Shell Asset Management Co. Trims Position in Cognizant Technology Solutions Corp (NASDAQ:CTSH)

Shell Asset Management Co. lessened its holdings in shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 4.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 132,610 shares of the information technology service provider’s stock after selling 6,890 shares during the quarter. Shell Asset Management Co.’s holdings in Cognizant Technology Solutions were worth $6,162,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Wealth Quarterback LLC purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter worth $19,244,610,000. BlackRock Inc. lifted its stake in shares of Cognizant Technology Solutions by 2.7% during the 1st quarter. BlackRock Inc. now owns 52,277,651 shares of the information technology service provider’s stock worth $2,429,343,000 after purchasing an additional 1,396,215 shares during the period. State Street Corp lifted its stake in shares of Cognizant Technology Solutions by 2.2% during the 4th quarter. State Street Corp now owns 23,190,247 shares of the information technology service provider’s stock worth $1,438,259,000 after purchasing an additional 498,861 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Cognizant Technology Solutions by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 20,137,548 shares of the information technology service provider’s stock worth $935,794,000 after purchasing an additional 424,443 shares during the period. Finally, Artisan Partners Limited Partnership lifted its stake in shares of Cognizant Technology Solutions by 41.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 9,823,283 shares of the information technology service provider’s stock worth $609,240,000 after purchasing an additional 2,893,642 shares during the period. 88.27% of the stock is currently owned by institutional investors.

Shares of Cognizant Technology Solutions stock traded down $0.29 during trading hours on Friday, hitting $51.45. 2,624,990 shares of the company’s stock traded hands, compared to its average volume of 4,044,953. The stock has a 50 day simple moving average of $52.72 and a 200-day simple moving average of $58.97. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 0.30. The company has a market cap of $27.97 billion, a PE ratio of 16.13, a PEG ratio of 1.37 and a beta of 1.20. Cognizant Technology Solutions Corp has a twelve month low of $40.01 and a twelve month high of $71.48.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Thursday, May 7th. The information technology service provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.03. The company had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.22 billion. Cognizant Technology Solutions had a return on equity of 20.90% and a net margin of 10.46%. The company’s revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm earned $0.91 earnings per share. As a group, equities research analysts predict that Cognizant Technology Solutions Corp will post 3.44 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Stockholders of record on Wednesday, May 20th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $0.88 annualized dividend and a dividend yield of 1.71%. Cognizant Technology Solutions’s dividend payout ratio is presently 22.06%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information technology service provider to purchase up to 5.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Several research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a “sell” rating on shares of Cognizant Technology Solutions in a research report on Thursday, April 9th. Nomura reaffirmed a “hold” rating and issued a $68.00 target price on shares of Cognizant Technology Solutions in a research report on Sunday, May 10th. JPMorgan Chase & Co. increased their target price on Cognizant Technology Solutions from $59.00 to $62.00 and gave the stock an “underweight” rating in a research report on Friday, May 8th. BMO Capital Markets lowered Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $58.00 to $59.00 in a research report on Monday, May 4th. Finally, UBS Group cut their target price on Cognizant Technology Solutions from $57.00 to $37.00 and set a “sell” rating on the stock in a research report on Tuesday, April 7th. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $62.50.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

Featured Story: Investing in Blue-Chip Stocks

Want to see what other hedge funds are holding CTSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognizant Technology Solutions Corp (NASDAQ:CTSH).

Institutional Ownership by Quarter for Cognizant Technology Solutions (NASDAQ:CTSH)

Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.