Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Acquired by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt raised its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 16.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,490 shares of the information technology service provider's stock after acquiring an additional 11,600 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in Cognizant Technology Solutions were worth $6,155,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CTSH. Duncker Streett & Co. Inc. acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $36,000. Park Square Financial Group LLC acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $36,000. Spire Wealth Management raised its holdings in shares of Cognizant Technology Solutions by 74.7% in the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock worth $37,000 after acquiring an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $37,000. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Trading Down 1.9%

CTSH stock traded down $1.51 during trading on Friday, reaching $78.95. 2,469,134 shares of the stock traded hands, compared to its average volume of 3,554,680. The business's 50 day moving average price is $76.37 and its 200-day moving average price is $79.07. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The firm 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 (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, 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 during the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter in the prior year, the business earned $1.12 earnings per share. The company's revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts forecast 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 authorized a stock buyback program on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to buy up to 5.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Monday, May 19th. Cognizant Technology Solutions's payout ratio is 26.11%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CTSH. TD Securities upped their target price 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. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Morgan Stanley dropped their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, March 12th. Finally, UBS Group dropped their target price on 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. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus 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.