KLP Kapitalforvaltning AS Acquires Shares of 246,177 Cognizant Technology Solutions Co. (NASDAQ:CTSH)

KLP Kapitalforvaltning AS acquired a new stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 246,177 shares of the information technology service provider’s stock, valued at approximately $18,931,000.

Several other institutional investors and hedge funds have also bought and sold shares of CTSH. Duncker Streett & Co. Inc. purchased a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $28,000. Trust Co. of Vermont lifted its position in shares of Cognizant Technology Solutions by 188.4% during the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after acquiring an additional 292 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $36,000. Spire Wealth Management lifted its position in shares of Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock worth $37,000 after acquiring an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $37,000. 92.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CTSH shares. Morgan Stanley dropped their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Royal Bank of Canada increased their target price on Cognizant Technology Solutions from $82.00 to $93.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 6th. Barclays increased their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Finally, UBS Group lowered their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. Fifteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions has an average rating of “Hold” and an average price target of $83.71.

Cognizant Technology Solutions Stock Down 1.0 %

CTSH opened at $76.42 on Monday. The stock has a market cap of $37.80 billion, a PE ratio of 16.94, a P/E/G ratio of 2.11 and a beta of 1.12. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The business’s fifty day simple moving average is $82.66 and its 200 day simple moving average is $79.47.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. As a group, research analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.31 per share. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Tuesday, February 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 27.49%.

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.