Mutual of America Capital Management LLC Cuts Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Mutual of America Capital Management LLC cut its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 67,124 shares of the information technology service provider’s stock after selling 3,570 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cognizant Technology Solutions were worth $5,070,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CTSH. State Street Corp raised its position in Cognizant Technology Solutions by 2.2% in the first quarter. State Street Corp now owns 22,415,954 shares of the information technology service provider’s stock worth $1,365,793,000 after acquiring an additional 473,809 shares during the period. JPMorgan Chase & Co. raised its position in Cognizant Technology Solutions by 32.8% in the third quarter. JPMorgan Chase & Co. now owns 17,663,814 shares of the information technology service provider’s stock worth $1,196,547,000 after acquiring an additional 4,365,493 shares during the period. Geode Capital Management LLC raised its position in Cognizant Technology Solutions by 1.0% in the first quarter. Geode Capital Management LLC now owns 9,710,353 shares of the information technology service provider’s stock worth $590,394,000 after acquiring an additional 93,518 shares during the period. Boston Partners raised its position in Cognizant Technology Solutions by 3.0% in the third quarter. Boston Partners now owns 8,056,248 shares of the information technology service provider’s stock worth $544,942,000 after acquiring an additional 231,782 shares during the period. Finally, Macquarie Group Ltd. raised its position in Cognizant Technology Solutions by 6.0% in the first quarter. Macquarie Group Ltd. now owns 7,461,555 shares of the information technology service provider’s stock worth $454,633,000 after acquiring an additional 424,988 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Kathryn Diaz sold 900 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the completion of the sale, the executive vice president now owns 8,312 shares of the company’s stock, valued at approximately $640,522.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on CTSH shares. Jefferies Financial Group raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $70.00 to $85.00 in a research report on Thursday, January 11th. Royal Bank of Canada boosted their price target on shares of Cognizant Technology Solutions from $74.00 to $77.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 7th. Wedbush boosted their price target on shares of Cognizant Technology Solutions from $75.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, December 26th. Societe Generale reissued a “sell” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Finally, BMO Capital Markets lowered their price target on shares of Cognizant Technology Solutions from $88.00 to $85.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $75.65.

Cognizant Technology Solutions Price Performance

CTSH stock opened at $69.26 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.25 and a quick ratio of 2.25. Cognizant Technology Solutions Co. has a one year low of $58.09 and a one year high of $80.09. The stock has a market cap of $34.48 billion, a PE ratio of 16.49, a P/E/G ratio of 1.58 and a beta of 1.06. The firm has a 50 day simple moving average of $75.47 and a two-hundred day simple moving average of $72.58.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Tuesday, February 6th. The information technology service provider reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.14. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The business had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter in the previous year, the company earned $1.01 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, analysts predict that Cognizant Technology Solutions Co. will post 4.6 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were paid a $0.30 dividend. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Friday, February 16th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.73%. Cognizant Technology Solutions’s dividend payout ratio is 28.57%.

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.