Resona Asset Management Co. Ltd. Takes Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Resona Asset Management Co. Ltd. purchased a new stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 178,149 shares of the information technology service provider's stock, valued at approximately $13,747,000.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Cognizant Technology Solutions by 0.9% during 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 purchasing an additional 515,881 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Cognizant Technology Solutions by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 13,437,687 shares of the information technology service provider's stock valued at $1,032,239,000 after buying an additional 157,464 shares during the period. Norges Bank bought a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $527,719,000. National Bank of Canada FI boosted its holdings in Cognizant Technology Solutions by 54.6% during the 4th quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider's stock valued at $433,254,000 after acquiring an additional 1,990,515 shares during the period. Finally, Boston Partners grew its position in Cognizant Technology Solutions by 11.0% in the 4th quarter. Boston Partners now owns 3,406,513 shares of the information technology service provider's stock valued at $261,996,000 after acquiring an additional 336,870 shares during the last quarter. 92.44% of the stock is owned by institutional investors.

Cognizant Technology Solutions Stock Down 0.6 %

Shares of CTSH stock traded down $0.42 during trading hours on Friday, reaching $69.08. 798,097 shares of the company's stock were exchanged, compared to its average volume of 3,585,631. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The stock's 50 day moving average is $80.70 and its 200-day moving average is $79.11. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market cap of $34.17 billion, a price-to-earnings ratio of 15.33, a P/E/G ratio of 2.11 and a beta of 1.03.

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 EPS for the quarter, beating 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%. Analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions declared that its Board of Directors has initiated a stock repurchase program on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to repurchase up to 5.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.79%. This is an increase 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 presently 27.49%.

Analyst Ratings Changes

Several analysts have recently weighed in on CTSH shares. Needham & Company LLC reiterated a "hold" rating on shares of Cognizant Technology Solutions in a research report on Thursday, March 27th. StockNews.com raised shares of Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. 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. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a report on Wednesday, March 19th. Finally, Barclays upped their target price 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 investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $84.44.

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.