Illinois Municipal Retirement Fund Sells 21,197 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Illinois Municipal Retirement Fund trimmed its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 10.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 181,632 shares of the information technology service provider’s stock after selling 21,197 shares during the period. Illinois Municipal Retirement Fund’s holdings in Cognizant Technology Solutions were worth $13,719,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Turtle Creek Wealth Advisors LLC acquired a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $26,000. NBC Securities Inc. bought a new stake in Cognizant Technology Solutions during the third quarter worth $27,000. Valley National Advisers Inc. raised its position in shares of Cognizant Technology Solutions by 43.2% in the fourth quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock valued at $44,000 after purchasing an additional 178 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Cognizant Technology Solutions by 26.5% in the third quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider’s stock valued at $52,000 after acquiring an additional 162 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at about $52,000. 92.44% of the stock is owned by institutional investors.

Insider Transactions at Cognizant Technology Solutions

In other news, EVP Kathryn Diaz sold 900 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total transaction of $69,354.00. Following the sale, the executive vice president now directly owns 8,312 shares of the company’s stock, valued at $640,522.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.27% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ CTSH traded down $0.20 during midday trading on Tuesday, hitting $68.00. 892,960 shares of the company’s stock were exchanged, compared to its average volume of 4,284,688. The firm has a market cap of $33.85 billion, a P/E ratio of 16.24, a PEG ratio of 1.54 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.25 and a quick ratio of 2.25. Cognizant Technology Solutions Co. has a twelve month low of $58.09 and a twelve month high of $80.09. The stock’s 50 day moving average price is $74.28 and its 200-day moving average price is $72.58.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Tuesday, February 6th. The information technology service provider reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.14. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The firm had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.76 billion. During the same period in the prior year, the company posted $1.01 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Cognizant Technology Solutions Co. will post 4.59 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.76%. The ex-dividend date was Friday, February 16th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. Cognizant Technology Solutions’s dividend payout ratio is 28.57%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CTSH. Mizuho started coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, January 30th. They issued a “neutral” rating and a $82.00 price target on the stock. Susquehanna reissued a “neutral” rating and issued a $80.00 price target (down previously from $87.00) on shares of Cognizant Technology Solutions in a research report on Monday, April 1st. Citigroup lowered their target price on Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating on the stock in a research note on Monday. Barclays upped their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Tuesday, January 23rd. Finally, Jefferies Financial Group raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating and increased their price target for the stock from $70.00 to $85.00 in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $76.44.

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.