Wealth Enhancement Advisory Services LLC Trims Stock Position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Wealth Enhancement Advisory Services LLC reduced its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 66.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,071 shares of the information technology service provider’s stock after selling 109,786 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Cognizant Technology Solutions were worth $4,213,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Duncker Streett & Co. Inc. bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $36,000. Park Square Financial Group LLC bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $36,000. CoreCap Advisors LLC boosted its holdings in shares of Cognizant Technology Solutions by 21.5% during the 4th quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider’s stock valued at $55,000 after buying an additional 126 shares in the last quarter. Finally, Pinney & Scofield Inc. bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $55,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTSH has been the topic of a number of analyst reports. 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. Robert W. Baird upped their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a “neutral” rating in a research note on Thursday, May 1st. TD Securities upped their price target on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a “hold” rating in a research note on Thursday, May 1st. UBS Group dropped their price target on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Finally, Barclays dropped their price target on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, April 25th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions has a consensus rating of “Hold” and a consensus target price of $85.00.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH opened at $77.59 on Friday. Cognizant Technology Solutions Corporation has a 52 week low of $65.52 and a 52 week high of $90.82. The firm has a market capitalization of $38.25 billion, a P/E ratio of 16.33, a PEG ratio of 1.75 and a beta of 0.98. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average price of $78.00 and a 200-day moving average price of $78.89.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Cognizant Technology Solutions had a net margin of 11.73% and a return on equity of 16.73%. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the firm earned $1.12 EPS. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Monday, May 19th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions’s dividend payout ratio is 26.11%.

Cognizant Technology Solutions announced that its board has initiated a stock buyback program on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

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.