352,600 Shares in Cognizant Technology Solutions Co. (NASDAQ:CTSH) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 352,600 shares of the information technology service provider's stock, valued at approximately $27,114,000. Raymond James Financial Inc. owned approximately 0.07% of Cognizant Technology Solutions as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CTSH. Tudor Financial Inc. acquired a new stake in Cognizant Technology Solutions during the 3rd quarter worth $225,000. World Investment Advisors LLC increased its position in shares of Cognizant Technology Solutions by 21.8% during the third quarter. World Investment Advisors LLC now owns 5,634 shares of the information technology service provider's stock worth $435,000 after purchasing an additional 1,010 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Cognizant Technology Solutions during the third quarter worth about $155,000. Retirement Systems of Alabama lifted its holdings in shares of Cognizant Technology Solutions by 3.5% in the 3rd quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider's stock valued at $91,678,000 after purchasing an additional 40,226 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Cognizant Technology Solutions by 5.0% during the 3rd quarter. Principal Financial Group Inc. now owns 665,305 shares of the information technology service provider's stock worth $51,348,000 after buying an additional 31,758 shares during the last quarter. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Down 0.8 %

CTSH stock opened at $69.44 on Friday. 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 company's 50-day moving average price is $79.18 and its 200 day moving average price is $78.88. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The company has a market cap of $34.35 billion, a P/E ratio of 15.40, a P/E/G ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly 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%. On average, research analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's payout ratio is 27.49%.

Cognizant Technology Solutions declared that its board has authorized a stock buyback plan 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 repurchase up to 5.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CTSH shares. Barclays increased their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an "overweight" rating in a report on Monday, February 10th. StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Royal Bank of Canada restated a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Finally, UBS Group dropped their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $84.44.

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.

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