Prudential Financial Inc. Acquires 243,399 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Prudential Financial Inc. raised its holdings in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 18.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,547,081 shares of the information technology service provider's stock after purchasing an additional 243,399 shares during the period. Prudential Financial Inc. owned 0.31% of Cognizant Technology Solutions worth $118,971,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Duncker Streett & Co. Inc. bought a new position in Cognizant Technology Solutions during the 4th quarter valued at approximately $28,000. Trust Co. of Vermont increased its holdings in shares of Cognizant Technology Solutions by 188.4% during the fourth 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 in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Cognizant Technology Solutions in the 4th quarter worth about $36,000. Spire Wealth Management boosted its stake in 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 purchasing an additional 204 shares in the last quarter. Finally, Morton Brown Family Wealth LLC purchased a new stake in Cognizant Technology Solutions during the 4th quarter valued at about $37,000. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock traded down $1.68 during mid-day trading on Friday, reaching $75.90. 3,781,676 shares of the company's stock traded hands, compared to its average volume of 3,571,263. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82. The firm has a 50 day moving average price of $82.68 and a two-hundred day moving average price of $79.49. The firm has a market capitalization of $37.54 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09.

Remove Ads

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

Cognizant Technology Solutions announced that its Board of Directors has approved a stock buyback plan 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 repurchase up to 5.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors 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. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.24 annualized dividend and a yield of 1.63%. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's payout ratio is currently 27.49%.

Analyst Upgrades and Downgrades

CTSH has been the topic of several analyst reports. Morgan Stanley dropped their target price on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, March 12th. StockNews.com upgraded Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday. UBS Group lowered their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Finally, Barclays lifted their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, February 10th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $84.56.

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.