Fmr LLC Increases Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Fmr LLC grew its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 11,147,006 shares of the information technology service provider’s stock after acquiring an additional 123,745 shares during the period. Fmr LLC owned about 2.25% of Cognizant Technology Solutions worth $857,205,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Retirement Systems of Alabama lifted its stake in Cognizant Technology Solutions by 3.5% during the third quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider’s stock worth $91,678,000 after purchasing an additional 40,226 shares in the last quarter. CGN Advisors LLC purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at $1,294,000. ICICI Prudential Asset Management Co Ltd lifted its stake in Cognizant Technology Solutions by 50.7% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 429,660 shares of the information technology service provider’s stock worth $33,041,000 after acquiring an additional 144,535 shares in the last quarter. Todd Asset Management LLC boosted its holdings in Cognizant Technology Solutions by 24.4% during the 4th quarter. Todd Asset Management LLC now owns 436,509 shares of the information technology service provider’s stock valued at $33,568,000 after acquiring an additional 85,539 shares during the period. Finally, Matthews International Capital Management LLC boosted its holdings in Cognizant Technology Solutions by 52.0% during the 4th quarter. Matthews International Capital Management LLC now owns 50,108 shares of the information technology service provider’s stock valued at $3,853,000 after acquiring an additional 17,134 shares during the period. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CTSH has been the topic of several research reports. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Royal Bank of Canada reiterated a “sector perform” rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. UBS Group dropped their price target on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. BMO Capital Markets increased their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research note on Thursday, February 6th. Finally, Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $84.56.

Cognizant Technology Solutions Stock Down 2.0 %

Shares of NASDAQ:CTSH opened at $67.38 on Tuesday. The firm has a 50 day simple moving average of $81.94 and a 200-day simple moving average of $79.38. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $33.33 billion, a PE ratio of 14.94, a P/E/G ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates 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 predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

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

Cognizant Technology Solutions declared that its Board of Directors has initiated 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 purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.