Kentucky Retirement Systems Decreases Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Kentucky Retirement Systems cut its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,467 shares of the information technology service provider’s stock after selling 353 shares during the period. Kentucky Retirement Systems’ holdings in Cognizant Technology Solutions were worth $2,548,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CTSH. 1620 Investment Advisors Inc. acquired a new stake in Cognizant Technology Solutions in the 2nd quarter valued at about $25,000. LRI Investments LLC purchased a new stake in shares of Cognizant Technology Solutions in the first quarter valued at about $28,000. Neo Ivy Capital Management acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $40,000. Unique Wealth Strategies LLC purchased a new position in shares of Cognizant Technology Solutions during the 2nd quarter worth approximately $40,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Cognizant Technology Solutions during the 2nd quarter worth approximately $40,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on CTSH. Robert W. Baird raised their price target on Cognizant Technology Solutions from $75.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. Royal Bank of Canada upped their target price on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a report on Wednesday, August 28th. The Goldman Sachs Group reiterated a “neutral” rating and set a $76.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Finally, Jefferies Financial Group began coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $77.44.

Insiders Place Their Bets

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now owns 46,427 shares in the company, valued at $3,419,812.82. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.26% of the stock is currently owned by insiders.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH opened at $75.64 on Friday. The firm has a market capitalization of $37.61 billion, a PE ratio of 18.18, a P/E/G ratio of 2.14 and a beta of 1.05. Cognizant Technology Solutions Co. has a 12 month low of $62.14 and a 12 month high of $80.27. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46. The business has a 50-day moving average of $75.40 and a two-hundred day moving average of $71.43.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the firm posted $1.10 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, research analysts forecast that Cognizant Technology Solutions Co. will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.85%.

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.