Mitsubishi UFJ Asset Management Co. Ltd. Buys 62,437 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 8.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 826,300 shares of the information technology service provider’s stock after purchasing an additional 62,437 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.17% of Cognizant Technology Solutions worth $63,113,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Duncker Streett & Co. Inc. acquired a new stake in Cognizant Technology Solutions during the fourth quarter worth about $28,000. Trust Co. of Vermont lifted its holdings in shares of Cognizant Technology Solutions by 188.4% during 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. acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $36,000. Spire Wealth Management increased its stake in Cognizant Technology Solutions by 74.7% in the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after acquiring an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $37,000. Institutional investors own 92.44% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CTSH shares. Morgan Stanley reduced their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. BMO Capital Markets lifted their target price on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research report on Thursday, February 6th. Barclays increased their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Finally, Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. Fourteen equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and an average target price of $84.56.

Cognizant Technology Solutions Stock Down 2.2 %

Shares of NASDAQ CTSH opened at $75.90 on Friday. The company’s 50 day moving average price is $82.68 and its 200-day moving average price is $79.47. 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 52-week low of $63.79 and a 52-week high of $90.82. The company has a market capitalization of $37.54 billion, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) 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%. Equities analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 1.63%. Cognizant Technology Solutions’s payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes 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.

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.