Sterling Capital Management LLC Buys 10,575 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Sterling Capital Management LLC boosted its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 55.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,698 shares of the information technology service provider's stock after acquiring an additional 10,575 shares during the quarter. Sterling Capital Management LLC's holdings in Cognizant Technology Solutions were worth $2,284,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Duncker Streett & Co. Inc. acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $28,000. Trust Co. of Vermont raised 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 buying an additional 292 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions in the fourth quarter worth $36,000. Spire Wealth Management increased its holdings in shares of 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 in the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $37,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

CTSH traded down $0.57 during midday trading on Friday, reaching $69.44. The company's stock had a trading volume of 3,091,360 shares, compared to its average volume of 3,605,795. The company has a fifty day simple moving average of $78.81 and a 200 day simple moving average of $78.83. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The stock has a market cap of $34.35 billion, a P/E ratio of 15.40, a PEG ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last issued its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. Research analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions announced that its Board of Directors has authorized a share repurchase plan 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 plans are typically an indication that the company's board of directors believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a $0.31 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a yield of 1.79%. This is a positive change from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Analyst Ratings Changes

CTSH has been the topic of several recent research reports. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. Royal Bank of Canada reiterated a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Morgan Stanley decreased their price objective on shares of 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. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, March 27th. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $84.44.

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.