Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB boosted its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 3.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 148,121 shares of the information technology service provider's stock after acquiring an additional 5,390 shares during the period. Handelsbanken Fonder AB's holdings in Cognizant Technology Solutions were worth $11,331,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Duncker Streett & Co. Inc. purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at about $28,000. Park Square Financial Group LLC acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth about $36,000. SBI Securities Co. Ltd. acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $36,000. Morton Brown Family Wealth LLC acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $37,000. Finally, Asset Planning Inc acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $46,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded down $1.51 during midday trading on Friday, hitting $78.95. The stock had a trading volume of 2,469,134 shares, compared to its average volume of 3,558,605. The company has a market capitalization of $38.92 billion, a PE ratio of 17.51, a P/E/G ratio of 2.11 and a beta of 0.98. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $90.82. The stock has a 50 day moving average price of $76.62 and a two-hundred day moving average price of $79.04. 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 - Get Free Report) last posted its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $5.12 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the company earned $1.12 EPS. Cognizant Technology Solutions's revenue was up 7.5% on a year-over-year basis. As a group, equities analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Monday, May 19th. Cognizant Technology Solutions's dividend payout ratio is presently 26.11%.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CTSH shares. Morgan Stanley reduced their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Robert W. Baird lifted their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. UBS Group cut their price target on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Finally, Barclays cut their price target on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions currently has an average rating of "Hold" and a consensus target price of $85.00.

Cognizant Technology Solutions Company 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.