Alliancebernstein L.P. Cuts Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Alliancebernstein L.P. lessened its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 672,886 shares of the information technology service provider’s stock after selling 44,870 shares during the quarter. Alliancebernstein L.P.’s holdings in Cognizant Technology Solutions were worth $51,745,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CTSH. Duncker Streett & Co. Inc. bought a new stake in Cognizant Technology Solutions during the fourth quarter valued at approximately $28,000. Trust Co. of Vermont lifted its holdings in Cognizant Technology Solutions by 188.4% in the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after purchasing an additional 292 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at $36,000. Spire Wealth Management grew its position in shares of Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after purchasing an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC bought a new stake in Cognizant Technology Solutions in the 4th quarter worth approximately $37,000. Institutional investors own 92.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CTSH. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Morgan Stanley decreased their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. BMO Capital Markets increased their target price on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a report on Thursday, February 6th. Finally, Barclays lifted their target price on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $84.56.

Cognizant Technology Solutions Stock Down 6.2 %

Shares of NASDAQ CTSH opened at $68.74 on Friday. 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’s 50-day moving average is $82.21 and its two-hundred day moving average is $79.38. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82. The company has a market capitalization of $34.00 billion, a PE 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 released its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, topping 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%. Equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 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 26th. Shareholders of record on Tuesday, February 18th were given a $0.31 dividend. The ex-dividend date was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 1.80%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 27.49%.

Cognizant Technology Solutions declared that its board has authorized a share repurchase plan on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors 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.