Allstate Corp Invests $1.15 Million in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Allstate Corp purchased a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 14,936 shares of the information technology service provider’s stock, valued at approximately $1,149,000.

A number of other hedge funds have also recently added to or reduced their stakes in CTSH. Duncker Streett & Co. Inc. bought a new stake in Cognizant Technology Solutions in the fourth quarter worth approximately $28,000. Trust Co. of Vermont boosted its holdings in 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. acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $36,000. Spire Wealth Management raised its holdings in Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after buying an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter worth about $37,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Down 2.2 %

CTSH opened at $75.90 on Monday. The company has a market capitalization of $37.54 billion, a P/E ratio of 16.83, a P/E/G ratio of 2.11 and a beta of 1.12. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The firm’s fifty day moving average price is $82.68 and its two-hundred day moving average price is $79.51. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82.

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

Cognizant Technology Solutions declared that its Board of Directors has initiated a share buyback plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to repurchase up to 5.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were paid a $0.31 dividend. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.24 annualized dividend and a yield of 1.63%. Cognizant Technology Solutions’s payout ratio is currently 27.49%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Royal Bank of Canada reissued a “sector perform” rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. BMO Capital Markets lifted their price target 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. StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Morgan Stanley lowered their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $84.56.

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.