Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund cut its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 73.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 46,300 shares of the information technology service provider’s stock after selling 130,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Cognizant Technology Solutions were worth $3,393,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Turtle Creek Wealth Advisors LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $26,000. Spire Wealth Management raised its position in Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 193 shares during the period. Neo Ivy Capital Management purchased a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $40,000. Quarry LP purchased a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $43,000. Finally, Valley National Advisers Inc. raised its position in Cognizant Technology Solutions by 43.2% in the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after purchasing an additional 178 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CTSH. JPMorgan Chase & Co. cut their target price on Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Mizuho reaffirmed a “neutral” rating and set a $82.00 price objective on shares of Cognizant Technology Solutions in a research report on Tuesday, June 11th. Barclays upped their price objective on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday. BMO Capital Markets cut their price objective on Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 30th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions has an average rating of “Hold” and a consensus price target of $75.75.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $73.21 on Friday. The stock’s 50-day moving average is $68.60 and its two-hundred day moving average is $71.88. The firm has a market cap of $36.40 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.17 and a beta of 1.05. Cognizant Technology Solutions Co. has a 1 year low of $62.14 and a 1 year high of $80.09. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.35 and a current ratio of 2.35.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.01. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The firm had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.72 billion. During the same quarter last year, the company posted $1.11 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. Analysts predict that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date was Friday, May 17th. Cognizant Technology Solutions’s dividend payout ratio is presently 28.85%.

Cognizant Technology Solutions Company 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.