LPL Financial LLC Buys 69,509 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

LPL Financial LLC boosted its holdings in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 36.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 260,691 shares of the information technology service provider's stock after purchasing an additional 69,509 shares during the quarter. LPL Financial LLC owned about 0.05% of Cognizant Technology Solutions worth $20,047,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Duncker Streett & Co. Inc. acquired a new stake in Cognizant Technology Solutions during the 4th quarter worth approximately $28,000. Trust Co. of Vermont increased its stake in Cognizant Technology Solutions by 188.4% in the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider's stock valued at $34,000 after buying an additional 292 shares during the period. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions during the 4th quarter worth $36,000. Spire Wealth Management lifted its stake in shares of Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock worth $37,000 after acquiring an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $37,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. StockNews.com upgraded shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a report on Thursday, February 6th. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. Morgan Stanley dropped their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Wednesday, March 12th. BMO Capital Markets raised their price objective on 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. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cognizant Technology Solutions presently has an average rating of "Hold" and a consensus target price of $84.56.

Cognizant Technology Solutions Stock Down 6.2 %

Shares of NASDAQ:CTSH traded down $4.53 on Friday, reaching $68.74. The company had a trading volume of 6,161,705 shares, compared to its average volume of 3,555,515. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The stock 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. The stock has a 50-day moving average price of $82.21 and a 200 day moving average price of $79.40. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82.

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 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 Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 25th that allows the company to buyback $2.00 billion in 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 generally an indication that the company's leadership believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders 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 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 is 27.49%.

Cognizant Technology Solutions Company 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.