NorthRock Partners LLC Makes New $526,000 Investment in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

NorthRock Partners LLC bought a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,842 shares of the information technology service provider's stock, valued at approximately $526,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CTSH. Vanguard Group Inc. grew its stake in shares of Cognizant Technology Solutions by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider's stock valued at $4,539,290,000 after buying an additional 515,881 shares during the period. Geode Capital Management LLC boosted its position in Cognizant Technology Solutions by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider's stock valued at $1,032,239,000 after buying an additional 157,464 shares during the period. FMR LLC grew its stake in Cognizant Technology Solutions by 1.1% during the 4th quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock worth $857,205,000 after purchasing an additional 123,745 shares in the last quarter. Invesco Ltd. lifted its stake in Cognizant Technology Solutions by 2.8% in the fourth quarter. Invesco Ltd. now owns 10,655,180 shares of the information technology service provider's stock worth $819,383,000 after acquiring an additional 287,973 shares during the last quarter. Finally, Norges Bank purchased a new position in Cognizant Technology Solutions in the fourth quarter worth approximately $527,719,000. Hedge funds and other institutional investors own 92.44% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on CTSH shares. JPMorgan Chase & Co. raised shares of Cognizant Technology Solutions from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $88.00 to $98.00 in a research report on Monday. Barclays reduced their price objective on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Morgan Stanley cut their price objective on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. Royal Bank of Canada reissued a "sector perform" rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Finally, Susquehanna raised Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and increased their target price for the stock from $77.00 to $90.00 in a research report on Thursday, May 1st. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions presently has an average rating of "Hold" and a consensus target price of $85.00.

Cognizant Technology Solutions Trading Down 0.7%

Cognizant Technology Solutions stock traded down $0.58 during midday trading on Tuesday, reaching $80.99. The stock had a trading volume of 2,789,994 shares, compared to its average volume of 3,561,102. The firm's fifty day simple moving average is $75.04 and its two-hundred day simple moving average is $78.92. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month 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 cap of $39.92 billion, a price-to-earnings ratio of 17.96, a PEG ratio of 2.11 and a beta of 0.93.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The information technology service provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The firm had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter last year, the business posted $1.12 EPS. The company's revenue was up 7.5% on a year-over-year basis. Equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be issued a dividend of $0.31 per share. The ex-dividend date is Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.53%. Cognizant Technology Solutions's dividend payout ratio is 26.11%.

Cognizant Technology Solutions announced that its board has authorized a share buyback program on Tuesday, March 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to repurchase up to 5.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

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.