Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lowered its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,236 shares of the information technology service provider’s stock after selling 1,478 shares during the period. CIBC Private Wealth Group LLC’s holdings in Cognizant Technology Solutions were worth $3,591,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CTSH. Norges Bank purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $527,719,000. State Street Corp lifted its position in Cognizant Technology Solutions by 3.6% during the 3rd quarter. State Street Corp now owns 24,985,816 shares of the information technology service provider’s stock worth $1,928,405,000 after acquiring an additional 867,176 shares during the period. Cibc World Market Inc. increased its holdings in shares of Cognizant Technology Solutions by 34.0% in the fourth quarter. Cibc World Market Inc. now owns 2,784,668 shares of the information technology service provider’s stock valued at $214,141,000 after purchasing an additional 705,946 shares during the period. Vanguard Group Inc. raised its stake in shares of Cognizant Technology Solutions by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider’s stock worth $4,539,290,000 after purchasing an additional 515,881 shares during the last quarter. Finally, ING Groep NV lifted its holdings in shares of Cognizant Technology Solutions by 17.9% during the fourth quarter. ING Groep NV now owns 2,921,900 shares of the information technology service provider’s stock worth $224,694,000 after purchasing an additional 443,536 shares during the period. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Cognizant Technology Solutions stock opened at $76.73 on Thursday. 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 fifty day moving average of $82.57 and a two-hundred day moving average of $79.49. The company has a market capitalization of $37.95 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate 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 fiscal year.

Cognizant Technology Solutions declared that its board has approved a stock buyback plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday, March 27th. Barclays increased their price target on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Morgan Stanley lowered their price objective on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, 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. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus 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.