UniSuper Management Pty Ltd Buys 1,655 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

UniSuper Management Pty Ltd grew its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 104,466 shares of the information technology service provider’s stock after acquiring an additional 1,655 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Cognizant Technology Solutions were worth $8,033,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Thrivent Financial for Lutherans increased its holdings in Cognizant Technology Solutions by 17.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,931 shares of the information technology service provider’s stock valued at $2,001,000 after buying an additional 3,917 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cognizant Technology Solutions in the third quarter valued at approximately $734,000. Cerity Partners LLC raised its position in Cognizant Technology Solutions by 12.5% during the third quarter. Cerity Partners LLC now owns 82,111 shares of the information technology service provider’s stock valued at $6,337,000 after purchasing an additional 9,131 shares in the last quarter. Larson Financial Group LLC lifted its stake in Cognizant Technology Solutions by 26,662.5% during the third quarter. Larson Financial Group LLC now owns 2,141 shares of the information technology service provider’s stock worth $165,000 after purchasing an additional 2,133 shares during the last quarter. Finally, Private Trust Co. NA boosted its holdings in shares of Cognizant Technology Solutions by 28.9% in the 3rd quarter. Private Trust Co. NA now owns 1,694 shares of the information technology service provider’s stock valued at $131,000 after purchasing an additional 380 shares in the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Performance

Shares of CTSH opened at $77.58 on Friday. The firm’s fifty day simple moving average is $82.72 and its two-hundred day simple moving average is $79.47. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 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 capitalization of $38.37 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. As a group, analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were paid a dividend of $0.31 per share. The ex-dividend date was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 1.60%. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

Cognizant Technology Solutions declared that its board has initiated a share buyback program on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CTSH. Barclays upped their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday. StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. BMO Capital Markets raised their target price on shares of 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. Finally, Morgan Stanley lowered their price target on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, March 12th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $84.56.

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.