Allianz SE Acquires New Position in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Allianz SE bought a new position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 2,400 shares of the information technology service provider’s stock, valued at approximately $184,000.

Other large investors have also modified their holdings of the company. Congress Wealth Management LLC DE grew its holdings in Cognizant Technology Solutions by 0.5% during the fourth quarter. Congress Wealth Management LLC DE now owns 24,965 shares of the information technology service provider’s stock worth $1,920,000 after acquiring an additional 126 shares during the period. Sound View Wealth Advisors Group LLC boosted its position in shares of Cognizant Technology Solutions by 4.6% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 2,884 shares of the information technology service provider’s stock worth $222,000 after purchasing an additional 127 shares in the last quarter. Graypoint LLC grew its stake in shares of Cognizant Technology Solutions by 2.9% during the 4th quarter. Graypoint LLC now owns 4,795 shares of the information technology service provider’s stock worth $369,000 after purchasing an additional 134 shares during the period. Parallel Advisors LLC increased its holdings in shares of Cognizant Technology Solutions by 1.5% in the 4th quarter. Parallel Advisors LLC now owns 9,153 shares of the information technology service provider’s stock valued at $704,000 after purchasing an additional 134 shares in the last quarter. Finally, Sandy Cove Advisors LLC lifted its stake in shares of Cognizant Technology Solutions by 3.2% in the fourth quarter. Sandy Cove Advisors LLC now owns 4,336 shares of the information technology service provider’s stock valued at $333,000 after purchasing an additional 135 shares during the period. 92.44% of the stock is owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Trading Up 0.8 %

Shares of Cognizant Technology Solutions stock opened at $76.50 on Tuesday. Cognizant Technology Solutions Co. has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The business’s fifty day moving average is $82.66 and its two-hundred day moving average is $79.51. 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 market cap of $37.84 billion, a PE ratio of 16.96, a P/E/G ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share (EPS) 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%. Analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 earnings per share for the current year.

Cognizant Technology Solutions Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a dividend of $0.31 per share. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, February 18th. This represents a $1.24 annualized dividend and a yield of 1.62%. Cognizant Technology Solutions’s dividend payout ratio is 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has initiated a stock buyback 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 purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on CTSH. BMO Capital Markets increased their target price 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. Barclays lifted their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research report on Wednesday, March 26th. Morgan Stanley decreased their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 12th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, March 27th. Fourteen research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $84.56.

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.