Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 460,120 shares of the information technology service provider’s stock after selling 7,489 shares during the period. The Manufacturers Life Insurance Company owned 0.09% of Cognizant Technology Solutions worth $35,383,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Unison Advisors LLC raised its holdings in Cognizant Technology Solutions by 0.4% in the 4th quarter. Unison Advisors LLC now owns 29,595 shares of the information technology service provider’s stock valued at $2,276,000 after buying an additional 114 shares during the period. Congress Wealth Management LLC DE increased its position in shares of Cognizant Technology Solutions by 0.5% during the fourth quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider’s stock valued at $1,920,000 after acquiring an additional 126 shares during the last quarter. Sound View Wealth Advisors Group LLC raised its stake in shares of Cognizant Technology Solutions by 4.6% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider’s stock valued at $222,000 after acquiring an additional 127 shares during the period. Graypoint LLC lifted its holdings in shares of Cognizant Technology Solutions by 2.9% in the 4th quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider’s stock worth $369,000 after acquiring an additional 134 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in Cognizant Technology Solutions by 1.5% in the 4th quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider’s stock valued at $704,000 after purchasing an additional 134 shares during the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Stock Up 2.3 %

Shares of NASDAQ CTSH opened at $75.23 on Friday. Cognizant Technology Solutions Co. has a 1 year low of $63.79 and a 1 year high of $90.82. The company has a market capitalization of $37.21 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 2.11 and a beta of 1.03. 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 business has a 50-day moving average of $75.91 and a two-hundred day moving average of $78.56.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. The firm had revenue of $5.12 billion during the quarter, compared to the consensus estimate of $5.06 billion. During the same period in the prior year, the company posted $1.12 earnings per share. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. On average, analysts forecast that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions announced that its board has approved a share buyback program 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 reacquire up to 5.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Cognizant Technology Solutions Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Monday, May 19th will be given a $0.31 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $1.24 dividend on an annualized basis and a yield of 1.65%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of several research analyst reports. Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Robert W. Baird raised their target price on Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday. Morgan Stanley cut their price target 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. BMO Capital Markets raised their price objective on shares of 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. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Cognizant Technology Solutions in a research note on Wednesday, April 23rd. Fifteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $83.94.

Cognizant Technology Solutions 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.