Martingale Asset Management L P Acquires Shares of 77,977 Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Martingale Asset Management L P purchased a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 77,977 shares of the information technology service provider’s stock, valued at approximately $5,996,000.

Several other institutional investors also recently modified their holdings of the business. Duncker Streett & Co. Inc. bought a new position in Cognizant Technology Solutions during the 4th quarter worth approximately $28,000. Trust Co. of Vermont raised its holdings 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 valued at $34,000 after purchasing an additional 292 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $36,000. Spire Wealth Management increased its holdings in 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 worth $37,000 after buying an additional 204 shares during the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $37,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on CTSH. Morgan Stanley decreased their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Robert W. Baird cut their price objective on shares of Cognizant Technology Solutions from $90.00 to $78.00 and set a “neutral” rating for the company in a research report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Royal Bank of Canada reissued a “sector perform” rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday, March 26th. Finally, BMO Capital Markets upped their price objective on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research note on Thursday, February 6th. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $84.44.

Cognizant Technology Solutions Stock Up 9.7 %

Shares of CTSH opened at $72.89 on Thursday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 12-month low of $61.85 and a 12-month high of $90.82. The business’s 50 day moving average is $80.96 and its 200 day moving average is $79.16. The company has a market capitalization of $36.05 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted 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 return on equity of 16.78% and a net margin of 11.35%. Research analysts expect that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

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 paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend 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 presently 27.49%.

Cognizant Technology Solutions declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is 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.