Maryland State Retirement & Pension System Sells 1,918 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Maryland State Retirement & Pension System decreased its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 26,577 shares of the information technology service provider’s stock after selling 1,918 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Cognizant Technology Solutions were worth $2,044,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of CTSH. Duncker Streett & Co. Inc. bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth about $28,000. Trust Co. of Vermont boosted its holdings in shares of Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after buying an additional 292 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth about $36,000. Spire Wealth Management boosted its holdings in 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 valued at $37,000 after purchasing an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC bought a new stake in Cognizant Technology Solutions in the 4th quarter valued at about $37,000. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Price Performance

CTSH stock opened at $76.42 on Friday. The company has a 50 day simple moving average of $82.66 and a 200 day simple moving average of $79.43. The stock has a market cap of $37.80 billion, a price-to-earnings ratio of 16.94, 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. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09.

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

Cognizant Technology Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.62%. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions’s payout ratio is presently 27.49%.

Analysts Set New Price Targets

A number of analysts have issued reports on CTSH shares. UBS Group cut their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, March 17th. BMO Capital Markets boosted their price objective on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a report on Thursday, February 6th. Barclays boosted their price objective on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 10th. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a report on Wednesday. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Fifteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $83.71.

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.