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 its most recent disclosure with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Duncker Streett & Co. Inc. bought a new position in Cognizant Technology Solutions in the 4th quarter valued at $28,000. Trust Co. of Vermont raised its stake in 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 purchasing an additional 292 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions in the 4th quarter worth approximately $36,000. Spire Wealth Management increased its holdings in shares of Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock worth $37,000 after buying an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Down 2.2 %

NASDAQ:CTSH opened at $75.90 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The firm’s 50-day moving average price is $82.68 and its 200-day moving average price is $79.49. The company has a market capitalization of $37.54 billion, a PE ratio of 16.83, a P/E/G ratio of 2.11 and a beta of 1.12. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share 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, equities analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

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

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.63%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CTSH shares. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. 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 research report on Monday, March 17th. Morgan Stanley cut their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday. Finally, BMO Capital Markets boosted their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research report on Thursday, February 6th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cognizant Technology Solutions has an average rating of “Hold” and a consensus price target of $84.56.

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.