Norges Bank Acquires Shares of 6,862,400 Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Norges Bank purchased a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,862,400 shares of the information technology service provider's stock, valued at approximately $527,719,000. Norges Bank owned about 1.38% of Cognizant Technology Solutions as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CTSH. Congress Wealth Management LLC DE boosted its position in shares of Cognizant Technology Solutions by 0.5% during the 4th quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider's stock valued at $1,920,000 after purchasing an additional 126 shares in the last quarter. Sound View Wealth Advisors Group LLC increased its position in shares of Cognizant Technology Solutions by 4.6% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider's stock worth $222,000 after acquiring an additional 127 shares in the last quarter. Graypoint LLC raised its stake in Cognizant Technology Solutions by 2.9% during the 4th quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider's stock valued at $369,000 after purchasing an additional 134 shares during the period. Parallel Advisors LLC raised its position in Cognizant Technology Solutions by 1.5% during the fourth quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider's stock valued at $704,000 after buying an additional 134 shares during the period. Finally, Sandy Cove Advisors LLC lifted its position in shares of Cognizant Technology Solutions by 3.2% in the fourth quarter. Sandy Cove Advisors LLC now owns 4,336 shares of the information technology service provider's stock worth $333,000 after purchasing an additional 135 shares in the last quarter. Institutional investors and hedge funds own 92.44% of the company's stock.

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Wall Street Analyst Weigh In

Several analysts have commented on the stock. Barclays boosted their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. BMO Capital Markets boosted their target price 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. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Royal Bank of Canada restated a "sector perform" rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Finally, Morgan Stanley reduced 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 issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $84.56.

Cognizant Technology Solutions Trading Up 0.4 %

CTSH traded up $0.29 during mid-day trading on Wednesday, reaching $76.74. The stock had a trading volume of 755,555 shares, compared to its average volume of 3,552,724. The stock has a market capitalization of $37.96 billion, a P/E ratio of 17.02, a P/E/G ratio of 2.11 and a beta of 1.12. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09. The firm's fifty day simple moving average is $82.62 and its two-hundred day simple moving average is $79.51.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, equities analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. This is a boost from Cognizant Technology Solutions's previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Tuesday, February 18th. Cognizant Technology Solutions's dividend payout ratio is currently 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 shares. This repurchase authorization authorizes the information technology service provider to buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

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.