DnB Asset Management AS Has $7.30 Million Stock Holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

DnB Asset Management AS increased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 94,863 shares of the information technology service provider’s stock after purchasing an additional 5,785 shares during the quarter. DnB Asset Management AS’s holdings in Cognizant Technology Solutions were worth $7,295,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Townsquare Capital LLC grew its position in shares of Cognizant Technology Solutions by 19.1% during the 3rd quarter. Townsquare Capital LLC now owns 20,701 shares of the information technology service provider’s stock worth $1,598,000 after buying an additional 3,324 shares during the period. Point72 Europe London LLP acquired a new stake in Cognizant Technology Solutions during the 3rd quarter worth $679,000. Benjamin Edwards Inc. raised its position in shares of Cognizant Technology Solutions by 7,116.3% during the 3rd quarter. Benjamin Edwards Inc. now owns 38,463 shares of the information technology service provider’s stock valued at $2,969,000 after acquiring an additional 37,930 shares during the last quarter. Centiva Capital LP acquired a new position in shares of Cognizant Technology Solutions in the 3rd quarter valued at $1,712,000. Finally, Janus Henderson Group PLC boosted its position in shares of Cognizant Technology Solutions by 3.4% in the 3rd quarter. Janus Henderson Group PLC now owns 60,813 shares of the information technology service provider’s stock worth $4,694,000 after purchasing an additional 2,000 shares during the last quarter. 92.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CTSH shares. StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Barclays upped their price target on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. BMO Capital Markets lifted their price objective on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a research note on Thursday, February 6th. Morgan Stanley lowered their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Finally, Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research report 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, the company has a consensus rating of “Hold” and a consensus price target of $84.56.

Cognizant Technology Solutions Trading Down 2.2 %

NASDAQ:CTSH opened at $75.90 on Monday. The company has a market cap 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 Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The business has a 50 day moving average price of $82.68 and a two-hundred day moving average price of $79.51. 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 (NASDAQ:CTSH) last announced its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS 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%. As a group, analysts expect that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions declared that its board has authorized a stock buyback program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.63%. 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. Cognizant Technology Solutions’s dividend payout ratio is presently 27.49%.

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.