Moran Wealth Management LLC Acquires New Shares in Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Moran Wealth Management LLC purchased a new stake in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 97,496 shares of the information technology service provider's stock, valued at approximately $7,458,000.

Several other large investors have also recently bought and sold shares of CTSH. Duncker Streett & Co. Inc. acquired a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. acquired a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $36,000. Park Square Financial Group LLC bought a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Venturi Wealth Management LLC raised its stake in Cognizant Technology Solutions by 85.4% in the fourth quarter. Venturi Wealth Management LLC now owns 621 shares of the information technology service provider's stock valued at $48,000 after buying an additional 286 shares during the period. Finally, CoreCap Advisors LLC raised its stake in Cognizant Technology Solutions by 21.5% in the fourth quarter. CoreCap Advisors LLC now owns 711 shares of the information technology service provider's stock valued at $55,000 after buying an additional 126 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Price Performance

NASDAQ CTSH traded up $0.15 during midday trading on Friday, hitting $77.74. The company had a trading volume of 3,968,769 shares, compared to its average volume of 3,567,387. The company has a market capitalization of $38.32 billion, a PE ratio of 16.37, a P/E/G ratio of 1.77 and a beta of 0.98. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $78.16 and a 200-day moving average price of $78.88. Cognizant Technology Solutions Corporation has a twelve month low of $65.52 and a twelve month high of $90.82.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.03. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.73% and a net margin of 11.73%. The company's revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.12 EPS. As a group, analysts anticipate that Cognizant Technology Solutions Corporation will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions announced that its board has authorized a stock buyback plan on Tuesday, March 25th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CTSH. Royal Bank Of Canada restated a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. TD Securities upped their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a research note on Thursday, May 1st. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $88.00 to $98.00 in a research note on Monday, May 19th. Morgan Stanley dropped their price objective on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. Finally, 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 note on Thursday, May 1st. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $85.00.

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.