Plimoth Trust Co. LLC Reduces Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Plimoth Trust Co. LLC reduced its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 17.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,606 shares of the information technology service provider’s stock after selling 960 shares during the period. Plimoth Trust Co. LLC’s holdings in Cognizant Technology Solutions were worth $338,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. LPL Financial LLC increased its position in Cognizant Technology Solutions by 14.9% during the third quarter. LPL Financial LLC now owns 126,168 shares of the information technology service provider’s stock worth $8,547,000 after buying an additional 16,400 shares in the last quarter. Teza Capital Management LLC acquired a new position in Cognizant Technology Solutions in the 3rd quarter valued at $356,000. Gotham Asset Management LLC lifted its stake in shares of Cognizant Technology Solutions by 3.1% during the 3rd quarter. Gotham Asset Management LLC now owns 6,598 shares of the information technology service provider’s stock worth $447,000 after purchasing an additional 197 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Cognizant Technology Solutions by 15.4% during the third quarter. Ameriprise Financial Inc. now owns 661,426 shares of the information technology service provider’s stock worth $44,805,000 after purchasing an additional 88,223 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its position in shares of Cognizant Technology Solutions by 4.6% in the third quarter. Evergreen Capital Management LLC now owns 5,514 shares of the information technology service provider’s stock valued at $374,000 after purchasing an additional 242 shares during the period. 92.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CTSH shares. Barclays decreased their price target on Cognizant Technology Solutions from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday, April 26th. JPMorgan Chase & Co. lowered their price target on Cognizant Technology Solutions from $81.00 to $74.00 and set a “neutral” rating for the company in a report on Thursday, May 2nd. BMO Capital Markets dropped their price objective on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 30th. StockNews.com cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $75.44.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH opened at $68.30 on Thursday. The company has a 50-day moving average price of $67.14 and a two-hundred day moving average price of $72.24. The stock has a market cap of $33.96 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 2.03 and a beta of 1.05. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Co. has a 52 week low of $62.14 and a 52 week high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted 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 firm had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period last year, the firm earned $1.11 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. Analysts forecast that Cognizant Technology Solutions Co. will post 4.61 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Monday, May 20th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.76%. 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.