National Bank of Canada FI Grows Stock Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

National Bank of Canada FI increased its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 54.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,633,987 shares of the information technology service provider's stock after buying an additional 1,990,515 shares during the quarter. National Bank of Canada FI owned about 1.14% of Cognizant Technology Solutions worth $433,254,000 as of its most recent SEC filing.

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

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Analyst Ratings Changes

Several brokerages have issued reports on CTSH. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, March 27th. UBS Group dropped their price target on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a research note on Monday, March 17th. Royal Bank of Canada restated a "sector perform" rating and issued a $93.00 price objective on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. BMO Capital Markets boosted their target price 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, 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 note on Monday, February 10th. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $84.56.

Cognizant Technology Solutions Price Performance

Shares of CTSH traded down $3.46 during mid-day trading on Thursday, reaching $73.27. 3,835,403 shares of the company's stock were exchanged, compared to its average volume of 3,552,764. 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 Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The company has a market cap of $36.24 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 2.11 and a beta of 1.12. The company has a 50-day simple moving average of $82.57 and a two-hundred day simple moving average of $79.49.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share 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, sell-side analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.69%. Cognizant Technology Solutions's payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has initiated a share buyback program on Tuesday, March 25th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board 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.