Kovitz Investment Group Partners LLC Sells 17,704 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Kovitz Investment Group Partners LLC reduced its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 70.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 7,352 shares of the information technology service provider’s stock after selling 17,704 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Cognizant Technology Solutions were worth $565,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Duncker Streett & Co. Inc. bought a new stake in Cognizant Technology Solutions in the 4th quarter valued at $28,000. Trust Co. of Vermont boosted its position in shares of Cognizant Technology Solutions by 188.4% in the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after acquiring an additional 292 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at about $36,000. Spire Wealth Management increased 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 acquiring an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC acquired a new stake in Cognizant Technology Solutions in the 4th quarter worth about $37,000. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Price Performance

Shares of CTSH opened at $75.23 on Friday. The business has a 50-day simple moving average of $75.91 and a two-hundred day simple moving average of $78.56. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82. The stock has a market cap of $37.21 billion, a PE ratio of 16.68, a PEG ratio of 2.11 and a beta of 1.03. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

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

Cognizant Technology Solutions announced that its Board of Directors has authorized a stock 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.65%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Guggenheim reaffirmed a “neutral” rating on shares of Cognizant Technology Solutions in a report on Wednesday, April 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday. TD Securities increased their price objective 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. Finally, Robert W. Baird boosted their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday. Fifteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Cognizant Technology Solutions has an average rating of “Hold” and a consensus target price of $83.94.

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.