Bell Asset Management Ltd Reduces Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Bell Asset Management Ltd lowered its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 71,622 shares of the information technology service provider’s stock after selling 741 shares during the period. Bell Asset Management Ltd’s holdings in Cognizant Technology Solutions were worth $5,508,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Janus Henderson Group PLC raised its holdings in shares of Cognizant Technology Solutions by 3.4% during the third quarter. Janus Henderson Group PLC now owns 60,813 shares of the information technology service provider’s stock valued at $4,694,000 after purchasing an additional 2,000 shares during the last quarter. Royal London Asset Management Ltd. grew its position in Cognizant Technology Solutions by 3.1% in the 3rd quarter. Royal London Asset Management Ltd. now owns 204,886 shares of the information technology service provider’s stock worth $15,813,000 after purchasing an additional 6,146 shares during the period. Quarry LP purchased a new stake in Cognizant Technology Solutions during the 3rd quarter valued at $114,000. Quantinno Capital Management LP lifted its holdings in shares of Cognizant Technology Solutions by 16.0% during the 3rd quarter. Quantinno Capital Management LP now owns 49,598 shares of the information technology service provider’s stock valued at $3,828,000 after buying an additional 6,841 shares during the period. Finally, Insigneo Advisory Services LLC purchased a new position in shares of Cognizant Technology Solutions in the 3rd quarter worth $351,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Trading Down 6.2 %

Shares of 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 50 day simple moving average of $82.21 and a two-hundred day simple moving average of $79.43. 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 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 posted its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share 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%. On average, equities analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were paid a dividend of $0.31 per share. 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 dividend on an annualized basis and a yield of 1.80%. Cognizant Technology Solutions’s dividend payout ratio is presently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has initiated a stock buyback program 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 programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on CTSH shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. BMO Capital Markets upped their target price on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a report on Thursday, February 6th. Morgan Stanley dropped their price target on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Finally, StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Cognizant Technology Solutions currently has an average rating of “Hold” and an average price target of $84.56.

Cognizant Technology Solutions 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.