14,936 Shares in Cognizant Technology Solutions Co. (NASDAQ:CTSH) Purchased by Allstate Corp

Allstate Corp acquired a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 14,936 shares of the information technology service provider's stock, valued at approximately $1,149,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Duncker Streett & Co. Inc. purchased a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $28,000. Trust Co. of Vermont increased its holdings in shares of 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 during the period. SBI Securities Co. Ltd. purchased a new stake in shares of Cognizant Technology Solutions in the fourth quarter worth $36,000. Spire Wealth Management boosted its stake 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 during the period. Finally, Morton Brown Family Wealth LLC purchased a new position in Cognizant Technology Solutions during the fourth quarter worth about $37,000. Institutional investors own 92.44% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. StockNews.com upgraded Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. UBS Group dropped their target price on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a research report on Monday, March 17th. 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 dropped their price objective 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. Finally, Mizuho raised Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Fourteen investment 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 stock currently has a consensus rating of "Hold" and a consensus target price of $84.56.

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Cognizant Technology Solutions Trading Down 3.4 %

Shares of Cognizant Technology Solutions stock traded down $2.46 during trading on Friday, reaching $70.81. 1,163,506 shares of the stock were exchanged, compared to its average volume of 3,543,196. The stock's fifty day moving average is $82.44 and its 200 day moving average is $79.45. The firm has a market cap of $35.02 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $90.82.

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 analysts' consensus estimates 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, equities research analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

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

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.75%. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions's payout ratio is presently 27.49%.

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.