Price T Rowe Associates Inc. MD Reduces Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Price T Rowe Associates Inc. MD lowered its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 15.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,380,880 shares of the information technology service provider's stock after selling 620,818 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.68% of Cognizant Technology Solutions worth $259,991,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CTSH. Duncker Streett & Co. Inc. acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $28,000. Trust Co. of Vermont increased its holdings in shares of Cognizant Technology Solutions by 188.4% during the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock valued at $34,000 after acquiring an additional 292 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth approximately $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 purchasing an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC bought a new stake in Cognizant Technology Solutions during the 4th quarter valued at $37,000. 92.44% of the stock is currently owned by institutional investors and hedge funds.

Cognizant Technology Solutions Price Performance

Shares of Cognizant Technology Solutions stock traded up $2.85 during trading on Thursday, hitting $76.42. The stock had a trading volume of 2,164,215 shares, compared to its average volume of 3,594,085. The firm has a market cap of $37.80 billion, a price-to-earnings ratio of 16.96, a P/E/G ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82. The business's 50-day moving average is $76.09 and its 200 day moving average is $78.57. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $5.12 billion for the quarter, compared to analysts' expectations of $5.06 billion. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The company's revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.12 EPS. As a group, sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

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

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 annualized dividend and a dividend yield of 1.62%. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's dividend payout ratio (DPR) is 27.49%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Susquehanna raised shares of Cognizant Technology Solutions from a "neutral" rating to a "positive" rating and boosted their target price for the stock from $77.00 to $90.00 in a research report on Thursday. Barclays dropped their target price on Cognizant Technology Solutions from $103.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Guggenheim reiterated a "neutral" rating on shares of Cognizant Technology Solutions in a report on Wednesday, April 23rd. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday. Finally, BMO Capital Markets upped their target price on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a "market perform" rating in a research note on Thursday, February 6th. Fifteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $83.94.

Cognizant Technology Solutions 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.