Northern Trust Corp Raises Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Northern Trust Corp raised its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 16.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,960,206 shares of the information technology service provider's stock after purchasing an additional 831,276 shares during the period. Northern Trust Corp owned 1.20% of Cognizant Technology Solutions worth $458,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of CTSH. Duncker Streett & Co. Inc. purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $28,000. Trust Co. of Vermont lifted its stake in shares of Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock worth $34,000 after acquiring an additional 292 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions during the 4th quarter valued at $36,000. Spire Wealth Management grew its position in Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock valued at $37,000 after acquiring an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new stake in Cognizant Technology Solutions in the fourth quarter worth $37,000. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Up 3.3 %

Shares of Cognizant Technology Solutions stock traded up $2.47 on Friday, reaching $77.70. The stock had a trading volume of 5,330,479 shares, compared to its average volume of 3,581,150. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $90.82. The company has a 50 day moving average price of $75.76 and a 200 day moving average price of $78.57. 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 stock has a market capitalization of $38.43 billion, a P/E ratio of 17.23, a P/E/G ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. The business 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 16.78% and a net margin of 11.35%. The business's quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 earnings per share. As a group, equities research analysts forecast that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions declared that its board has initiated a share 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 an indication that the company's management believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Monday, May 19th. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Wall Street Analyst Weigh In

CTSH has been the topic of a number of research analyst reports. Guggenheim restated a "neutral" rating on shares of Cognizant Technology Solutions in a report on Wednesday, April 23rd. Robert W. Baird raised their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday. Royal Bank of Canada reiterated a "sector perform" rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. JPMorgan Chase & Co. reduced their price objective on Cognizant Technology Solutions from $92.00 to $81.00 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. 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 investment 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 has an average rating of "Hold" and a consensus price target 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.