Cognizant Technology Solutions (NASDAQ:CTSH) Given New $79.00 Price Target at TD Securities

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target upped by TD Securities from $77.00 to $79.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a hold rating on the information technology service provider’s stock.

Other analysts have also issued reports about the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Morgan Stanley decreased their price objective on 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. BMO Capital Markets upped their target price on Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a research report on Thursday, February 6th. Finally, Robert W. Baird boosted their price target on Cognizant Technology Solutions from $78.00 to $82.00 and gave the stock a “neutral” rating in a research note on Thursday. Fifteen analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $83.94.

Cognizant Technology Solutions Trading Up 2.3 %

NASDAQ:CTSH opened at $75.23 on Thursday. The firm has a 50-day simple moving average of $75.91 and a 200-day simple moving average of $78.56. Cognizant Technology Solutions has a one year low of $63.79 and a one year high of $90.82. The firm has a market cap of $37.21 billion, a P/E ratio of 16.68, a P/E/G ratio of 2.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, April 30th. The information technology service provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company 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%. Cognizant Technology Solutions’s revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.12 earnings per share. Equities analysts anticipate that Cognizant Technology Solutions will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Monday, May 19th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.65%. The ex-dividend date is Monday, May 19th. Cognizant Technology Solutions’s payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has approved a share repurchase program 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 buy up to 5.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Duncker Streett & Co. Inc. purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at approximately $28,000. Trust Co. of Vermont increased its stake in shares of Cognizant Technology Solutions by 188.4% in 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. purchased a new position in Cognizant Technology Solutions during the fourth quarter worth approximately $36,000. Park Square Financial Group LLC purchased a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Finally, Spire Wealth Management raised its stake 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. 92.44% of the stock is currently owned by hedge funds and other institutional investors.

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.