New York State Common Retirement Fund Has $81.47 Million Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

New York State Common Retirement Fund cut its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,055,568 shares of the information technology service provider’s stock after selling 77,996 shares during the period. New York State Common Retirement Fund owned 0.21% of Cognizant Technology Solutions worth $81,469,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First Trust Direct Indexing L.P. boosted its holdings in Cognizant Technology Solutions by 19.1% in the third quarter. First Trust Direct Indexing L.P. now owns 19,571 shares of the information technology service provider’s stock worth $1,510,000 after acquiring an additional 3,139 shares in the last quarter. Andina Capital Management LLC raised its position in shares of Cognizant Technology Solutions by 4.1% during the third quarter. Andina Capital Management LLC now owns 5,622 shares of the information technology service provider’s stock worth $434,000 after purchasing an additional 223 shares during the period. Farmers & Merchants Investments Inc. lifted its holdings in shares of Cognizant Technology Solutions by 12.8% in the 3rd quarter. Farmers & Merchants Investments Inc. now owns 2,513 shares of the information technology service provider’s stock worth $194,000 after purchasing an additional 285 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in Cognizant Technology Solutions by 110.3% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,287 shares of the information technology service provider’s stock valued at $485,000 after purchasing an additional 3,298 shares during the period. Finally, abrdn plc raised its holdings in Cognizant Technology Solutions by 1.4% during the third quarter. abrdn plc now owns 223,082 shares of the information technology service provider’s stock worth $17,101,000 after buying an additional 3,079 shares during the last quarter. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Up 0.0 %

Shares of NASDAQ:CTSH opened at $74.61 on Friday. Cognizant Technology Solutions Co. has a 52-week low of $62.14 and a 52-week high of $80.27. The firm has a market capitalization of $36.98 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.09 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. The stock has a 50 day moving average price of $76.36 and a 200-day moving average price of $71.99.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. Cognizant Technology Solutions had a return on equity of 17.37% and a net margin of 11.60%. The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the previous year, the firm earned $1.16 EPS. Cognizant Technology Solutions’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Cognizant Technology Solutions Co. will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is currently 26.55%.

Insider Activity

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of Cognizant Technology Solutions stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CTSH. JPMorgan Chase & Co. lifted their price objective on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday. The Goldman Sachs Group reissued a “neutral” rating and issued a $76.00 price target on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Royal Bank of Canada lifted their price objective on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 28th. Finally, Barclays lifted their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $77.70.

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.