Pictet Asset Management Holding SA Cuts Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Pictet Asset Management Holding SA lessened its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 868,372 shares of the information technology service provider’s stock after selling 15,501 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Cognizant Technology Solutions were worth $66,778,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Private Trust Co. NA boosted its stake in Cognizant Technology Solutions by 28.9% during the 3rd quarter. Private Trust Co. NA now owns 1,694 shares of the information technology service provider’s stock worth $131,000 after purchasing an additional 380 shares during the last quarter. Townsquare Capital LLC boosted its position in Cognizant Technology Solutions by 19.1% during the third quarter. Townsquare Capital LLC now owns 20,701 shares of the information technology service provider’s stock worth $1,598,000 after acquiring an additional 3,324 shares during the last quarter. Point72 Europe London LLP purchased a new stake in Cognizant Technology Solutions during the 3rd quarter valued at about $679,000. Benjamin Edwards Inc. raised its holdings in Cognizant Technology Solutions by 7,116.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 38,463 shares of the information technology service provider’s stock valued at $2,969,000 after acquiring an additional 37,930 shares during the last quarter. Finally, Centiva Capital LP purchased a new position in Cognizant Technology Solutions in the 3rd quarter worth approximately $1,712,000. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock opened at $75.90 on Friday. The stock has a market capitalization of $37.54 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12. 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 business has a 50-day moving average of $82.68 and a 200 day moving average of $79.49. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. As a group, sell-side analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were paid a $0.31 dividend. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a stock buyback program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

CTSH has been the subject of several recent research reports. Morgan Stanley cut their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. UBS Group reduced their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Barclays lifted their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $84.56.

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.