Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership boosted its stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 4.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,179,834 shares of the information technology service provider’s stock after purchasing an additional 148,893 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.64% of Cognizant Technology Solutions worth $244,529,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CTSH. Duncker Streett & Co. Inc. acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at about $28,000. Trust Co. of Vermont boosted its holdings in 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 worth $34,000 after acquiring an additional 292 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Cognizant Technology Solutions in the fourth quarter valued at approximately $36,000. Spire Wealth Management raised its stake in shares of 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 valued at $37,000 after purchasing an additional 204 shares during the period. Finally, Morton Brown Family Wealth LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter worth $37,000. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ:CTSH opened at $75.90 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $82.68 and a 200 day simple moving average of $79.49. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The company has a market cap of $37.54 billion, a PE ratio of 16.83, a P/E/G ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, topping 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%. On average, sell-side analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions declared that its board has initiated a share repurchase plan on Tuesday, March 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.24 annualized dividend and a dividend yield of 1.63%. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio is currently 27.49%.

Wall Street Analysts Forecast Growth

CTSH has been the topic of several analyst reports. StockNews.com raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday. UBS Group lowered their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Finally, 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. Fourteen research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions has a consensus rating of “Hold” and an average price target of $84.56.

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.