is $72.93.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the firm earned $1.16 earnings per share. Cognizant Technology Solutions’s revenue was up 3.0% on a year-over-year basis. As a group, equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.66 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a yield of 1.56%. Cognizant Technology Solutions’s payout ratio is currently 26.55%.

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.