Carret Asset Management LLC Invests $218,000 in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Carret Asset Management LLC bought a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,885 shares of the information technology service provider’s stock, valued at approximately $218,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC acquired a new position in Cognizant Technology Solutions in the 4th quarter valued at $26,000. NBC Securities Inc. acquired a new position in Cognizant Technology Solutions in the 3rd quarter valued at $27,000. Valley National Advisers Inc. increased its holdings in shares of Cognizant Technology Solutions by 43.2% during the 4th quarter. Valley National Advisers Inc. now owns 590 shares of the information technology service provider’s stock worth $44,000 after buying an additional 178 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Cognizant Technology Solutions by 26.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider’s stock worth $52,000 after buying an additional 162 shares during the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth $52,000. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Down 1.5 %

NASDAQ:CTSH traded down $1.04 on Thursday, reaching $66.48. The stock had a trading volume of 1,050,424 shares, compared to its average volume of 4,267,820. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average of $73.94 and a 200 day moving average of $72.55. The stock has a market cap of $33.10 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. Cognizant Technology Solutions Co. has a 12-month low of $58.09 and a 12-month high of $80.09.

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

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th were given a dividend of $0.30 per share. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.29. The ex-dividend date was Friday, February 16th. This represents a $1.20 annualized dividend and a dividend yield of 1.81%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 28.57%.

Insider Transactions at Cognizant Technology Solutions

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

Analysts Set New Price Targets

A number of research firms have recently commented on CTSH. Citigroup dropped their price objective on Cognizant Technology Solutions from $90.00 to $82.00 and set a “buy” rating for the company in a report on Monday. Susquehanna restated a “neutral” rating and set a $80.00 price objective (down from $87.00) on shares of Cognizant Technology Solutions in a report on Monday, April 1st. BMO Capital Markets dropped their price objective on Cognizant Technology Solutions from $88.00 to $85.00 and set a “market perform” rating for the company in a report on Wednesday, February 7th. Societe Generale restated a “sell” rating and set a $67.00 price objective on shares of Cognizant Technology Solutions in a report on Friday, January 5th. Finally, Jefferies Financial Group upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating and upped their price objective for the stock from $70.00 to $85.00 in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Cognizant Technology Solutions has an average 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.