Franklin Resources Inc. Acquires 151,977 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Franklin Resources Inc. lifted its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,959,605 shares of the information technology service provider's stock after purchasing an additional 151,977 shares during the period. Franklin Resources Inc. owned 0.60% of Cognizant Technology Solutions worth $227,594,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Benjamin Edwards Inc. increased its stake in shares of Cognizant Technology Solutions by 7,116.3% during the 3rd quarter. Benjamin Edwards Inc. now owns 38,463 shares of the information technology service provider's stock worth $2,969,000 after purchasing an additional 37,930 shares during the last quarter. Centiva Capital LP purchased a new stake in Cognizant Technology Solutions in the third quarter worth $1,712,000. Janus Henderson Group PLC raised its stake in shares of Cognizant Technology Solutions by 3.4% in the third quarter. Janus Henderson Group PLC now owns 60,813 shares of the information technology service provider's stock valued at $4,694,000 after buying an additional 2,000 shares during the period. Motley Fool Asset Management LLC lifted its position in shares of Cognizant Technology Solutions by 5.3% during the 3rd quarter. Motley Fool Asset Management LLC now owns 22,892 shares of the information technology service provider's stock valued at $1,742,000 after buying an additional 1,152 shares during the last quarter. Finally, Prana Capital Management LP grew its stake in shares of Cognizant Technology Solutions by 1,073.9% during the 3rd quarter. Prana Capital Management LP now owns 105,037 shares of the information technology service provider's stock worth $8,107,000 after acquiring an additional 96,089 shares during the period. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

CTSH has been the topic of several recent research reports. StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a report on Thursday, February 6th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Barclays increased their target price on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, March 27th. Finally, UBS Group dropped their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Fourteen 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 stock currently has a consensus rating of "Hold" and an average price target of $84.56.

Cognizant Technology Solutions Price Performance

CTSH stock traded down $4.53 during midday trading on Friday, reaching $68.74. The company had a trading volume of 6,161,705 shares, compared to its average volume of 3,562,339. The firm has a 50-day moving average price of $82.44 and a 200-day moving average price of $79.45. The company has a market capitalization of $34.00 billion, a P/E ratio of 15.24, a P/E/G ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $90.82. 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 announced its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. On average, research analysts anticipate 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 disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.80%. 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 dividend payout ratio (DPR) is currently 27.49%.

Cognizant Technology Solutions declared that its Board of Directors has approved a share repurchase 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 purchase up to 5.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

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.