KLP Kapitalforvaltning AS Invests $18.93 Million in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

KLP Kapitalforvaltning AS bought a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 246,177 shares of the information technology service provider's stock, valued at approximately $18,931,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans lifted its position in shares of Cognizant Technology Solutions by 17.8% during the third quarter. Thrivent Financial for Lutherans now owns 25,931 shares of the information technology service provider's stock worth $2,001,000 after purchasing an additional 3,917 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter valued at approximately $734,000. Moors & Cabot Inc. acquired a new stake in shares of Cognizant Technology Solutions during the 3rd quarter valued at approximately $413,000. Citizens Financial Group Inc. RI bought a new position in Cognizant Technology Solutions during the third quarter worth $206,000. Finally, Banco Santander S.A. acquired a new position in Cognizant Technology Solutions in the third quarter worth $205,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on CTSH shares. BMO Capital Markets upped their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a "market perform" rating in a research report on Thursday, February 6th. Royal Bank of Canada restated a "sector perform" rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday. Morgan Stanley reduced their price objective on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 12th. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday. Finally, Barclays boosted their price target 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. 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.com, the company has a consensus rating of "Hold" and a consensus price target of $84.56.

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Cognizant Technology Solutions Stock Down 0.3 %

Shares of CTSH stock traded down $0.27 on Thursday, hitting $77.58. The company's stock had a trading volume of 3,251,593 shares, compared to its average volume of 3,381,224. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The firm's fifty day moving average price is $82.72 and its 200-day moving average price is $79.48. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market capitalization of $38.37 billion, a price-to-earnings ratio of 17.20, a P/E/G ratio of 2.11 and a beta of 1.12.

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, beating the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. Research analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's dividend payout ratio is 27.49%.

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

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.