Royal Bank of Canada reissued their sector perform rating on shares of Cognizant Technology Solutions (NASDAQ:CTSH - Free Report) in a report issued on Wednesday,Benzinga reports. They currently have a $93.00 price target on the information technology service provider's stock.
Other equities research analysts have also issued research reports about the stock. Morgan Stanley dropped their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating for the company in a report on Wednesday, March 12th. Mizuho raised shares of Cognizant Technology Solutions to a "hold" rating in a research note on Wednesday, March 19th. StockNews.com raised Cognizant Technology Solutions from a "hold" rating to a "buy" rating in a research report on Thursday, February 6th. Barclays raised their price objective on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. Finally, Needham & Company LLC restated a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, February 6th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cognizant Technology Solutions currently has a consensus rating of "Hold" and a consensus price target of $84.56.
Read Our Latest Stock Report on CTSH
Cognizant Technology Solutions Stock Performance
CTSH stock traded down $1.68 during midday trading on Wednesday, hitting $75.90. 3,781,676 shares of the stock traded hands, compared to its average volume of 3,571,263. The firm has a market cap of $37.54 billion, a P/E ratio of 16.83, a PEG ratio of 2.11 and a beta of 1.12. Cognizant Technology Solutions has a 1-year low of $63.79 and a 1-year high of $90.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09. The stock's fifty day simple moving average is $82.68 and its 200-day simple moving average is $79.49.
Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last posted its quarterly earnings data 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 net margin of 11.35% and a return on equity of 16.78%. On average, analysts expect that Cognizant Technology Solutions will post 4.98 earnings per share for the current year.
Cognizant Technology Solutions announced that its board has initiated 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 buy up to 5.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Cognizant Technology Solutions Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were given a $0.31 dividend. This is a positive change from Cognizant Technology Solutions's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.24 annualized dividend and a yield of 1.63%. Cognizant Technology Solutions's payout ratio is 27.49%.
Hedge Funds Weigh In On Cognizant Technology Solutions
Large investors have recently made changes to their positions in the business. Duncker Streett & Co. Inc. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter worth $28,000. Trust Co. of Vermont increased its holdings 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 purchasing an additional 292 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at $36,000. Park Square Financial Group LLC bought a new position in Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Finally, Spire Wealth Management grew its position in shares of Cognizant Technology Solutions by 74.7% during the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider's stock worth $37,000 after buying an additional 204 shares during the period. Institutional investors and hedge funds own 92.44% of the company's stock.
About Cognizant Technology Solutions
(
Get Free Report)
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.
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