California Public Employees Retirement System Sells 1,096,119 Shares of Cognizant Technology Solutions Corporation $CTSH

California Public Employees Retirement System lessened its stake in Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 36.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,931,753 shares of the information technology service provider’s stock after selling 1,096,119 shares during the quarter. California Public Employees Retirement System’s holdings in Cognizant Technology Solutions were worth $150,735,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hilltop National Bank bought a new stake in Cognizant Technology Solutions during the second quarter worth $27,000. NewSquare Capital LLC grew its position in shares of Cognizant Technology Solutions by 71.8% in the 2nd quarter. NewSquare Capital LLC now owns 366 shares of the information technology service provider’s stock valued at $29,000 after acquiring an additional 153 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Cognizant Technology Solutions by 118.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 569 shares of the information technology service provider’s stock worth $44,000 after purchasing an additional 309 shares during the last quarter. WPG Advisers LLC bought a new stake in shares of Cognizant Technology Solutions in the 1st quarter valued at about $61,000. Finally, Cary Street Partners Investment Advisory LLC bought a new stake in shares of Cognizant Technology Solutions in the 2nd quarter valued at about $64,000. 92.44% of the stock is owned by institutional investors.

Insider Activity at Cognizant Technology Solutions

In related news, CAO John Sunshin Kim sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $75.18, for a total transaction of $187,950.00. Following the transaction, the chief accounting officer directly owned 36,630 shares of the company’s stock, valued at approximately $2,753,843.40. This trade represents a 6.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Mizuho set a $85.00 price target on Cognizant Technology Solutions in a report on Thursday, October 30th. Citigroup began coverage on Cognizant Technology Solutions in a research report on Thursday, October 23rd. They issued a “neutral” rating and a $75.00 price objective for the company. Royal Bank Of Canada decreased their target price on Cognizant Technology Solutions from $93.00 to $82.00 and set a “sector perform” rating on the stock in a report on Thursday, October 30th. Guggenheim restated a “buy” rating and issued a $85.00 price target (down previously from $90.00) on shares of Cognizant Technology Solutions in a research note on Tuesday, October 21st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cognizant Technology Solutions in a report on Monday, December 1st. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $85.19.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $80.72 on Monday. The company has a market capitalization of $38.96 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 1.65 and a beta of 0.97. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Corporation has a 12 month low of $65.15 and a 12 month high of $90.82. The stock’s 50 day moving average is $71.46 and its 200-day moving average is $73.48.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, October 29th. The information technology service provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.09. Cognizant Technology Solutions had a return on equity of 17.00% and a net margin of 10.20%.The business had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period last year, the firm posted $1.25 EPS. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. Cognizant Technology Solutions has set its FY 2025 guidance at 5.220-5.260 EPS. Equities research analysts expect that Cognizant Technology Solutions Corporation will post 4.98 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Tuesday, November 18th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, November 18th. Cognizant Technology Solutions’s payout ratio is presently 28.77%.

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.