Rodgers Brothers Inc. Lowers Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Rodgers Brothers Inc. reduced its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 1.4% in the 4th quarter, HoldingsChannel reports. The firm owned 40,410 shares of the information technology service provider’s stock after selling 575 shares during the period. Rodgers Brothers Inc.’s holdings in Cognizant Technology Solutions were worth $3,108,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Duncker Streett & Co. Inc. acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter worth $28,000. Trust Co. of Vermont grew its position in Cognizant Technology Solutions by 188.4% during the fourth 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. acquired a new position in Cognizant Technology Solutions during the fourth quarter worth about $36,000. Spire Wealth Management increased its holdings in 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 in the last quarter. Finally, Morton Brown Family Wealth LLC acquired a new stake in shares of Cognizant Technology Solutions during the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

Analysts Set New Price Targets

CTSH has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday. Barclays lifted their price target on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. UBS Group dropped their target price on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Morgan Stanley reduced 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 report on Wednesday, March 12th. Finally, Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $84.56.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $75.90 on Monday. The business’s 50-day moving average price is $82.68 and its 200 day moving average price is $79.51. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a twelve month low of $63.79 and a twelve month high of $90.82. The company has a market capitalization of $37.54 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. On average, research analysts predict that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.24 dividend on an annualized basis and a yield of 1.63%. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Cognizant Technology Solutions declared that its board has authorized a stock buyback plan on Tuesday, March 25th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.