Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Pine Haven Investment Counsel Inc

Pine Haven Investment Counsel Inc lowered its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 7.7% in the first quarter, Holdings Channel.com reports. The firm owned 2,774 shares of the information technology service provider’s stock after selling 230 shares during the period. Pine Haven Investment Counsel Inc’s holdings in Cognizant Technology Solutions were worth $212,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Duncker Streett & Co. Inc. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at about $28,000. Park Square Financial Group LLC bought a new position in shares of Cognizant Technology Solutions in the 4th quarter worth about $36,000. SBI Securities Co. Ltd. acquired a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Spire Wealth Management boosted its position in Cognizant Technology Solutions by 74.7% during the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after purchasing an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 1.2%

Shares of CTSH stock opened at $80.28 on Friday. The stock has a market cap of $39.57 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 2.11 and a beta of 0.98. The stock has a fifty day moving average price of $75.64 and a 200 day moving average price of $79.03. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.12 EPS. Analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions announced that its board has approved a share repurchase plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions’s dividend payout ratio is 26.11%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. UBS Group decreased their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. Morgan Stanley reduced their price target on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Finally, Robert W. Baird raised their price objective on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $85.00.

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.