Korea Investment CORP Reduces Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Korea Investment CORP lessened its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 17.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 360,868 shares of the information technology service provider’s stock after selling 75,516 shares during the quarter. Korea Investment CORP owned approximately 0.07% of Cognizant Technology Solutions worth $27,751,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Duncker Streett & Co. Inc. purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at about $28,000. Trust Co. of Vermont boosted its holdings in shares of Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after purchasing an additional 292 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Spire Wealth Management lifted its position in Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock worth $37,000 after buying an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $37,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Analyst Ratings Changes

CTSH has been the topic of several recent research reports. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday. UBS Group lowered their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Finally, BMO Capital Markets lifted their target price on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research report on Thursday, February 6th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $84.56.

Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH opened at $75.90 on Friday. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The company has a fifty day simple moving average of $82.68 and a two-hundred day simple moving average of $79.47. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market cap 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.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, topping the consensus estimate 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 anticipate that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.63%. The ex-dividend date was Tuesday, February 18th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has authorized a share buyback plan on Tuesday, March 25th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are 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.