Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC cut its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 13.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,831,878 shares of the information technology service provider’s stock after selling 286,754 shares during the period. Lazard Asset Management LLC’s holdings in Cognizant Technology Solutions were worth $140,869,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Duncker Streett & Co. Inc. purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at $28,000. Trust Co. of Vermont grew its holdings in shares of Cognizant Technology Solutions by 188.4% in 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 position in Cognizant Technology Solutions in the fourth quarter worth $36,000. Spire Wealth Management boosted its holdings in Cognizant Technology Solutions by 74.7% in the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after acquiring an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC bought a new position in Cognizant Technology Solutions during the 4th quarter worth approximately $37,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Trading Down 0.1%

NASDAQ:CTSH opened at $79.16 on Monday. The company has a 50-day moving average price of $75.23 and a 200-day moving average price of $78.65. 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 stock has a market cap of $39.15 billion, a price-to-earnings ratio of 17.55, a P/E/G ratio of 2.11 and a beta of 0.93. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.12 EPS. 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 approved a share repurchase program on Tuesday, March 25th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions’s payout ratio is 26.11%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CTSH shares. Morgan Stanley lowered their price objective 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. Susquehanna raised shares of Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and boosted their price objective for the stock from $77.00 to $90.00 in a research note on Thursday, May 1st. Mizuho upgraded shares of Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, UBS Group lowered 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 report on Monday, March 17th. Fifteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $83.87.

About Cognizant Technology Solutions

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.