American International Group Inc. Sells 13,822 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

American International Group Inc. decreased its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 197,121 shares of the information technology service provider’s stock after selling 13,822 shares during the period. American International Group Inc.’s holdings in Cognizant Technology Solutions were worth $14,889,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Turtle Creek Wealth Advisors LLC acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $26,000. Spire Wealth Management grew its position in Cognizant Technology Solutions by 79.1% during the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock worth $34,000 after acquiring an additional 193 shares during the last quarter. Neo Ivy Capital Management acquired a new position in Cognizant Technology Solutions in the 4th quarter worth about $40,000. Quarry LP bought a new position in Cognizant Technology Solutions in the fourth quarter valued at about $43,000. Finally, Valley National Advisers Inc. boosted its stake in shares of Cognizant Technology Solutions by 43.2% during 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 in the last quarter. Institutional investors and hedge funds own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CTSH. Citigroup dropped their price objective on shares of Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating for the company in a report on Monday, April 22nd. StockNews.com lowered shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Mizuho restated a “neutral” rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. BMO Capital Markets cut their target price on Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating on the stock in a report on Tuesday, April 30th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $75.67.

Cognizant Technology Solutions Stock Down 0.5 %

NASDAQ CTSH traded down $0.35 on Friday, hitting $64.26. 2,579,575 shares of the company were exchanged, compared to its average volume of 3,091,876. Cognizant Technology Solutions Co. has a 12 month low of $61.23 and a 12 month high of $80.09. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. The company has a market cap of $31.95 billion, a PE ratio of 15.45, a PEG ratio of 1.92 and a beta of 1.04. The stock has a fifty day moving average of $67.44 and a 200-day moving average of $72.57.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.11 by $0.01. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The company had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period last year, the business posted $1.11 EPS. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, analysts forecast that Cognizant Technology Solutions Co. will post 4.61 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Monday, May 20th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.87%. The ex-dividend date was Friday, May 17th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

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.