Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia trimmed its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 25.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 921,927 shares of the information technology service provider's stock after selling 311,642 shares during the period. Bank of Nova Scotia owned about 0.19% of Cognizant Technology Solutions worth $70,896,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CTSH. Duncker Streett & Co. Inc. bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth about $28,000. Trust Co. of Vermont raised its position in Cognizant Technology Solutions by 188.4% during the fourth quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock valued at $34,000 after purchasing an additional 292 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $36,000. Spire Wealth Management raised its holdings in Cognizant Technology Solutions by 74.7% during the 4th 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 bought a new stake in Cognizant Technology Solutions in the fourth quarter worth $37,000. Institutional investors own 92.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CTSH shares. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, March 27th. StockNews.com raised Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. UBS Group cut their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Barclays raised their target price 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. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Fourteen 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 has a consensus rating of "Hold" and an average target price of $84.44.

Cognizant Technology Solutions Trading Up 1.4 %

Shares of CTSH stock traded up $0.98 during trading hours on Monday, hitting $71.15. 716,774 shares of the company were exchanged, compared to its average volume of 3,586,165. The firm has a fifty day moving average of $80.43 and a 200 day moving average of $79.09. 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. The firm has a market cap of $35.19 billion, a PE ratio of 15.78, a PEG ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings data 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%. Analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board 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 $0.31 dividend. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Tuesday, February 18th. Cognizant Technology Solutions's dividend payout ratio is presently 27.49%.

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.