Prudential Financial Inc. Buys 243,399 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Prudential Financial Inc. raised its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 18.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,547,081 shares of the information technology service provider’s stock after acquiring an additional 243,399 shares during the period. Prudential Financial Inc. owned about 0.31% of Cognizant Technology Solutions worth $118,971,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CTSH. Thrivent Financial for Lutherans lifted its holdings in Cognizant Technology Solutions by 17.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 25,931 shares of the information technology service provider’s stock valued at $2,001,000 after purchasing an additional 3,917 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cognizant Technology Solutions in the third quarter valued at approximately $734,000. Nwam LLC acquired a new position in shares of Cognizant Technology Solutions in the 3rd quarter worth approximately $329,000. Cerity Partners LLC grew its position in Cognizant Technology Solutions by 12.5% during the 3rd quarter. Cerity Partners LLC now owns 82,111 shares of the information technology service provider’s stock worth $6,337,000 after acquiring an additional 9,131 shares during the last quarter. Finally, Sompo Asset Management Co. Ltd. increased its holdings in Cognizant Technology Solutions by 26.4% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 4,790 shares of the information technology service provider’s stock valued at $370,000 after purchasing an additional 1,000 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Trading Up 2.0 %

NASDAQ:CTSH opened at $77.94 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $90.82. The firm has a market capitalization of $38.55 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 2.11 and a beta of 1.12. The business’s 50-day moving average price is $82.68 and its two-hundred day moving average price is $79.47.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, topping 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, equities analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.59%. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

Analysts Set New Price Targets

CTSH has been the topic of several research analyst reports. UBS Group decreased their target price on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, February 6th. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. 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 research note on Monday, February 10th. Finally, Morgan Stanley dropped their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Fifteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions currently has an average rating of “Hold” and an average target price of $83.71.

Cognizant Technology Solutions 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.