Kesler Norman & Wride LLC Acquires Shares of 9,129 Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Kesler Norman & Wride LLC bought a new position in Cognizant Technology Solutions Co. (NASDAQ:CTSH) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,129 shares of the information technology service provider’s stock, valued at approximately $702,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Benjamin Edwards Inc. lifted its stake in shares of Cognizant Technology Solutions by 7,116.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 38,463 shares of the information technology service provider’s stock valued at $2,969,000 after purchasing an additional 37,930 shares during the period. Centiva Capital LP acquired a new position in shares of Cognizant Technology Solutions in the third quarter worth about $1,712,000. Janus Henderson Group PLC boosted its stake in shares of Cognizant Technology Solutions by 3.4% during the 3rd quarter. Janus Henderson Group PLC now owns 60,813 shares of the information technology service provider’s stock worth $4,694,000 after acquiring an additional 2,000 shares in the last quarter. Motley Fool Asset Management LLC grew its position in shares of Cognizant Technology Solutions by 5.3% during the 3rd quarter. Motley Fool Asset Management LLC now owns 22,892 shares of the information technology service provider’s stock valued at $1,742,000 after acquiring an additional 1,152 shares during the period. Finally, Prana Capital Management LP increased its stake in shares of Cognizant Technology Solutions by 1,073.9% in the 3rd quarter. Prana Capital Management LP now owns 105,037 shares of the information technology service provider’s stock valued at $8,107,000 after purchasing an additional 96,089 shares in the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Stock Up 0.4 %

NASDAQ CTSH opened at $76.73 on Thursday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 52 week low of $63.79 and a 52 week high of $90.82. The business’s fifty day simple moving average is $82.57 and its 200-day simple moving average is $79.49. The firm has a market cap of $37.95 billion, a PE ratio of 17.01, a P/E/G ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating 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%. As a group, equities analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 earnings per share 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 repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Cognizant Technology Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Tuesday, February 18th were given 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 1.62%. This is an increase from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s payout ratio is currently 27.49%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays boosted their price objective on Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Morgan Stanley reduced 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. BMO Capital Markets lifted 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 research report on Thursday, February 6th. Royal Bank of Canada restated 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. Finally, Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.