Arizona State Retirement System Buys 10,519 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Arizona State Retirement System grew its stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 7.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,580 shares of the information technology service provider’s stock after acquiring an additional 10,519 shares during the quarter. Arizona State Retirement System’s holdings in Cognizant Technology Solutions were worth $11,596,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CTSH. Norges Bank purchased a new position in Cognizant Technology Solutions in the fourth quarter worth about $527,719,000. National Bank of Canada FI raised its stake in Cognizant Technology Solutions by 54.6% during the 4th quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider’s stock valued at $433,254,000 after purchasing an additional 1,990,515 shares during the period. AE Industrial Partners LP bought a new stake in Cognizant Technology Solutions during the 4th quarter valued at approximately $113,088,000. Capital Research Global Investors increased its stake in Cognizant Technology Solutions by 98.9% in the 4th quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider’s stock worth $210,894,000 after acquiring an additional 1,363,570 shares during the last quarter. Finally, Deutsche Bank AG increased its stake in Cognizant Technology Solutions by 47.8% in the 4th quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider’s stock worth $254,028,000 after acquiring an additional 1,068,420 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Down 1.8%

Shares of CTSH opened at $75.36 on Monday. Cognizant Technology Solutions Corporation has a 52 week low of $65.52 and a 52 week high of $90.82. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $37.15 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 1.73 and a beta of 0.96. The stock’s 50-day moving average price is $79.43 and its 200-day moving average price is $78.80.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the business posted $1.12 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was up 7.5% on a year-over-year basis. On average, sell-side analysts predict that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current year.

Cognizant Technology Solutions announced that its board has approved 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 reacquire up to 5.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were issued a dividend of $0.31 per share. The ex-dividend date was Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.65%. Cognizant Technology Solutions’s payout ratio is currently 26.11%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CTSH. TD Securities lifted their target price on Cognizant Technology Solutions from $77.00 to $79.00 and gave the stock a “hold” rating in a report on Thursday, May 1st. Susquehanna raised Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and lifted their target price for the company from $77.00 to $90.00 in a research report on Thursday, May 1st. Barclays reduced their price target on Cognizant Technology Solutions from $103.00 to $90.00 and set an “overweight” rating for the company in a research report on Friday, April 25th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions presently has an average rating of “Hold” and a consensus target price of $85.00.

Cognizant Technology Solutions Company 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.