Vanguard Group Inc. Purchases 515,881 Shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Vanguard Group Inc. grew its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 0.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 59,028,485 shares of the information technology service provider's stock after buying an additional 515,881 shares during the period. Vanguard Group Inc. owned approximately 11.91% of Cognizant Technology Solutions worth $4,539,290,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

CTSH has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognizant Technology Solutions in a report on Thursday. UBS Group dropped their target price on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a "neutral" rating on the stock in a report on Monday, March 17th. Royal Bank of Canada reiterated a "sector perform" rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research note on Wednesday. Morgan Stanley dropped their price target on 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. Finally, Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Fourteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Cognizant Technology Solutions currently has a consensus rating of "Hold" and an average price target of $84.56.

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Cognizant Technology Solutions Price Performance

Shares of CTSH traded down $1.68 during trading hours on Friday, reaching $75.90. 3,781,676 shares of the stock traded hands, compared to its average volume of 3,571,265. The company has a market cap of $37.54 billion, a P/E ratio of 16.83, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12. 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's 50-day moving average price is $82.68 and its two-hundred day moving average price is $79.47. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82.

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 EPS for the quarter, beating the consensus estimate 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, analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Tuesday, February 18th. This is an increase from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has initiated a share repurchase plan on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is 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.