Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 58.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 821 shares of the information technology service provider’s stock after selling 1,176 shares during the quarter. Federated Hermes Inc.’s holdings in Cognizant Technology Solutions were worth $63,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CTSH. Tudor Financial Inc. purchased a new position in shares of Cognizant Technology Solutions during the 3rd quarter worth approximately $225,000. World Investment Advisors LLC boosted its position in shares of Cognizant Technology Solutions by 21.8% during the third quarter. World Investment Advisors LLC now owns 5,634 shares of the information technology service provider’s stock worth $435,000 after buying an additional 1,010 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Cognizant Technology Solutions in the third quarter valued at $155,000. Retirement Systems of Alabama raised its holdings in shares of Cognizant Technology Solutions by 3.5% in the 3rd quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider’s stock valued at $91,678,000 after buying an additional 40,226 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Cognizant Technology Solutions by 5.0% during the 3rd quarter. Principal Financial Group Inc. now owns 665,305 shares of the information technology service provider’s stock worth $51,348,000 after acquiring an additional 31,758 shares in the last quarter. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CTSH. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, March 27th. Morgan Stanley reduced their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Royal Bank of Canada restated a “sector perform” rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. BMO Capital Markets increased their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research note on Thursday, February 6th. Finally, Robert W. Baird lowered their target price on Cognizant Technology Solutions from $90.00 to $78.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Cognizant Technology Solutions currently has an average rating of “Hold” and an average target price of $84.44.

Cognizant Technology Solutions Stock Performance

Shares of CTSH opened at $69.44 on Friday. The company’s 50 day simple moving average is $78.81 and its 200-day simple moving average is $78.84. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The firm has a market cap of $34.35 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03.

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

Cognizant Technology Solutions announced that its board has authorized a share buyback plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a $0.31 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a yield of 1.79%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

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.