Martingale Asset Management L P Invests $6 Million in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Martingale Asset Management L P acquired a new stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 77,977 shares of the information technology service provider's stock, valued at approximately $5,996,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Cognizant Technology Solutions by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider's stock valued at $4,539,290,000 after acquiring an additional 515,881 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cognizant Technology Solutions by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider's stock worth $1,032,239,000 after buying an additional 157,464 shares in the last quarter. FMR LLC grew its holdings in Cognizant Technology Solutions by 1.1% during the 4th quarter. FMR LLC now owns 11,147,006 shares of the information technology service provider's stock valued at $857,205,000 after buying an additional 123,745 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Cognizant Technology Solutions by 2.8% during the 4th quarter. Invesco Ltd. now owns 10,655,180 shares of the information technology service provider's stock worth $819,383,000 after acquiring an additional 287,973 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at $527,719,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ CTSH traded up $0.16 during trading on Tuesday, reaching $70.97. 619,937 shares of the company traded hands, compared to its average volume of 3,581,771. The stock has a market cap of $35.10 billion, a P/E ratio of 15.74, a PEG ratio of 2.11 and a beta of 1.03. Cognizant Technology Solutions Co. has a 12-month low of $63.79 and a 12-month high of $90.82. The firm's fifty day simple moving average is $80.17 and its 200 day simple moving average is $79.04. The company has a current ratio of 2.09, a quick 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 EPS for the quarter, topping 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%. As a group, 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.75%. The ex-dividend date was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Cognizant Technology Solutions announced that its board has approved a share buyback plan on Tuesday, March 25th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Mizuho raised Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, March 27th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. UBS Group reduced their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Finally, Morgan Stanley dropped their target price 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. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus 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.