Fiduciary Trust Co Has $5.88 Million Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Fiduciary Trust Co trimmed its stake in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,493 shares of the information technology service provider’s stock after selling 1,682 shares during the quarter. Fiduciary Trust Co’s holdings in Cognizant Technology Solutions were worth $5,882,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Duncker Streett & Co. Inc. acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth $28,000. Trust Co. of Vermont lifted its holdings in Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after buying an additional 292 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at about $36,000. Spire Wealth Management increased its stake in shares of Cognizant Technology Solutions by 74.7% in 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 period. Finally, Morton Brown Family Wealth LLC bought a new position in shares of Cognizant Technology Solutions during the fourth quarter worth about $37,000. Institutional investors own 92.44% of the company’s stock.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $79.16 on Friday. Cognizant Technology Solutions Co. has a 52-week low of $63.79 and a 52-week high of $90.82. The company has a 50-day simple moving average of $75.23 and a 200 day simple moving average of $78.60. The company has a market capitalization of $39.15 billion, a PE ratio of 17.55, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93. 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 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 for the quarter, compared to the consensus estimate 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 for the quarter 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. On average, research analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

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

Cognizant Technology Solutions Dividend Announcement

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. The ex-dividend date is Monday, May 19th. This represents a $1.24 annualized dividend and a dividend yield of 1.57%. Cognizant Technology Solutions’s payout ratio is currently 26.11%.

Wall Street Analysts Forecast Growth

CTSH has been the subject of a number of recent analyst reports. Robert W. Baird increased their target price on shares of Cognizant Technology Solutions from $78.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, May 1st. Morgan Stanley decreased their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 12th. Barclays dropped their target price on shares of Cognizant Technology Solutions from $103.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, April 25th. Susquehanna upgraded Cognizant Technology Solutions from a “neutral” rating to a “positive” rating and increased their price target for the stock from $77.00 to $90.00 in a report on Thursday, May 1st. Finally, TD Securities boosted their price objective on Cognizant Technology Solutions from $77.00 to $79.00 and gave the company a “hold” rating in a research note 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. According to data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and an average target price of $83.87.

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.