Cognizant Technology Solutions Co. (NASDAQ:CTSH) Stock Position Trimmed by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund trimmed its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 27.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 10,712 shares of the information technology service provider’s stock after selling 3,963 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Cognizant Technology Solutions were worth $824,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Graypoint LLC grew its position in Cognizant Technology Solutions by 2.9% during the fourth quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider’s stock valued at $369,000 after purchasing an additional 134 shares in the last quarter. Sandy Cove Advisors LLC grew its position in Cognizant Technology Solutions by 3.2% during the fourth quarter. Sandy Cove Advisors LLC now owns 4,336 shares of the information technology service provider’s stock valued at $333,000 after purchasing an additional 135 shares in the last quarter. Cidel Asset Management Inc. grew its position in Cognizant Technology Solutions by 3.5% during the fourth quarter. Cidel Asset Management Inc. now owns 5,338 shares of the information technology service provider’s stock valued at $410,000 after purchasing an additional 182 shares in the last quarter. Ritholtz Wealth Management grew its position in Cognizant Technology Solutions by 2.1% during the fourth quarter. Ritholtz Wealth Management now owns 8,704 shares of the information technology service provider’s stock valued at $669,000 after purchasing an additional 183 shares in the last quarter. Finally, Allworth Financial LP grew its position in Cognizant Technology Solutions by 7.7% during the fourth quarter. Allworth Financial LP now owns 2,617 shares of the information technology service provider’s stock valued at $207,000 after purchasing an additional 188 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Price Performance

NASDAQ:CTSH opened at $88.77 on Wednesday. The stock has a market cap of $44.01 billion, a P/E ratio of 19.68, a PEG ratio of 2.32 and a beta of 1.07. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82. The company has a fifty day moving average price of $80.72 and a 200 day moving average price of $78.35. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Analysts anticipate that Cognizant Technology Solutions Co. will post 4.99 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s payout ratio is 26.61%.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CAO John Sunshin Kim sold 5,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $80.11, for a total value of $400,550.00. Following the sale, the chief accounting officer now owns 39,022 shares of the company’s stock, valued at approximately $3,126,052.42. This represents a 11.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CTSH. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Deutsche Bank Aktiengesellschaft boosted 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. Morgan Stanley boosted their target price on shares of Cognizant Technology Solutions from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. TD Cowen boosted their target price on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, February 6th. Sixteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $83.67.

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.