Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 25th, RTT News reports. The company plans to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its shares are undervalued.
Analysts Set New Price Targets
A number of analysts recently weighed in on CTSH shares. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a report on Thursday, February 6th. Morgan Stanley lowered 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 reiterated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday. Finally, UBS Group decreased their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating for the company in a research note on Monday, March 17th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $84.56.
Read Our Latest Research Report on CTSH
Cognizant Technology Solutions Stock Performance
Shares of NASDAQ:CTSH traded down $1.68 during midday trading on Friday, reaching $75.90. The company's stock had a trading volume of 3,781,676 shares, compared to its average volume of 3,571,263. The firm has a market capitalization of $37.54 billion, a PE ratio of 16.83, a P/E/G ratio of 2.11 and a beta of 1.12. The stock has a fifty day moving average of $82.68 and a 200 day moving average of $79.47. Cognizant Technology Solutions has a twelve month low of $63.79 and a twelve month high of $90.82. 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 (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share 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%. On average, equities analysts expect that Cognizant Technology Solutions will post 4.98 EPS for the current fiscal year.
Cognizant Technology Solutions Increases Dividend
The company also recently disclosed 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 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. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.63%. Cognizant Technology Solutions's dividend payout ratio (DPR) is presently 27.49%.
Cognizant Technology Solutions Company Profile
(
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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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