Bell Asset Management Ltd Sells 741 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Bell Asset Management Ltd lessened its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,622 shares of the information technology service provider’s stock after selling 741 shares during the quarter. Bell Asset Management Ltd’s holdings in Cognizant Technology Solutions were worth $5,508,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its stake in shares of Cognizant Technology Solutions by 3.4% in the 3rd quarter. Janus Henderson Group PLC now owns 60,813 shares of the information technology service provider’s stock valued at $4,694,000 after acquiring an additional 2,000 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in Cognizant Technology Solutions by 3.1% in the third quarter. Royal London Asset Management Ltd. now owns 204,886 shares of the information technology service provider’s stock valued at $15,813,000 after purchasing an additional 6,146 shares during the last quarter. Quarry LP bought a new stake in Cognizant Technology Solutions in the third quarter valued at approximately $114,000. Quantinno Capital Management LP boosted its stake in shares of Cognizant Technology Solutions by 16.0% during the third quarter. Quantinno Capital Management LP now owns 49,598 shares of the information technology service provider’s stock valued at $3,828,000 after purchasing an additional 6,841 shares during the period. Finally, Insigneo Advisory Services LLC bought a new position in shares of Cognizant Technology Solutions in the third quarter worth approximately $351,000. 92.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

CTSH has been the subject of a number of recent analyst reports. Morgan Stanley lowered their price target on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. BMO Capital Markets raised their target price 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. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Finally, Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $84.56.

Cognizant Technology Solutions Trading Down 6.2 %

Shares of NASDAQ CTSH opened at $68.74 on Monday. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a 50-day moving average of $82.21 and a 200 day moving average of $79.43. The stock has a market cap of $34.00 billion, a P/E ratio of 15.24, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. As a group, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.31 per share. The ex-dividend date was Tuesday, February 18th. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.80%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 25th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.