Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Lafayette Investments Inc.

Lafayette Investments Inc. lessened its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 17,085 shares of the information technology service provider’s stock after selling 550 shares during the period. Lafayette Investments Inc.’s holdings in Cognizant Technology Solutions were worth $1,314,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $527,719,000. National Bank of Canada FI increased its position in shares of Cognizant Technology Solutions by 54.6% during the fourth quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider’s stock worth $433,254,000 after acquiring an additional 1,990,515 shares during the period. Cibc World Market Inc. boosted its holdings in Cognizant Technology Solutions by 34.0% in the fourth quarter. Cibc World Market Inc. now owns 2,784,668 shares of the information technology service provider’s stock valued at $214,141,000 after purchasing an additional 705,946 shares during the period. Vanguard Group Inc. grew its stake in Cognizant Technology Solutions by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider’s stock worth $4,539,290,000 after purchasing an additional 515,881 shares in the last quarter. Finally, ING Groep NV increased its holdings in Cognizant Technology Solutions by 17.9% during the 4th quarter. ING Groep NV now owns 2,921,900 shares of the information technology service provider’s stock worth $224,694,000 after purchasing an additional 443,536 shares during the period. Hedge funds and other institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Up 0.9 %

Cognizant Technology Solutions stock opened at $70.81 on Tuesday. The stock has a 50 day moving average of $80.17 and a two-hundred day moving average of $79.04. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The stock has a market capitalization of $35.02 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 2.11 and a beta of 1.03. 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 (NASDAQ:CTSH) last posted its quarterly earnings data 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%. As a group, research analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

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 outstanding shares. This buyback authorization authorizes the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors 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 an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.75%. Cognizant Technology Solutions’s payout ratio is 27.49%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Robert W. Baird dropped their target price on Cognizant Technology Solutions from $90.00 to $78.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $84.44.

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.