Thrivent Financial for Lutherans Sells 1,351 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Thrivent Financial for Lutherans reduced its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 5.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,580 shares of the information technology service provider’s stock after selling 1,351 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Cognizant Technology Solutions were worth $1,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Trust Co. NA raised its holdings in Cognizant Technology Solutions by 28.9% during the third quarter. Private Trust Co. NA now owns 1,694 shares of the information technology service provider’s stock valued at $131,000 after acquiring an additional 380 shares during the period. Townsquare Capital LLC lifted its holdings in Cognizant Technology Solutions by 19.1% in the 3rd quarter. Townsquare Capital LLC now owns 20,701 shares of the information technology service provider’s stock worth $1,598,000 after purchasing an additional 3,324 shares in the last quarter. Point72 Europe London LLP bought a new position in Cognizant Technology Solutions in the 3rd quarter worth approximately $679,000. Benjamin Edwards Inc. grew its holdings in Cognizant Technology Solutions by 7,116.3% during the 3rd quarter. Benjamin Edwards Inc. now owns 38,463 shares of the information technology service provider’s stock valued at $2,969,000 after buying an additional 37,930 shares in the last quarter. Finally, Centiva Capital LP bought a new stake in shares of Cognizant Technology Solutions during the third quarter valued at approximately $1,712,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTSH has been the topic of a number of research reports. UBS Group reduced 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. Morgan Stanley decreased their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $84.56.

Cognizant Technology Solutions Trading Down 2.2 %

Shares of NASDAQ CTSH opened at $75.90 on Friday. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. The company has a market cap of $37.54 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 2.11 and a beta of 1.12. The business’s 50 day moving average price is $82.68 and its 200-day moving average price is $79.49.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. On average, sell-side analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions announced that its board has authorized a share buyback program on Tuesday, March 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology service provider to repurchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

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

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.