Municipal Employees Retirement System of Michigan Has $1.48 Million Stake in Cognizant Technology Solutions Corporation (CTSH)

Municipal Employees Retirement System of Michigan lessened its position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) by 17.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,410 shares of the information technology service provider’s stock after selling 4,320 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Cognizant Technology Solutions Corporation were worth $1,481,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Pathstone Family Office LLC raised its position in shares of Cognizant Technology Solutions Corporation by 1,208.8% during the 2nd quarter. Pathstone Family Office LLC now owns 1,479 shares of the information technology service provider’s stock valued at $2,485,000 after buying an additional 1,366 shares during the period. Acrospire Investment Management LLC raised its position in shares of Cognizant Technology Solutions Corporation by 92.6% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,664 shares of the information technology service provider’s stock valued at $110,000 after buying an additional 800 shares during the period. WFG Advisors LP raised its position in shares of Cognizant Technology Solutions Corporation by 46.4% during the 2nd quarter. WFG Advisors LP now owns 1,958 shares of the information technology service provider’s stock valued at $130,000 after buying an additional 621 shares during the period. Krilogy Financial LLC purchased a new stake in shares of Cognizant Technology Solutions Corporation during the 2nd quarter valued at approximately $137,000. Finally, Manchester Capital Management LLC raised its position in shares of Cognizant Technology Solutions Corporation by 15.7% during the 2nd quarter. Manchester Capital Management LLC now owns 2,728 shares of the information technology service provider’s stock valued at $181,000 after buying an additional 370 shares during the period. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $78.00 price target (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, August 9th. Berenberg Bank raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and lifted their price target for the company from $65.00 to $85.00 in a research report on Tuesday, August 8th. Zacks Investment Research raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research report on Tuesday, August 8th. Morgan Stanley lifted their price target on shares of Cognizant Technology Solutions Corporation from $74.00 to $77.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $80.00 price target on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, November 1st. Five equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $81.19.

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In related news, insider Chandrasekaran Ramakrishnan sold 25,000 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $70.00, for a total value of $1,750,000.00. Following the completion of the sale, the insider now directly owns 360,856 shares of the company’s stock, valued at $25,259,920. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Matthew W. Friedrich sold 2,711 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $74.30, for a total transaction of $201,427.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 244,918 shares of company stock valued at $17,643,259. Insiders own 1.08% of the company’s stock.

Cognizant Technology Solutions Corporation (CTSH) opened at $72.91 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.29 and a current ratio of 3.29. The company has a market cap of $44,450.00, a price-to-earnings ratio of 22.38, a P/E/G ratio of 1.69 and a beta of 1.10. Cognizant Technology Solutions Corporation has a 12 month low of $51.35 and a 12 month high of $76.51.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its earnings results on Wednesday, November 1st. The information technology service provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.13. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.77 billion. Cognizant Technology Solutions Corporation had a net margin of 13.42% and a return on equity of 18.94%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.86 earnings per share. analysts expect that Cognizant Technology Solutions Corporation will post 3.35 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Monday, November 20th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.82%. Cognizant Technology Solutions Corporation’s payout ratio is currently 18.58%.

Cognizant Technology Solutions Corporation Company Profile

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

Institutional Ownership by Quarter for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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