City National Bank of Florida MSD Purchases Shares of 2,878 Cognizant Technology Solutions Co. (NASDAQ:CTSH)

City National Bank of Florida MSD acquired a new position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,878 shares of the information technology service provider’s stock, valued at approximately $221,000.

Other large investors also recently modified their holdings of the company. Merit Financial Group LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter worth about $399,000. HB Wealth Management LLC increased its stake in Cognizant Technology Solutions by 11.0% in the 4th quarter. HB Wealth Management LLC now owns 6,991 shares of the information technology service provider’s stock valued at $538,000 after buying an additional 690 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Cognizant Technology Solutions by 20.4% during the 4th quarter. UMB Bank n.a. now owns 1,502 shares of the information technology service provider’s stock worth $116,000 after buying an additional 254 shares in the last quarter. Ballentine Partners LLC boosted its stake in shares of Cognizant Technology Solutions by 11.5% in the 4th quarter. Ballentine Partners LLC now owns 7,663 shares of the information technology service provider’s stock worth $589,000 after buying an additional 789 shares during the last quarter. Finally, Atomi Financial Group Inc. boosted its stake in shares of Cognizant Technology Solutions by 13.4% in the 4th quarter. Atomi Financial Group Inc. now owns 3,876 shares of the information technology service provider’s stock worth $298,000 after buying an additional 457 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. BMO Capital Markets lifted their price target on Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a report on Thursday, February 6th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, May 1st. JPMorgan Chase & Co. upgraded shares of Cognizant Technology Solutions from a “neutral” rating to an “overweight” rating and increased their price target for the company from $88.00 to $98.00 in a research report on Monday. Wall Street Zen upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Finally, Guggenheim reiterated a “neutral” rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $85.00.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ CTSH opened at $79.90 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The stock has a market cap of $39.39 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93. The stock has a fifty day moving average of $75.11 and a 200-day moving average of $78.98.

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

Cognizant Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.55%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions’s payout ratio is 26.11%.

Cognizant Technology Solutions declared that its board has approved a stock buyback program on Tuesday, March 25th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership 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.