Cerity Partners LLC Buys 5,578 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Cerity Partners LLC grew its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 6.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 87,689 shares of the information technology service provider's stock after acquiring an additional 5,578 shares during the quarter. Cerity Partners LLC's holdings in Cognizant Technology Solutions were worth $6,748,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC grew its holdings in Cognizant Technology Solutions by 1.1% during the fourth quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock worth $857,205,000 after acquiring an additional 123,745 shares during the period. Aster Capital Management DIFC Ltd lifted its holdings in shares of Cognizant Technology Solutions by 32.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 5,878 shares of the information technology service provider's stock valued at $452,000 after purchasing an additional 1,436 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Cognizant Technology Solutions by 40.5% in the 4th quarter. Russell Investments Group Ltd. now owns 1,491,808 shares of the information technology service provider's stock worth $114,694,000 after purchasing an additional 430,050 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Cognizant Technology Solutions during the fourth quarter valued at about $1,098,000. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter worth approximately $13,747,000. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ:CTSH traded down $0.14 during trading on Thursday, reaching $69.87. The stock had a trading volume of 835,529 shares, compared to its average volume of 3,596,710. The stock has a market capitalization of $34.56 billion, a PE ratio of 15.48, a P/E/G ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The business's 50-day moving average price is $79.53 and its 200 day moving average price is $78.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) 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, beating 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 analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

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 outstanding shares. This buyback authorization allows the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.77%. 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 dividend payout ratio is presently 27.49%.

Analyst Ratings Changes

A number of analysts have recently issued reports on CTSH shares. Morgan Stanley reduced their target price on 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. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Royal Bank of Canada restated a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Robert W. Baird dropped their target price on Cognizant Technology Solutions from $90.00 to $78.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Finally, StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Cognizant Technology Solutions has an average rating of "Hold" and an average target price of $84.44.

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.