NorthRock Partners LLC Purchases Shares of 6,842 Cognizant Technology Solutions Co. (NASDAQ:CTSH)

NorthRock Partners LLC purchased a new stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,842 shares of the information technology service provider’s stock, valued at approximately $526,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Nuveen Asset Management LLC increased its stake in shares of Cognizant Technology Solutions by 3.4% in the fourth quarter. Nuveen Asset Management LLC now owns 1,208,981 shares of the information technology service provider’s stock worth $92,971,000 after buying an additional 39,667 shares during the period. Graham Capital Management L.P. purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $1,901,000. Focus Partners Wealth increased its stake in shares of Cognizant Technology Solutions by 7.0% in the fourth quarter. Focus Partners Wealth now owns 18,446 shares of the information technology service provider’s stock worth $1,491,000 after buying an additional 1,202 shares during the period. Ensign Peak Advisors Inc increased its stake in shares of Cognizant Technology Solutions by 6.0% in the fourth quarter. Ensign Peak Advisors Inc now owns 39,452 shares of the information technology service provider’s stock worth $3,034,000 after buying an additional 2,240 shares during the period. Finally, FORA Capital LLC purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $729,000. 92.44% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock opened at $81.44 on Friday. 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 firm has a market capitalization of $40.28 billion, a P/E ratio of 18.06, a P/E/G ratio of 2.11 and a beta of 0.93. The business has a fifty day simple moving average of $75.00 and a two-hundred day simple moving average of $78.81. Cognizant Technology Solutions Co. has a 12 month low of $63.79 and a 12 month high of $90.82.

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

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Stockholders of record on Monday, May 19th will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Monday, May 19th. Cognizant Technology Solutions’s dividend payout ratio is presently 26.11%.

Cognizant Technology Solutions declared that its board has initiated a stock repurchase program on Tuesday, March 25th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information technology service provider to buy up to 5.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Susquehanna raised shares of Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and lifted their target price for the stock from $77.00 to $90.00 in a research note on Thursday, May 1st. TD Securities lifted their price target on shares of Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a “hold” rating in a report on Thursday, May 1st. Guggenheim reiterated a “neutral” rating on shares of Cognizant Technology Solutions in a report on Wednesday, April 23rd. BMO Capital Markets lifted their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a report on Thursday, February 6th. Finally, Robert W. Baird lifted their price target on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday, May 1st. Fifteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $83.87.

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.