Sumitomo Mitsui Trust Group Inc. Buys 11,543 Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Sumitomo Mitsui Trust Group Inc. increased its position in Cognizant Technology Solutions Corporation (NASDAQ:CTSH - Free Report) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,378,515 shares of the information technology service provider's stock after purchasing an additional 11,543 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.28% of Cognizant Technology Solutions worth $105,456,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CTSH. Unison Advisors LLC lifted its stake in Cognizant Technology Solutions by 0.4% in the fourth quarter. Unison Advisors LLC now owns 29,595 shares of the information technology service provider's stock valued at $2,276,000 after buying an additional 114 shares during the period. Congress Wealth Management LLC DE grew its holdings in Cognizant Technology Solutions by 0.5% during the fourth quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider's stock valued at $1,920,000 after purchasing an additional 126 shares during the period. CoreCap Advisors LLC increased 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 purchasing an additional 126 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its position in shares of Cognizant Technology Solutions by 4.6% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider's stock worth $222,000 after purchasing an additional 127 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Cognizant Technology Solutions by 1.5% in the 4th quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider's stock valued at $704,000 after buying an additional 134 shares in the last quarter. Institutional investors own 92.44% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CTSH shares. Morgan Stanley decreased 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. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. Barclays cut their price objective on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. upgraded Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $88.00 to $98.00 in a report on Monday, May 19th. Finally, Robert W. Baird increased their price objective on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a report on Thursday, May 1st. Fourteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $85.00.

Cognizant Technology Solutions Stock Up 0.2%

Cognizant Technology Solutions stock opened at $77.74 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.22 and a quick ratio of 2.22. The company's 50-day moving average is $78.16 and its 200-day moving average is $78.85. The firm 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. Cognizant Technology Solutions Corporation has a fifty-two week low of $65.52 and a fifty-two week high of $90.82.

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

Cognizant Technology Solutions declared that its Board of Directors has approved a share buyback plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Cognizant Technology Solutions Announces Dividend

The business 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 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Monday, May 19th. Cognizant Technology Solutions's payout ratio is presently 26.11%.

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.

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