Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Purchased by Fmr LLC

Fmr LLC boosted its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,147,006 shares of the information technology service provider’s stock after acquiring an additional 123,745 shares during the quarter. Fmr LLC’s holdings in Cognizant Technology Solutions were worth $857,205,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Duncker Streett & Co. Inc. acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth $28,000. Trust Co. of Vermont lifted its stake in shares of Cognizant Technology Solutions by 188.4% in the 4th 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 during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at about $36,000. Spire Wealth Management increased its stake 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 during the period. Finally, Morton Brown Family Wealth LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter worth about $37,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $67.38 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The stock has a fifty day moving average of $81.94 and a two-hundred day moving average of $79.38. The company has a market capitalization of $33.33 billion, a price-to-earnings ratio of 14.94, a PEG ratio of 2.11 and a beta of 1.03.

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

Cognizant Technology Solutions declared that its Board of Directors has authorized a share repurchase program on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to buy up to 5.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a yield of 1.84%. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 27.49%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CTSH shares. BMO Capital Markets lifted their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a report on Thursday, February 6th. Morgan Stanley decreased their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, March 27th. Royal Bank of Canada restated a “sector perform” rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Finally, Barclays increased their price target on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 10th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $84.56.

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.