Parkwood LLC Takes Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Parkwood LLC bought a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 77,634 shares of the information technology service provider's stock, valued at approximately $5,970,000.

Several other hedge funds have also recently bought and sold shares of the stock. Czech National Bank lifted its stake in Cognizant Technology Solutions by 6.5% in the 4th quarter. Czech National Bank now owns 107,505 shares of the information technology service provider's stock valued at $8,267,000 after acquiring an additional 6,535 shares in the last quarter. Matrix Trust Co lifted its position in Cognizant Technology Solutions by 539.2% during the 4th quarter. Matrix Trust Co now owns 1,208 shares of the information technology service provider's stock worth $93,000 after buying an additional 1,019 shares in the last quarter. Wedmont Private Capital lifted its position in Cognizant Technology Solutions by 13.2% during the 4th quarter. Wedmont Private Capital now owns 5,355 shares of the information technology service provider's stock worth $403,000 after buying an additional 624 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Cognizant Technology Solutions by 5.5% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,547 shares of the information technology service provider's stock valued at $503,000 after acquiring an additional 341 shares in the last quarter. Finally, Board of the Pension Protection Fund acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at about $185,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Down 0.7%

CTSH stock opened at $81.27 on Wednesday. The company has a market cap of $40.20 billion, a PE ratio of 18.02, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The business has a 50-day simple moving average of $75.13 and a 200 day simple moving average of $78.72.

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 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $5.12 billion during the quarter, compared to analysts' expectations of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The business's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.12 EPS. Sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions announced that its board has authorized a stock repurchase plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. JPMorgan Chase & Co. reduced their price target on Cognizant Technology Solutions from $92.00 to $81.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. TD Securities increased their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Royal Bank of Canada restated a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, May 1st. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Fifteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price 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.

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