Cary Street Partners Financial LLC Purchases New Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Cary Street Partners Financial LLC acquired a new position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,474 shares of the information technology service provider’s stock, valued at approximately $190,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Duncker Streett & Co. Inc. bought a new stake in Cognizant Technology Solutions in the 4th quarter valued at about $28,000. Trust Co. of Vermont increased its stake in shares of Cognizant Technology Solutions by 188.4% in the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after purchasing an additional 292 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter worth about $36,000. Spire Wealth Management raised its position in shares of Cognizant Technology Solutions by 74.7% in the fourth 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 purchased a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at approximately $37,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTSH has been the subject of a number of recent research reports. Morgan Stanley reduced 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 note on Wednesday, March 12th. BMO Capital Markets lifted their price target on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research report on Thursday, February 6th. UBS Group dropped their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Susquehanna raised Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and lifted their target price for the company from $77.00 to $90.00 in a report on Thursday, May 1st. Finally, Guggenheim reissued a “neutral” rating on shares of Cognizant Technology Solutions in a report on Wednesday, April 23rd. Fifteen analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $83.87.

Cognizant Technology Solutions Price Performance

CTSH stock opened at $79.16 on Monday. The firm has a 50 day simple moving average of $75.23 and a two-hundred day simple moving average of $78.65. The stock has a market cap of $39.15 billion, a PE ratio of 17.55, a P/E/G ratio of 2.11 and a beta of 0.93. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year 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.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $5.12 billion during the quarter, compared to analyst estimates of $5.06 billion. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.12 earnings per share. On average, analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th will be given 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 1.57%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 26.11%.

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