Nuveen Asset Management LLC Buys 39,667 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Nuveen Asset Management LLC raised its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,208,981 shares of the information technology service provider’s stock after purchasing an additional 39,667 shares during the period. Nuveen Asset Management LLC’s holdings in Cognizant Technology Solutions were worth $92,971,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position 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 valued at $4,539,290,000 after purchasing an additional 515,881 shares during the last quarter. Geode Capital Management LLC raised its position in Cognizant Technology Solutions by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider’s stock valued at $1,032,239,000 after purchasing an additional 157,464 shares during the last quarter. FMR LLC raised its position in Cognizant Technology Solutions by 1.1% during the 4th quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider’s stock valued at $857,205,000 after purchasing an additional 123,745 shares during the last quarter. Invesco Ltd. raised its position in Cognizant Technology Solutions by 2.8% during the 4th quarter. Invesco Ltd. now owns 10,655,180 shares of the information technology service provider’s stock valued at $819,383,000 after purchasing an additional 287,973 shares during the last quarter. Finally, Norges Bank bought a new position in Cognizant Technology Solutions during the 4th quarter valued at approximately $527,719,000. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $81.44 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $40.28 billion, a P/E ratio of 18.06, a PEG ratio of 2.11 and a beta of 0.93. The stock’s 50 day moving average is $75.00 and its 200 day moving average is $78.81. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The company had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the business posted $1.12 EPS. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, equities research analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions announced that its Board of Directors has approved a stock repurchase plan 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 repurchase up to 5.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be paid a dividend of $0.31 per share. The ex-dividend date is Monday, May 19th. This represents a $1.24 annualized dividend and a yield of 1.52%. Cognizant Technology Solutions’s dividend payout ratio is 26.11%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Royal Bank of Canada reissued a “sector perform” rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Robert W. Baird increased their target price on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a “neutral” rating in a research report on Thursday, May 1st. Finally, Barclays decreased their target price on Cognizant Technology Solutions from $103.00 to $90.00 and set an “overweight” rating for the company in a research report on Friday, April 25th. Fifteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $83.87.

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.